Liberty SBF Closes Memphis Multifamily Bridge Loan For Local Sponsor

January 23, 2018

 

Liberty SBF funded this multifamily loan in time sensitive deal.Bridge loan allowed the sponsor time to season property up to 90% occupancy as required by perm agency loan with no prepayment penalty.

Liberty SBF recently closed a $1.7MM bridge loan for the acquisition of a 58-unit multifamily property in Memphis, Tennessee for Beverly Springs Apartments, LLC. Liberty SBF’s bridge loan will allow the sponsor to acquire the property and season the location at 90%+ occupancy for 90 days before exiting into permanent agency financing. The property underwent a $1.38MM renovation in 2017 by the seller to improve the building allowing Beverly Springs Apartments to purchase the property in in turn-key condition. The management company is Kismet Property Management, LLC, located in downtown Memphis with 10-years experience managing multifamily properties in the city. At acquisition the property was 84.5% occupied. The sponsor and management company both have extensive experience in the Memphis multifamily market.

The low-rise multifamily property was built in 1972, located in a primarily residential area at 2879 Beverly Hills Rd, nine miles northeast of downtown Memphis, and is currently running at market level. The property is located near various living amenities that will continue to support the asset in both performance and value.