StackSource Capital Advisors Beth Mercante and Zach Wagner successfully placed transitional financing with a private debt fund for a 517 unit, 415,000 square foot multifamily property located in Pasadena, TX. The property was originally developed in 1971 and suffered damage from past hurricanes. The sponsor, a foreign buyer, plans on renovating the property and leasing it up over a 12-month period.
StackSource was able to source a private debt fund that was able to underwrite and close within two weeks, closing a week ahead of the purchase contract's year-end deadline. The loan featured a 9.49% rate over a 12-month term at 80% LTC.