Last Minute Financing Allows Developer To Finish Luxury Housing Project

Photo of author

While banks are tightening lending opportunities due to fear of defaults, Max Benjamin Partners in Beverly Hills is finding solutions. To help finish a project in Eugene, OR they got a $33,900,000 loan to complete Timberline Hills, 81 homes between $800,000 – $1.2 million.

Max Benjamin Partners, a real estate investment bank based in Beverly Hills, California known for assisting clients in obtaining financing in an ever-challenging commercial real estate market, has successfully secured a $33,900,000 loan to complete the next phase of a single-family-home project in the burgeoning community of Timberline Hills in Eugene, Oregon. The first 81 homes, priced between $800,000 and $1.2 million, are expected to hit the market in about 12-15 months, says Max Benjamin Partners Vice President, Christian Bloom, who handled the transaction.

Financing was a particularly difficult challenge, says Bloom, given today’s high interest rate, which deterred many traditional lending institutions from the deal.

“Today’s economic climate has made financing projects such as Timberline Hills especially challenging, as many lenders are reluctant to provide capital during a time when there is a lot of uncertainty in the market. New construction projects have become increasingly difficult to finance, specifically for-sale residential projects,” says Mellman. “Max Benjamin Partners was able to navigate the capital markets and secure financing from a private debt fund based on the developer already having invested heavily in the project’s infrastructure (e.g., water and sewer lines, streets and sidewalks, cable TV, etc.) and by proving the demand for single-family homes in the market.”

He adds, “In these times, we need access to myriad capital sources including family offices, private equity groups, venture capitalists, etc. to give our clients the advantage, after all, the economy can’t just come to a screeching halt because of a shaky economy.”

Max Benjamin Partners is one of the top commercial real estate investment banks in the US for large construction financing. All potential investment opportunities are carefully vetted by in-house experts to ensure that all parties possess the expertise, financial strength and integrity necessary to complete each deal. In addition to Timberline Hills, the firm currently has more than $500,000,000 of single-family residential projects in the pipeline. For more information, visit www.mbpartners.com or call (310) 773-4938.

*****

Source: http://newswire.net/newsroom/pr/00000000-https-www-mbpartners-com.html