Pangea Mortgage Capital Closes Hotel-to-Multifamily Conversion in 15 Days
Pangea Mortgage Capital recently provided funding for the acquisition of a three-asset hotel portfolio in Oregon, closing in just 15 days. The quick close allowed the borrower to begin to execute on his plan to convert the hotel portfolio to multifamily housing.
At the start of the second quarter of 2021, an Oregon-based real estate investor sought an acquisition loan for a three-asset hotel portfolio. The business plan included master-leasing the properties to a government agency and eventually converting the properties to multifamily housing.
The sponsor engaged PMC because he needed certainty of execution and to fund the transaction quickly – as soon as the loan closed, the contract went into effect, immediately opening up the revenue stream for the borrower.
PMC conducted all diligence and closed the loan (from term sheet to funding) in 15 calendar days while providing financing that was flexible enough to allow for initial lease payments to fund the eventual construction.
View other recent transactions on the Pangea Mortgage Capital website.
About Pangea Mortgage Capital:
Pangea Mortgage Capital (the “Company”) is a nationwide commercial lender headquartered in Chicago, Illinois. PMC provides financing on real estate-backed assets, with loan sizes between $2 million and $40 million. The Company is a subsidiary of Pangea Properties, a national multifamily housing owner of 13,000+ units. It is PMC’s mission to serve lower and middle market real estate investors, owners, and operators by unlocking value through creative, flexible transactions and leveraging its on-balance sheet capital to execute efficiently. To learn more about the Company, please visit www.pangeamortgage.com.