Trinity Street Capital Secures $64MM Loan for Unique Project

Trinity Street Capital Partners Expands Financing Programs

Trinity Street Capital Partners is pleased to share its latest achievement in expanding non-recourse construction finance programs across the country. The firm has successfully originated a substantial construction loan of $64 million specifically targeted for the development of a 270-unit multifamily property.

Details of the Construction Loan

This newly originated loan is designed to support the creation of a class A market-rate multifamily housing project. It boasts a three-year term and an impressive 85% loan-to-cost ratio, classifying it distinctly as a non-recourse loan. This strategic move comes at a time when many lenders are reducing their construction financing programs due to increasing non-performing loans or project over-leverage.

A Closer Look at the Project

The multifamily development will include a variety of unit types, featuring 80 one-bedroom units, 166 two-bedroom units, and 24 three-bedroom units, all housed in a trio of three-story residential buildings spread over a 14-acre site. The first floor will be a hub of activity, hosting essential community amenities such as administrative offices, a club room with a full-service kitchen, fitness facilities, a yoga room, a business center, and a game room.

Enhancing Community Living

Residents can look forward to enjoying a swimming pool surrounded by a sun deck ideal for relaxation. The property will also feature various outdoor amenities including poolside cabanas, grilling areas, a fireplace sitting area, a playground, and a designated dog park, along with nature paths that promote outdoor activities.

Southern Pines: A Promising Location

Situated in the heart of North Carolina, Southern Pines is known for its picturesque landscapes and vibrant community. It stands out as a destination with a rich history, a thriving business ecosystem centered around tourism, healthcare, education, and retirement. The area combines Southern hospitality with modern conveniences, making it an attractive spot, particularly for golf enthusiasts with its array of high-end courses and upscale accommodations.

Downtown Excitement

Visitors and locals alike enjoy the charm of the town's historic downtown, home to an assortment of boutique shops, art galleries, and diverse eateries, ensuring that the community will be vibrant and inviting for residents of all ages.

Trinity Street Capital Partners' Vision

Trinity Street Capital Partners is dedicated to providing competitive non-recourse lending options. They specialize in high-leverage senior and subordinate commercial mortgages, focusing on construction loans and real estate private equity investments starting from $10 million. Their extensive expertise encompasses a range of properties, including retail, office, industrial, multifamily, manufactured housing communities, self-storage, and hospitality venues across all fifty states.

Get Informed About Trinity Street Capital Partners

To learn more about the services offered by Trinity Street Capital Partners and to stay updated with their initiatives, please visit their official website.

Frequently Asked Questions

What is a non-recourse loan?

A non-recourse loan is a loan secured by collateral, usually property, where the lender cannot pursue any further compensation from the borrower beyond the collateral in case of default.

What types of properties does Trinity Street Capital focus on?

The firm invests in a wide variety of property types, including retail, office, industrial, multifamily units, and more.

How does this project benefit the community?

The new multifamily development aims to provide quality housing options and enhance local amenities, contributing to the community's growth.

What are the key features of the Southern Pines project?

The project features a range of unit sizes, modern amenities including a fitness center and pools, and is positioned in an attractive area for residents.

How can I learn more about Trinity Street Capital Partners?

Interested individuals can visit their official website to find detailed information about their projects, services, and updates.

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