- $14,000,000 total loan
- Closed in 14 days
- Funded acquisition and repositioning
- Asset was purchased out of foreclosure
An experienced real estate investor, contemplating the purchase of a distressed multifamily asset, turned to PMC for fast liquidity. The asset had a history of fire safety violations, which were outstanding for more than a year. Due to unsafe conditions, a fire at the property destroyed 24 units and garnered substantial attention from local media outlets. Pressure from the City of Dallas to place the property under receivership persuaded the then lender to appoint a receiver of their own and schedule a foreclosure sale. As a result, the owner instructed Dallas area investment brokers to tender purchase offers that could transact in a few weeks’ time. Shortly after the receiver was put in place, the Sponsor held a call with PMC to identify an optimal structure for a proposed purchase and repositioning of the property. The Sponsor used PMC’s quick close capabilities to negotiate a purchase with a two-week closing and substantial hard earnest money at signing.
Signing a purchase agreement days after receiving a term sheet from PMC, the Sponsor closed on the transaction just fourteen days later.
The PMC team leveraged the resources and institutional expertise of their 450+ employee parent company and moved swiftly through the diligence and documentation process to fund the transaction.
PMC has dedicated, on balance sheet capital, earmarked for urgent projects in need of liquidity.