Phoenix, AZ, April 04, 2008 --(PR.com
)-- MJM Capital Group’s Managing Director, Jeffrey Dreyer, is pleased to announce closing of the hybrid, senior debt and line of credit arrangement for the Flamingo Apartments in Houston, TX. MJM’s client knew they needed a private lender with two traits, the vision and fortitude to see past a building which appeared to simply be dilapidated beyond repair and possess the ability to close quickly without personal income documentation available. After presenting the project to MJM Capital Group, Jeffery Dreyer and Michael Timony immediately understood the local rental market and the potential upside to this particular situation.
The Flamingo Apartments is an existing 128 unit apartment complex in Houston, TX. With only 70 rentable units while the other 58 units remain inhabitable due to neglect from the previous owner. The experience of MJM’s client led him to design a plan to split the apartment complex into two separate entities (separated by an intersecting road.) Therefore allowing the 58 new redesigned units to be an entirely new complex and experience a new image yielding higher rents. Simultaneously a needed “facelift” to the existing units would increase occupancy.
The parent company of Flamingo Apartments worked exclusively with MJM to arrange the acquisition and rehabilitation debt for this complicated and time sensitive repositioning project. MJM closed in ample time and is already looking forward to their next project.
MJM Capital Group, LLC, is a commercial real estate finance firm specializing in the structure of capital obtainment and equity negotiation.
The MJM commercial finance brand is unique, offering the capacity to finance all aspects of commercial development; acquisition and development, bridge, to permanent financing.
MJM seeks out the most cost - effective financial structure, regardless of transaction size, location, timing, or complexity. MJM is committed to exclusive Client representation, clearly positioned to leverage market knowledge, private and institutional banking relationships to provide unbiased recommendations, solutions, and, most importantly, efficient service. It seeks project improvement, helping Clients achieve a sensible equilibrium among borrowing needs and investment goals.