SAN FRANCISCO, June 29, 2021 /PRNewswire/ — Slatt Capital announces the closing of a $102,500,000 credit facility, secured by 840-units of workforce housing in one of the country’s most desirable areas to live and work, Austin, TX.
John Darrow and Ethan Habecker of the Newport Beach, CA office negotiated the terms on behalf of the sponsor, with a debt fund ultimately providing the loan. The lender’s ability to structure the loan, while providing competitive terms and certainty of execution on a transaction that had such a unique story was ultimately what won the client over.
The Austin, TX transaction is one of several bridge and balance sheet loans the Newport Beach office of Slatt Capital has negotiated this year. «We are at an interesting point where the majority of our clients recognize the terms that the CLO and balance sheet lenders offer as more compelling than the conventional lenders you would associate with multifamily,» says John Darrow, Senior Vice President.
Todd Parks, and his team at Valiant Residential, were hired in the first quarter of 2021 to oversee management and maximize the potential of both properties. «Our team was excited to have been selected to oversee the improvements of these assets and complete the strategy the ownership originally envisioned.» says Parks, Vice President at Valiant Residential. Valiant Residential is a premier management company originally founded in Dallas, Texas and expanded into the Austin market in 2018 which currently oversees more than 20,000 units across Texas alone.
About Slatt Capital:
Slatt Capital is a long-standing and respected institution celebrating 50 years of experience in commercial mortgage banking. Slatt Capital’s 50+ professionals operate out of seven California offices with total annual production in excess of $1 billion. Our $4.5 billion national servicing portfolio is comprised of nearly 1,200 loans across 41 states. Slatt Capital has correspondent relationships with several of the most prestigious lenders in the country, providing custom-tailored solutions for borrowers’ needs.
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SOURCE Slatt Capital