$13,200,000 - The Gardens at Darlington, Los Angeles, CA
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Builders Bank provided construction financing for a new 39 unit condominium
project in the highly desirable Brentwood neighborhood on Los Angeles'
Westside. The sponsor was a successful international developer newly
relocated to the U.S. and Builders was able to underwrite and close the
loan despite the borrower's recent entry into the local market. |
$15,800,000 - 66 Ninth Avenue, New York, NY
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An established developer of residential and commercial properties in the
Northeast secured an attractive opportunity to acquire a landmark
turn-of-the-century building in Manhattan's desirable Chelsea neighborhood.
However, the property's seller was leaving the country and required a quick
close before the developer could finalize plans for the project. The
Builders Bank financing enabled the developer to close on the acquisition
and provided flexibility to restructure the loan to accommodate a new
mezzanine lender as the ultimate scope of the project was determined. |
 Condominium Conversion
$19,800,000 - Island Pointe Condominiums, Bay Harbor Islands, FL
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Builders Bank was approached by a successful East Coast condominium
converter with an opportunity to acquire a partially completed
160 unit conversion project in the upscale Bay Harbor Islands area of Miami
through a court-ordered bankruptcy sale. We provided attractively
structured financing for the sponsor on an accelerated basis, enabling him
to successfully close the transaction within the narrow time frame set by
the bankruptcy court. |
Multifamily Acquisition/Renovation
$4,250,000 - Meadowbrook Apartments, Fort Worth, TX
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This Builders Bank loan provided acquisition financing for a
California-based national investor with substantial experience in
renovating multifamily projects in a number of Texas markets. The loan
enabled the borrower to successfully acquire and upgrade an existing 180
unit apartment complex in a solid infill neighborhood of Fort Worth from
Class C to Class B status. |
$4,350,000 - 1234 North Hayworth Avenue, West Hollywood, CA
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A very successful owner of multifamily properties on Los Angeles' Westside
approached Builders Bank with a special financing need - provide a higher
leverage loan to acquire an under-managed 48 unit property in West
Hollywood, being purchased in a time-sensitive probate court sale. The
Builders loan, completed in under 30 days, enabled the borrower to close on
the property and begin to enhance net income by removing units from local
rent control restrictions. |
Office Acquisition/Refinance
$7,900,000 - Corporate Tech Center Office Buildings, Lewisville, TX
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Due to the sale of its local lender to a large international bank, an
established developer of office buildings in the Dallas area approached
Builders with a request to refinance its previous construction loan and
provide funds for the remaining leaseup of this recently completed 110,000
sq. ft. project. Despite existing leasing of only 40% and a challenging
local office market, Builders was able to provide the requested financing,
enabling the developer to successfully bring the building to 100% occupancy
within nine months. |
Land Acquisition/Pre-Development
$10,500,000 - The Carnegie Condominiums, New York, NY
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Through this credit facility, Builders Bank enabled a New York based
developer of luxury residential projects to acquire a very desirable high-rise development site on Manhattan's Upper East Side. With proceeds of
the loan, the developer completed the assemblage of several component
parcels of the site including air rights, successfully pursued the
necessary plan approval, and was subsequently able to commence construction
of a 94 unit, $110 million condominium tower. |
$11,000,000 - Reunion Resort, Orlando, FL
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The sponsor of this 2,100 acre master planned residential community, a
partnership of a nationally recognized resort developer and a major real
estate opportunity fund, used financing from Builders Bank to facilitate a
key phase of the project consisting of 270 detached homesites in the
Liberty Bluff subdivision. The Builders loan enabled the borrower to
successfully restructure its previous financing and enhance returns to both
the developer and its equity partner. |
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