Transaction Details
44-Unit Condo + Retail Space
$37,258,000
Asheville, NC
44-Unit Condo + Retail Space
- Project Type: 44-Unit Condo + Retail Space
- LTV: 62%
- LTC: 86%
- Term: 24 Months + two 6-Month Extensions
- Rate: 8.95%
- Guaranty: Recourse w/ Full Burnout at 40% LTV
Transaction Overview
This transaction required more than identifying a competitive construction lender—it required solving multiple challenges simultaneously. During execution, an unforeseen easement delayed the project by requiring a power line to be relocated underground before horizontal construction could begin. By working closely with the sponsor and leveraging long-standing relationships across the transaction team, we helped accelerate the timeline and keep the project moving.
Beyond execution, we restructured the capital stack by facilitating a strategic joint venture between the borrower and construction company, strengthening the sponsorship profile and improving financing terms. The result was a higher-leverage structure, improved pricing, a meaningful increase in loan proceeds, and a reduction in the client's required cash to close from $5.6 million to $2.3 million, preserving significant liquidity for the sponsor while positioning one of the few remaining short-term rental–zoned development sites in Asheville for success.
At MBP, we believe our role extends well beyond sourcing capital. We work alongside our clients to solve complex financing challenges, structure creative solutions, and deliver execution that creates measurable value throughout the life of a transaction.
MBP specializes in debt and equity placement for all asset classes. Our extensive network of unique capital sources in development and permanent financing and extensive capital markets knowledge allows us to tackle a wide variety of transactions, regardless of complexity or size, to benefit our clients.
MBP has a team of dedicated and experienced finance professionals with you at every step. We are consistently improving and expanding our capital market relationships and are committed to exceeding our client's expectations through these relationships, innovative solutions, and outstanding work ethic.
Intermediaries Team
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Work with us to see what our talented team, vast network of debt and equity providers, and capital markets expertise can do for you.