Corpus Christi Acquisition and Value Add
StackSource recently arranged a $5,000,000 bridge acquisition loan for a multifamily portfolio totaling 111 rental units in Corpus Christi, Texas. The new owner plans to manage the rent collections more stringently and perform some needed capex in the unit interiors and common areas. StackSource’s Senior VP of Business Development, Beth Mercante, was able to arrange an 81% LTC loan for 2 years to allow the buyer to facilitate the property’s stabilization and maximize the income. The loan needed to close on a certain day or the buyer would lose the contract so Beth Mercante worked with the lender and buyer to provide all the necessary closing documents on time to close the loan.