82.2 F
New York
Saturday, August 20, 2022

Date:

Share:

Pangea Mortgage Capital Closes Hotel-to-Multifamily Conversion in 15 Days

Related Articles

TA and Clearlake Capital-Backed Kofax Completes Acquisition of Ephesoft

Acquisition Extends Kofax’s Position in the Intelligent Automation Software Market and Enhances its Intelligent Document Processing Capabilities London UK – August 18, 2022 – Kofax®...
Chicago, IL, August 16, 2021 –(PR.com)– Pangea Mortgage Capital (PMC), a nationwide commercial lender headquartered in Chicago, Illinois, closed a $16.4 million loan for the acquisition and repositioning of a three-asset hotel portfolio located in Lincoln City and Medford, Oregon.

At the start of the second quarter of 2021, an Oregon-based real estate investor sought an acquisition loan for a three-asset hotel portfolio. The business plan included master-leasing the properties to a government agency and eventually converting the properties to multifamily housing.

The sponsor engaged PMC because he needed certainty of execution and to fund the transaction quickly – as soon as the loan closed, the contract went into effect, immediately opening up the revenue stream for the borrower.

PMC conducted all diligence and closed the loan (from term sheet to funding) in 15 calendar days while providing financing that was flexible enough to…

Read more…

Popular Articles