Maine Street Capital worked with a long standing client with significant multifamily holdings to financing this 84 unit apartment property in Wilmington, North Carolina. The investment was part of the client’s broader strategy to expand beyond their traditional home in the northeast into high-growth markets in the south. The deal featured three adjacent apartment buildings with two newly constructed buildings with a high level of finishes and a third older building in need of some light unit improvements. Although the two new buildings offered very desirable units with attractive pricing, lease-up was moving slowly, resulting in low occupancy. Maine Street Capital worked with the client to create a plan to get the property to optimal financial performance and crafted the pitch for lenders. After analyzing different financing options including national lenders, large banks and smaller local lenders, we concluded that going with a local lender offered the most attractive financing package. Working to facilitate the due diligence process as well as the appraisal valuation, we successfully closed on a bridge loan with the plan to take out the bridge financing after the property stabilizes with a non-recourse loan.
