$3.0MM Acquisition Bridge Loan For 59 Units in Suburban Chicago

A recently-established relationship of NEBO Capital closed on a 59 unit, $4.1MM multifamily asset in suburban Chicago. The non-recourse loan funded roughly 75% of the project's total cost and included a budget for improvements to the asset. The pricing for this private lender's bridge loan was in the 6% range.

The challenges to this value-add deal included the location and the C class of the property, which prevented funding from some capital sources that the sponsors approached independently. The prior owner also had very informal financial reporting methods, so underwriting issues needed creative solutions for the rigorous, bank-like underwriting process. The deal closing also had to occur quickly as the seller granted several extensions and wanted the deal to close ASAP.