Dealmaker: Trevian Capital Funds $29M in Bridge Loans

Trevian Capital, New York, funded three first-mortgage bridge loans totaling $29 million in Arizona, New York and North Carolina. 

The special-situations lender funded a $10.7 million first-mortgage bridge loan secured by a 270-unit apartment community in Glendale, Ariz. in four days from term sheet execution to close. A commercial mortgage-backed securities lender had kicked the loan from the conduit pool due to the sponsor’s recent litigation history. The borrower faced an imminent maturity default and a 5 percent penalty on the entire loan amount plus default interest and fees. Trevian stepped into existing due diligence and funded the loan, allowing the sponsor to refinance existing debt and avoid default.

Trevian also funded a $12.3 million bridge loan secured by an 18-unit apartment building on Manhattan’s Upper East Side. After inheriting the property, the first-time sponsor required a lender that would refinance the existing defaulted loan immediately, giving the sponsor time to decide whether to reposition the property or sell it as-is.

In Durham, N.C., Trevian Capital lent $6 million secured by a 99-unit independent senior living facility to a sponsor with a $34 million personal judgement against him. Loan proceeds retired existing debt and provided a partial cash-out to facilitate a time-of-the-essence acquisition of an additional senior living asset. Trevian funded the loan in less than three weeks.