NEW YORK, Nov. 3, 2015 /PRNewswire/ -- Trevian Capital, a direct special-situations lender that provides flexible and reliable short-term bridge loans for commercial real estate opportunities nationwide, funded four first-mortgage bridge loans totaling $36,950,000 in recent weeks.
Belleville, NJ - $16,500,000
Trevian Capital funded a $16,500,000 first-mortgage bridge loan secured by a 400,000 square foot self-storage and warehouse property in Belleville, NJ. The loan proceeds were used to pay off an existing defaulted CMBS loan, fund the buildout of an additional 510 self-storage units, and provide the borrower cash out. The borrower faced a series of challenges after a failed land development project during the financial crisis led to a litigious partnership dispute. The Borrower's impaired credit profile made it difficult to obtain conventional financing.
Cleveland, OH - $3,700,000
Trevian Capital funded a $3,700,000 first-mortgage bridge loan secured by a 100% occupied 40,000 square foot suburban office building with recently extended long-term leases in place. Proceeds from the loan were used to pay off an existing first mortgage that went into default when the Sponsor failed to make a required TI payment. Trevian's loan allowed the Sponsor to regain control of the Property, which was in receivership and facing a foreclosure.
Memphis, TN - $10,000,000
Trevian Capital funded a $10,000,000 first-mortgage bridge loan to pay off matured and defaulted first and second mortgages, as well as to pay off various liens and delinquent payables. The loan is secured by a 256-key, full-service Holiday Inn hotel and conference center adjacent to the Memphis airport. The defaults were the result of construction delays on a $5,000,000 property improvement plan, which was recently completed.
Manhattan, NY - $6,750,000
Trevian Capital funded a $6,750,000 first-mortgage bridge loan to finance the acquisition of a vacant three-story mixed-use building and to carry the property through the predevelopment phase, involving the acquisition of the adjacent parcel as well.
Michael Hoffenberg, Founder and Managing Principal, made the announcement:
"These four transactions strengthen Trevian Capital's reputation as a creative, reliable, and fast-acting 'special- situations' bridge lender for opportunities in the middle market, nationwide. All four of these deals required a tailor-made solution that we were able to craft in a timely manner to provide the borrowers with the certainty of execution needed in a time of transition."
SOURCE Trevian Capital