LastMinuteFinancingAllows DeveloperToFinishLuxury HousingProject
MaxBenjaminPartners,arealestate investmentbankbasedinBeverly Hills,Californiaknownforassisting clientsinobtainingfinancinginan ever-challengingcommercialreal estatemarket,hassuccessfully secureda$33,900,000loanto completethenextphaseofahousing developmentinEugene.
Thefirst81homes,pricedbetween $800,000and$1.2million,areexpectedto hitthemarketinabout12-15months,says MaxBenjaminPartnersVicePresident, ChristianBloom,whohandledthe transaction.
Financingwasaparticularly difficultchallenge,saysBloom, giventoday'shighinterestrate, whichdeterredmanytraditional lendinginstitutionsfromthedeal.
"Today'seconomicclimate hasmadefinancingprojects suchasTimberlineHills especiallychallenging,as manylendersarereluctantto providecapitalduringatime whenthereisalotof uncertaintyinthemarket.
Newconstructionprojectshave becomeincreasinglydifficultto finance,specificallyfor-sale residentialprojects,"saysMellman.
"MaxBenjaminPartnerswasableto navigatethecapitalmarketsandsecure financingfromaprivatedebtfundbased onthedeveloperalreadyhavinginvested heavilyintheproject'sinfrastructureand byprovingthedemandforsingle-family homesinthemarket."
Headds,"Inthesetimes,weneedto giveourclientstheadvantage,after all,theeconomycan'tjustcometoa screechinghaltbecauseofashaky economy."MaxBenjaminPartners isoneofthetopcommercialreal estateinvestmentbanksintheUS forlargeconstructionfinancing.
Allpotentialinvestmentopportunitiesare carefullyvettedbyin-houseexpertsto ensurethatallpartiespossessthe expertise,financialstrengthandintegrity necessarytocompleteeachdeal.
InadditiontoTimberlineHills, thefirmcurrentlyhasmore than$500,000,000ofsinglefamilyresidentialprojectsin thepipeline.
