Recently Closed Transactions
$188,000,000 funding of ALux Properties, LLC
Prime Commercial Lending through its fund Prime Capital Ventures is proud to announce the $188,000,000 funding of ALux Properties, LLC and their project “The Bailey” which will be the only 5-star hotel in Atlanta.
A one of a kind luxury hotel and mixed used development that will transcend the meaning of luxury across the world.
This client came to us to refinance her entire portfolio. In getting to know more about the client, we learned she was set to close on another commercial property she owned. In the discussion we learned the terms that the other lender was giving her and Prime Commercial Lending stepped in with a much better deal.
We were able to take her from 50% LTV with the other lender, to 70% LTV with us; this increased her cash-out by $1MM. We also decreased her interest rate by 3%, and decreased her fees by 3%. To top it off, we closed her out in just over 2.5 weeks during Christmas and New Year’s, which is a difficult time to close loans.
Details
- Borrower Name: Maxwell, LLC
- Property Address: 225 N.9th Street, East St. Louis, IL, 62201
- Asset Type: Commercial Building
- Type of Loan: Refi, Cash-Out
- Loan Amount: $2,520,000
- 70% LTV
This client came to us to purchase the above light industrial / office property located in Houma, LA. This transaction was turned down by the borrower’s local bank. Pressed on time, the borrower came to Prime Commercial Lending for a quick close.
We were able to offer the borrower a 76% LTV, fully amortizing permanent mortgage and get the loan closed in only 32 days.
Details
- Property Address: 148 & 166 Thompson Rd., Houma, LA 70363
- Asset Type: Light Industrial
- Type of Loan: Purchase
- Loan Amount: $442,500
- 76% LTV
This client came to us to purchase a freestanding retail space in Babylon, NY to expand their investment portfolio. The borrower’s credit situation did not allow for him to qualify for bank finance; however, Prime Commercial Lending was able to qualify the borrower for up to 60% LTV based on the strength of the asset.
Details
- Property Address: 345 Little East Neck Rd., West Babylon, NY
- Asset Type: Retail
- Type of Loan: Purchase
- Loan Amount: $365,000
- 60% LTV
This client came to us to purchase the above commercial space in West Columbia, SC to house the borrower’s business. The borrower came to us in a distressed credit situation and Prime was able to get this loan funded in just under 60 days.
Details
- Property Address: 2927 Platt Springs Rd., West Columbia, SC
- Asset Type: Owner-Occupied Commercial
- Type of Loan: Purchase
- Loan Amount: $200,000
- 67% LTV
This client came to us to pull equity out of the mixed-use property they owned free and clear in Pittsburgh, PA. The borrower required funds to pay off back taxes as well as put some cash in their pockets for additional investment opportunities. Prime was able to fund this deal in about 35 days.
Details
- Property Address: 1425 Potomac Ave Pittsburgh, PA
- Asset Type: Mixed-Use
- Type of Loan: Purchase
- Loan Amount: $150,000
- 38% LTV
This client came to us to pull equity out of the multifamily property he owned in Fort Myers, FL. The borrower is a serial investor in the Fort Myers, FL market and required additional funds to help expand his portfolio. Prime was able to fund this deal in about 45 days.
Details
- Property Address: 2716 Michigan Ave., Fort Myers, FL
- Asset Type: Multifamily
- Type of Loan: Cash-Out Refinance
- Loan Amount: $305,000
- 63% LTV
Address
66 South Pearl St.
10th Fl.
Albany, NY 12207
866-708-4755
The Case for Investing in Distressed Properties
Investing in the real estate market is a well-established wealth-building strategy, with a plethora of opportunities for savvy investors. One such opportunity is the investment in distressed properties. Distressed properties, often misjudged as a risky venture, can...