Ideal Realty Group represented the interests of Starwood Capital and Orion Residential in the property. Ideal Realty was engaged to either sell the remaining units or replace the maturing loan. Although there was a great deal of interest in the property, Starwood and Orion opted to turn down several aggressive purchaser offers and refinance the property. Following an extensive lender search, Ideal Realty was successful in organizing a three party loan participation between three FDIC insured community banks. The loan amount was $9,624,000. This three-year loan allows the owners to either sell or rent the remaining 144 units.
Allen Manesh, President of Ideal Realty Group would like to thank all the team-members who worked on this sale, especially the team leader for this transaction, Craig London. Craig has an excellent relationship with many lenders both large and small. He has represented national lenders such as iStar, PB Capital as well as community banks such as Alliance Bank. |
