Ease Capital Initiates $45.5 Million Loan for Multifamily Project
Ease Capital Offers Significant Loan for Multifamily Transformation
Ease Capital has stepped into the spotlight by providing a substantial $45.5 million floating-rate loan aimed at the revitalization of the Reserve at Temple Terrace. This initiative supports Boardwalk Holdings in their mission to stabilize this 290-unit, 10-building multifamily property, reflecting Ease’s commitment to advancing multifamily housing projects.
Loan Structure and Key Players Involved
Barclay Lynch, who leads Loan Originations at Ease Capital, played a pivotal role in both originating and structuring the terms of this three-year, full-term interest-only non-recourse loan. The execution of this financing involved collaboration with Mark Vinitsky and Ralph Wurzberger from Lument, who were instrumental in representing the borrower and arranging this beneficial financing.
Comments from Ease Capital Leadership
Barclay Lynch expressed enthusiasm for the partnership with Boardwalk Holdings, commending their exceptional work on the redevelopment of the Reserve at Temple Terrace. He noted, “Ease was able to create a flexible financing solution that is aligned with the sponsor’s goals to refinance existing debts and successfully stabilize the asset.”
Feedback from Lument’s Managing Director
Adding to the dialogue, Mark Vinitsky, Managing Director at Lument, conveyed satisfaction regarding the outcomes achieved in a challenging market landscape. He remarked, “Ease provided a flexible and accretive financing solution with the optimal structure to bolster the next phase of our client’s strategic business plan.”
The Reserve at Temple Terrace: A Model Transformation
The Reserve at Temple Terrace represents a fully renovated multifamily rental property within the dynamic Temple Terrace submarket of the Tampa-St. Petersburg-Clearwater metropolitan area. Previously known as student housing for the University of South Florida, it underwent a significant overhaul under the stewardship of Boardwalk Holdings, transitioning into a traditional multifamily asset.
This extensive renovation encompassed comprehensive gut renovations, elevating interiors with high-quality class A finishes and enriching the array of amenity offerings. Positioned near major thoroughfares, the property enjoys convenient access to downtown areas and appears well-placed for rapid leasing and stabilization given the limited new inventory in the Temple Terrace market.
Execution of Strategic Business Plans
Boardwalk Holdings has successfully initiated their business strategy, taking advantage of advantageous market trends, and remarkably achieved 45% occupancy within six months following the completion of renovations. This swift uptake underscores the effectiveness of their approach and the market's demand for quality rental properties.
About Ease Capital
Ease Capital distinguishes itself as a direct commercial mortgage lender, committed to delivering straightforward financing solutions for multifamily real estate ventures. With offerings ranging from $5 million to over $50 million for multifamily and mixed-use properties nationwide, Ease Capital's mission is to simplify the financing process.
Founded by an experienced team in real estate lending, data, and technology, Ease is integrated with robust asset management capabilities. They provide various loan products, including bridge, bridge-to-permanent, and permanent financing solutions tailored for stabilized properties. The firm’s backing by esteemed institutional investors reinforces its dedication to enhancing access to real estate ownership.
About Lument
Lument stands as a leading entity in the realm of commercial real estate finance, offering a comprehensive suite of capital solutions crafted to meet the unique needs of multifamily, affordable housing, and senior living markets. They extend various funding avenues, including Fannie Mae, Freddie Mac, FHA, and USDA financing options along with balance sheet solutions.
Moreover, Lument delivers a broad spectrum of real estate advisory services encompassing real estate investment sales, investment banking, and management solutions, boasting around 600 professionals across more than 30 offices in the nation.
Frequently Asked Questions
What is the total amount of the loan provided by Ease Capital?
The total loan amount provided by Ease Capital is $45.5 million.
Who is the borrower for this loan?
The borrower for this loan is Boardwalk Holdings, which is focusing on the redevelopment of the Reserve at Temple Terrace.
What type of property is the Reserve at Temple Terrace?
The Reserve at Temple Terrace is a 290-unit, 10-building multifamily property, previously operating as student housing.
What financing solutions does Ease Capital offer?
Ease Capital offers a range of financing solutions, including bridge loans, bridge-to-permanent loans, and permanent financing for stabilized properties.
What market does Lument focus on?
Lument specializes in financing solutions for multifamily, affordable housing, and senior housing markets across the United States.
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