DENVER, CO - JCR Capital announced the recent closing of two commercial real estate loans for multifamily properties totaling $32.45 million. These transactions -- which continue to strengthen JCR’s presence in middle-market lending -- include:
$22 Million in Mezzanine Financing for a portfolio of 16 multifamily properties -- 12 in California and one each in Nevada, Illinois, Oregon, and Montana -- for a total of 3,315 units. The properties are primarily stabilized, affordable multifamily assets, and have had a consistent occupancy of over 95 percent, many with long waiting lists, while under the sponsor’s ownership.
“We liked this transaction in large part because of our long-standing relationship with an excellent, blue-chip
sponsor,” said Jay Rollins, JCR Capital President and CEO. “This relationship spans over 10 years and includes a track record of $586 million in loans, all fully paid.” The sponsor has been an active owner/developer since the 1970s with a current portfolio of over 11,912 multifamily units, and has acquired / repositioned over 5,000 multifamily units with tax-exempt bond financing and tax-credit equity.
$10.45 Million Acquisition Bridge Loan for a 464-unit multifamily property in Houston. JCR provided the bridge debt to acquire the property and immediately address deferred maintenance. JCR was responsive to the purchaser’s short timetable and provided a structured loan that satisfied their need for higher proceeds and a quick closing.
According to Mr. Rollins: “This transaction was with an experienced owner and provides near term opportunities for them to reduce operating expenses and improve NOI, along with a clear exit strategy.” The sponsor currently owns 2,000 apartment units in six properties in Houston.
About JCR: JCR Capital is a real estate finance company providing capital solutions to middle market sponsors. JCR provides bridge loans, preferred equity, mezzanine loans, and equity financing for value added, distressed, and opportunistic transactions. Visit www.jcrcapital.com