- Originated a $12.5MM first mortgage loan secured by commercial property in the Tampa Bay metro area. The sponsor utilized the loan proceeds to refinance the current debt. The property has positive cash flow to service the debt but the sponsor’s medium-term plan is to reposition the property for multifamily development. Directed Capital was able to provide competitive pricing and terms to the sponsor while also moving quickly to satisfy the current lender.
- Originated a $3.85MM first mortgage secured by commercial land in the Atlanta, GA metro area. The loan proceeds were utilized to repay the existing loan from a commercial bank. The loan term provides the sponsor with the flexibility to sell off pieces of the collateral and obtain partial releases that the previous lender was not able to accommodate.
