Kirkland, WA

$10,596,000

Multifamily

Residential Rehab

04/07/2021
Transaction by
Carlyle Capital
An experienced sponsor came across challenges when amending the scope of work on a Townhome construction Project. The prior lender was no longer funding draws, and would not approve the scope of work revision, so the sponsor was left to pay cash to keep the project moving. Carlyle Capital was able to identify the borrower's expertise in a booming market to structure debt that would refinance existing debt, pay all loan costs, and build in an interest reserve, while also establishing a control fund with sufficient funds to complete the project. Carlyle Capital is happy they were able to help the borrower recap their debt amidst the unfortunate circumstances with their prior lender.