Transaction Details
Townhome
$34,085,000
Bothell, WA
Townhome
- Project Type: Townhome
- LTC: 75% Horizontal; 90% Vertical
- LTV: 70% Horizontal; 85% Vertical
- Rate: 9% Horizontal; 8.5% Vertical
- Term: 24 Month A&D Loan w/ 44 Month Vertical Line of Credit
Transaction Overview
MBP successfully arranged construction financing for the development of a townhome community in Bothell, Washington, on behalf of a repeat client. The sponsor, an experienced residential developer, required a financing solution that would support both horizontal improvements and vertical construction while accommodating a capital structure that fell outside the underwriting parameters of many traditional institutional lenders.
Recognizing the sponsor’s proven execution history and the strength of the project’s backing, MBP identified a lending partner willing to underwrite the full opportunity rather than rely solely on standard net worth and liquidity requirements. The financing structure eliminated the need for an expensive credit enhancement partner, preserving the sponsor’s equity and reducing overall financing costs while maintaining an efficient capital stack.
Equally important, MBP executed the transaction in under 60 days despite it being the firm’s first closing with this capital source. The expedited execution enabled the sponsor to break ground before Washington’s seasonal construction window narrowed, keeping the development on schedule. The transaction highlights MBP’s ability to navigate complex underwriting scenarios, leverage deep lender relationships, and deliver creative capital solutions tailored to experienced real estate developers.
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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