Section 8 multi-family, Canal Fulton, OH: a short bridge for a repeat client, closed in 35 days
A repeat client, a foreign sponsor, an affordable housing asset and a short timeline. 102 lenders reviewed, placed with a debt fund on a 12-month floating-rate loan, closed in 35 days.
The situation
450 Waterside is a 40-unit multi-family property in Canal Fulton, Ohio, with Section 8 tenants. The owner came back to us as a repeat client, this time with a sponsor based outside the US and a refinance that had to close on a short timeline. Affordable housing has its own lender pool, and a foreign sponsor narrows it further: many lenders that are comfortable with the asset are not set up for the sponsor, and the reverse.
What we did
We built the file once and reviewed it against 102 lenders, looking for one that was comfortable with the subsidy, the sponsor and a short hold. That pointed to a debt fund rather than an agency or bank execution: a 12-month floating-rate loan gave the owner time, with the exit planned from the start rather than left for later.
The outcome
The $1,430,000 refinance closed in 35 days with a debt fund, on a 12-month floating-rate term. Robert Contreras ran it from intake to closing.
Why it matters
On a deal like this, the hard part is not the leverage. It is finding the lender whose box covers the subsidy, the sponsor and the exit at the same time, and finding it quickly. See our note on HUD and middle-income housing for more on how lenders look at subsidized multi-family.