Loan amount: $34,750,000 City: Austin, Texas Lender: Life Insurance Company
Grady Seldin of PSRS arranged the $34.75M value-add acquisition financing of a multifamily property in Austin, Texas. The subject property is a garden-style, 476-unit affordable housing development. Working with a capital markets debt fund, Grady was able to secure a high leveraged acquisition loan with future funding for the borrower’s CapEx program.
Along with underwriting the in-place and proforma cash flows, the deal required technical expertise with several governmental agencies involved. The borrowing team, lending team, and PSRS came to numerous agreements and structures to accommodate governmental requirements while satisfying the lender’s needs and the borrower’s business plan. All parties eventually became comfortable on the business and legal side to close on originally quoted terms for a successful acquisition.
Aragon Ballroom
Loan amount: $6,000,000 City: Chicago, Illinois Lender: Life Insurance Company
Mike Tanner and Jonny Soleimani of PSRS arranged the $6M refinance of Aragon Ballroom in Chicago, IL. The subject collateral includes the Aragon Ballroom and an adjacent parking lot located on a 1.76-acre lot. The theater/ballroom is fully leased by Live Nation, a dominant player in the performing arts/live performance entertainment sector. The property is a three-story masonry ballroom/live performance entertainment facility built in 1929. PSRS was able to secure this transaction despite a quickly approaching maturity date and relative lack of interest from both the borrower’s incumbent lender as well as the greater market, demonstrating the power and value of leveraging correspondent life company relationships to refinance a special-use building that had been sporadically open during COVID-19. PSRS was able to secure for the borrower a non-recourse loan with a 10-year term and 30-year amortization.
