Trinity Street Capital Partners Announces the Origination of a $12MM Loan, on a Hospitality Property located in Detroit, MI. The Loan had a 5 year Term, a Fixed Rate of 2.14% and Achieved a 75% LTV
The subject property was located in downtown Detroit and the funds were utilized for the recapitalization of the property, including significant cash out to provide funds for new acquisitions of potential distressed properties.
NEW YORK, NY, July 03, 2020 -- Trinity Street Capital Partners (TSCP) (www.trinitystreetcp.com), a full service real estate investment bank, announces the origination of a $12MM, interest only, senior mortgage for the cash-out, refinance of a hospitality property located in Detroit, MI. The permanent loan had a 5 year term, a historically low fixed rate of 2.14% and achieved a 75% loan-to-value.
Detroit is the largest and most populous city in the U.S. state of Michigan, the largest U.S. city on the United States–Canada border and the seat of Wayne County. The municipality of Detroit had a 2019 estimated population of 670,031, making it the 24th-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 million people, making it the second-largest in the Midwest after the Chicago metropolitan area, and 14th largest in the United States. Regarded as a major cultural center, Detroit is known for its contributions to music and as a repository for art, architecture and design.
According to a senior underwriter at Trinity Street, "The company has stepped up to support the US commercial real estate markets in the mitts of the Covid-19 pandemic, taking a deep dive into property economics, market statistics and sponsorship to providing financing for strong clients at aggressive rates." This particular loan closed on May 22nd, 2020, despite being one of the most difficult periods in the history of US financial markets, TSCP honored it's commitment to the client. In addition the challenges of Covid-19, the property was on the National Register of Historic Places (U.S. National Park Service) and was redeveloped using monetized, federal historic tax credits. This often creates challenges for lenders, due to the subordination, non-disturbance, and attornment agreements (SNDA), necessary to complete such financing transactions.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $5MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the fifty states.
For more information about Trinity Street Capital Partners and the services it provides, go to www.trinitystreetcp.com.
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Contact InformationJohn Dragone
Trinity Street Capital Partners
New York, New York
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