CLEVELAND, May 25, 2021 /PRNewswire/ — TurnCap, (“TurnCap”), a private commercial real estate financing platform, deployed $80 million in capital across four transactions in multifamily and self-storage products.
In the multifamily space, TurnCap funded a bridge loan to finance the acquisition and renovation of a 132-unit apartment complex in Grand Rapids, Michigan. The sponsor is an experienced value-add owner/operator who acquired the building with a plan to increase the market value of the asset by upgrading all units and common areas. Over the past ten years, the sponsor has successfully renovated units to achieve market rate rents and has significantly increased the value of their 14 properties and more than 1,500 units.
The second transaction in the multifamily sector was a $32.9 million bridge loan to finance the acquisition and renovation of two neighboring assets in Washington, DC. The assets are in the highly desirable Georgetown neighborhood, which is near the Potomac River, The Kennedy Center and the Watergate Complex. Both assets were originally developed as multifamily properties but have been operating as extended stay hotels since the early 1990s. TurnCap’s Borrower is acquiring and renovating the properties to covert the assets back into Class A market rate multifamily buildings. The Sponsor is a well-respected commercial real estate developer who has a comprehensive understanding of the Washington, DC market and a track record of successful adaptive reuse projects.
TurnCap also funded a $30.5 million bridge loan to refinance a manufactured housing portfolio, including 10 properties and 981 units located throughout Colorado, Idaho, Michigan, Minnesota, Pennsylvania, Rhode Island, Texas and West Virginia. The Sponsor acquired the properties throughout 2016/2017, performed substantial capital improvements and implemented their experienced management and branding expertise to almost double net operating income.
Finally, TurnCap funded a $7.75 million bridge loan on a six property self-storage portfolio in Michigan totaling approximately 1,250 units and 160,000 square feet. The sponsor is a professional and sophisticated owner and operator of self-storage facilities throughout the Midwest.
TurnCap is a private commercial real estate investment platform providing direct lending in connection with multifamily and commercial projects. The General Partners’ management team has decades of experience in underwriting, originating, and servicing billions in commercial real estate loans and investments, as well as long-standing relationships with operators, brokers, and developers around the country. TurnCap’s partnership and unified strategy with Bellwether Enterprise, a national, full-service commercial and multifamily mortgage banking company, with 30 offices and nearly 100 producers around the country, is expected to result in a portfolio diversified by both asset class and geography. For more information, visit turncap.com.
Contact:
Chantel Moody, Partner
216-534-8771
310586@email4pr.com
SOURCE TurnCap
