CRE Bridge Loan, Buffalo, New York - Mixed-Use Refinance
Client: An experienced real estate developer specializing in multi-family and workforce housing.
Transaction: Refinance loan for a mixed-use building consisting of office spaces and apartments, approximately 55,000 square feet, located in downtown Buffalo, New York.
Challenge: The client needed to close quickly as their loan with a regional bank was maturing, and the bank was no longer extending loans.
Opportunity: Conventional financing was not readily available in the market for refinancing mixed-use properties in tertiary markets. Sherpa Capital Group LLC recognized the potential and swiftly completed due diligence, a site visit, and provided financing within two weeks.
Action: Sherpa Capital Group LLC provided a first mortgage. The borrower’s exit strategy includes converting most of the office units into apartments, utilizing historic tax credits, and refinancing with a local lender within 12 months.
Transaction: Refinance loan for a mixed-use building consisting of office spaces and apartments, approximately 55,000 square feet, located in downtown Buffalo, New York.
Challenge: The client needed to close quickly as their loan with a regional bank was maturing, and the bank was no longer extending loans.
Opportunity: Conventional financing was not readily available in the market for refinancing mixed-use properties in tertiary markets. Sherpa Capital Group LLC recognized the potential and swiftly completed due diligence, a site visit, and provided financing within two weeks.
Action: Sherpa Capital Group LLC provided a first mortgage. The borrower’s exit strategy includes converting most of the office units into apartments, utilizing historic tax credits, and refinancing with a local lender within 12 months.
