Trinity Street Capital Partners (TSCP), a full service real estate investment bank, announces the origination of a $19.2MM, 75% loan-to-value, permanent loan for the refinance of two multifamily complexes located in Lansing, MI, the state’s capitol.
NEW YORK, NY, March 28, 2018 /24-7PressRelease/ — Trinity Street Capital Partners (TSCP) (www.trinitystreetcp.com), a full service real estate investment bank, announces the origination of a $19.2MM permanent, non-recourse loan for the refinance and cash out of two multifamily complexes, located in Lansing, MI. The permanent, non-recourse loan was for 75% of value, had a 10 year term, with a 30 year amortization.
According to executive at Trinity Street, “Access to cash-out loans from commercial banks, life insurance companies and government agencies, have become increasingly more difficult to obtain, as we approach the top of the next real estate cycle.” In the case of this transaction, Fannie Mae was not an optimal choice, as Michigan is a “pre-review” state and limits Fannie Mae DUS lender’s to 65% of value, where TSCP achieved a $6MM cash out at a 75% LTV. Trinity Street specializes in unlocking trapped equity and monetizing real estate assets, in what is quickly becoming a more conservative lending environment.
Lansing is the capitol of Michigan, located in Ingham, Eaton & Clinton Counties. The 2010 Census placed the city’s population at 114,297, making it the fifth largest city in Michigan. The Lansing Metropolitan Area, colloquially referred to as “Mid-Michigan”, is an important center for educational, cultural, governmental, commercial, and industrial functions. The area is home to two medical schools, one veterinary school, two nursing schools, two law schools—including Western Michigan University Cooley Law School and Michigan State University College of Law, a Big Ten Conference university and headquarters of four national insurance companies.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $5MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties located throughout the fifty states.
For more information about Trinity Street Capital Partners and the services it provides, go to www.trinitystreetcp.com.
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