Last Minute Financing Allows Developer To Finish Luxury Housing Project
Oct 4, 2023
Key Takeaways
- Max Benjamin Partners secures a $33.9 million loan to complete Timberline Hills, an 81-home project in Eugene, OR, priced between $800,000 and $1.2 million.
- Financing was difficult due to high interest rates, but Max Benjamin Partners obtained financing from a private debt fund based on the developer's significant investment in infrastructure and proof of demand for single-family homes in the market.
- In today's challenging economic climate, banks are reluctant to provide capital for new construction projects, making it increasingly difficult to finance residential projects.
- Max Benjamin Partners is a top commercial real estate investment bank with expertise in large construction financing. The firm currently has over $500 million of single-family residential projects in the pipeline.
- For more information on Max Benjamin Partners, visit their website at https://www.mbpartners.com/ or call (310) 773-4938.
While banks are tightening lending opportunities due to fear of defaults, Max Benjamin Partners in Beverly Hills is finding solutions. To help finish a project in Eugene, OR they got a $33,900,000 loan to complete Timberline Hills, 81 homes between $800,000 - $1.2 million.
Beverly Hills, United States - October 4, 2023 /PressCable/ —
Max Benjamin Partners, a real estate investment bank based in Beverly Hills, California known for assisting clients in obtaining financing in an ever-challenging commercial real estate market, has successfully secured a $33,900,000 loan to complete the next phase of a single-family-home project in the burgeoning community of Timberline Hills in Eugene, Oregon. The first 81 homes, priced between $800,000 and $1.2 million, are expected to hit the market in about 12-15 months, says Max Benjamin Partners Vice President, Christian Bloom, who handled the transaction.
Financing was a particularly difficult challenge, says Bloom, given today’s high interest rate, which deterred many traditional lending institutions from the deal.
“Today’s economic climate has made financing projects such as Timberline Hills especially challenging, as many lenders are reluctant to provide capital during a time when there is a lot of uncertainty in the market. New construction projects have become increasingly difficult to finance, specifically for-sale residential projects,” says Mellman. “Max Benjamin Partners was able to navigate the capital markets and secure financing from a private debt fund based on the developer already having invested heavily in the project’s infrastructure (e.g., water and sewer lines, streets and sidewalks, cable TV, etc.) and by proving the demand for single-family homes in the market.”
He adds, "In these times, we need access to myriad capital sources including family offices, private equity groups, venture capitalists, etc. to give our clients the advantage, after all, the economy can’t just come to a screeching halt because of a shaky economy."
Max Benjamin Partners is one of the top commercial real estate investment banks in the US for large construction financing. All potential investment opportunities are carefully vetted by in-house experts to ensure that all parties possess the expertise, financial strength and integrity necessary to complete each deal. In addition to Timberline Hills, the firm currently has more than $500,000,000 of single-family residential projects in the pipeline. For more information, visit www.mbpartners.com or call (310) 773-4938.
*****
Contact Info:
Name: Max B. Mellman
Email: Send Email
Organization: Max Benjamin Partners
Address: 8447 Wilshire Blvd Suite 400, Beverly Hills, CA 90211, United States
Phone: +1-310-773-4938
Website: https://www.mbpartners.com/
Source: PressCable
Release ID: 89108974
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