Nebo Sources Equity, Mezz, and Construction Debt on $51MM Ground-Up Development

Nebo Capital closed on a 374 unit, $51M ground-up multifamily development in Texas, of which Nebo sourced 97% of the total capital stack. This sourced capital included $8M in JV equity, $9M in mezzanine debt and a $33M senior construction loan.

The debt terms for both the senior and mezzanine loans were best in class. The challenges to the deal included the need to bring in a mezzanine lender late in the process and close on the land prior to the receipt of administrative approvals for the project plans. Fortunately, the JV equity group which Nebo sourced was experienced in development and did not waver in their commitment to our client along the way. 

The capital providers that Nebo assembled are excited to work with the client to continue to build out his attractive multifamily development pipeline.  This is the second ground-up multifamily transaction that Nebo has closed in the past year. 

Scott Saliterman, Nathan Whigham and David Blitz worked on this transaction.

With December just around the corner, reach out to Nebo ASAP for assistance on a 2014 close.