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Case Studies

Adaptive Re-Use &

Heavy Renovation

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UC Funds

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UC Funds

$12.7MM, Abandoned Hotel

Conversion, Houston, TX

CAPITAL SOLUTION: Acquisition, Gut Rehab of

former shuttered hotel into a 209-key Holiday Inn

LOAN TYPE: First mortgage

STRUCTURE: 80% LTC, 24 month term

CONSTRUCTION COST: $9.0MM

FLEXIBILITY: Quick close to allow borrower to

secure a well below-market acquisition

CONFIDENTIAL

Adaptive Re-Use & Heavy Renovation

$11.0MM, Completion of

Multifamily, Chicago, IL

CAPITAL SOLUTION: Completion of a high-end,

63-unit apartment property northwest of Chicago

LOAN TYPE: First mortgage

STRUCTURE: 80% LTC, 24 Month Term

CONSTRUCTION COST: $7.6MM

FLEXIBILITY: Provided a construction draw at

closing to allow sponsor to pay unpaid subcontractors

$20.5MM, Completion of Student

Housing, Logan, UT

CAPITAL SOLUTION: Rescue capital for

completion of Class AAA student housing property

near USU campus

LOAN TYPE: First mortgage

STRUCTURE: 80% LTC, 12 Month Term

CONSTRUCTION COST: $14.9MM

FLEXIBILITY: Provided a construction draw at

closing to allow sponsor to pay unpaid subcontractors

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UC Funds

$18.3MM, Office to Multifamily,

Baltimore, MD

CAPITAL SOLUTION: Acquisition, Gut Rehab of

iconic federal reserve building into 102 luxury

multifamily units

LOAN TYPE: First mortgage

STRUCTURE: 95% LTC, 30 month term

CONSTRUCTION COST: $11.0MM

FLEXIBILITY: Underwrote future tax credits as

equity in lieu of cash at closing

CONFIDENTIAL

Adaptive Re-Use & Heavy Renovation

$5.5MM, Office to Multifamily,

Baltimore, MD

CAPITAL SOLUTION: Acquisition, gut rehab of

former office building into 188 luxury multifamily

units

LOAN TYPE: Mezzanine / Equity

STRUCTURE: 80% LTC, 36 Month Term

CONSTRUCTION COST: $19.8MM

FLEXIBILITY: Provided $5.5M in subordinate

capital at a fixed cost behind a $21.5M construction

loan

$6.5MM, Office to Multifamily,

Pittsburgh, PA

CAPITAL SOLUTION: Acquisition, gut rehab of

former office building into 40 Class A multifamily

units

LOAN TYPE: First mortgage

STRUCTURE: 75% LTC, 18 Month Term

CONSTRUCTION COST: $5.0MM

FLEXIBILITY: Allowed subordinate tax credit

bridge financing in lieu of cash at closing

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UC Funds

$13.0MM, Community Facility to

Multifamily, Norfolk, VA

CAPITAL SOLUTION: Acquisition, Gut Rehab of

former Naval YMCA into 86 Class A multifamily

units

LOAN TYPE: First mortgage

STRUCTURE: 85% LTC, 18 month term

CONSTRUCTION COST: $9.0MM

FLEXIBILITY: Reduced borrower equity

requirement by bridging gap in future tax credit

monetization

CONFIDENTIAL

Adaptive Re-Use & Heavy Renovation

$6.5MM, Office to Multifamily,

Norfolk, VA

CAPITAL SOLUTION: DPO, gut rehab of former

office building into 77 luxury multifamily units

LOAN TYPE: First mortgage

STRUCTURE: 90% LTC, 18 Month Term

CONSTRUCTION COST: $5.8MM

FLEXIBILITY: Quick close to allow borrower to

secure DPO while also providing adaptive re-use

capital

$6.3MM, Seminary to Condos,

Boston, MA

CAPITAL SOLUTION: Acquisition, Gut Rehab of

former seminary into 18 Class AAA condo units

LOAN TYPE: First mortgage

STRUCTURE: 85% LTC, 15 Month Term

CONSTRUCTION COST: $3.9MM

FLEXIBILITY: Provided mobilization draw at

closing

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UC Funds

$13.9MM, Apartments to Student

Housing, Tallahassee, FL

CAPITAL SOLUTION: Acquisition, Gut Rehab of

shuttered apartments to 237 Class AAA student

housing beds

LOAN TYPE: First mortgage

STRUCTURE: 80% LTC, 24 month term

CONSTRUCTION COST: $9.3MM

FLEXIBILITY: Worked with borrower to upsize the

loan when construction came in over budget

CONFIDENTIAL

Adaptive Re-Use & Heavy Renovation

$5.5MM, Industrial to Self-

Storage, Chicago, IL

CAPITAL SOLUTION: Acquisition, rehab of

vacant industrial property to self-storage

LOAN TYPE: First mortgage

STRUCTURE: 75% LTC, 18 Month Term

CONSTRUCTION COST: $2.4MM

FLEXIBILITY: Provided capital for unique rehab

strategy of industrial to self-storage conversion

$6.3MM, Gut Apartment

Renovation, Decatur, GA

CAPITAL SOLUTION: Acquisition and gut rehab

of condemned apartment property in Decatur, GA

LOAN TYPE: First mortgage

STRUCTURE: 80% LTC, 24 Month Term

CONSTRUCTION COST: $5.6MM

FLEXIBILITY: Provided capital for gut renovation

of one building at a time, providing for lease-up and

cash flow during renovations

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UC Funds

$6.4MM, Residential

Condominium, Brooklyn, NY

CAPITAL SOLUTION: Provided the capital to

complete a stalled ground-up project in Brooklyn

LOAN TYPE: First mortgage

STRUCTURE: 75% LTC, 18 month term

CONSTRUCTION COST: $4.1MM

FLEXIBILITY: Closed quickly for the borrower in

order to provide rescue capital to complete stalled

condominium project

CONFIDENTIAL

Adaptive Re-Use & Heavy Renovation

$21.6MM, Condo Conversion,

New York, NY

CAPITAL SOLUTION: Gut rehab of a vacant

Tribeca loft building to Class AAA residential condos

LOAN TYPE: First mortgage

STRUCTURE: 80% LTC, 18 Month Term

CONSTRUCTION COST: $3.6MM

FLEXIBILITY: Provided borrower with fast closing

to capitalize on an advantageous off-market

transaction

$13.6MM, Office to Hotel,

New York, NY

CAPITAL SOLUTION: Gut rehab of a vacant loft

building into a TRYP hotel in New York City

LOAN TYPE: Mezzanine

STRUCTURE: 55% LTC, 24 Month Term

CONSTRUCTION COST: $8.3MM

FLEXIBILITY: Closed the transaction in 17 days;

provided construction capital in a mezzanine position

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