NEW YORK, NY, November 16, 2022 /24-7PressRelease/ -- Trinity Street Capital Partners (TSCP) (www.trinitystreetcp.com), a full service real estate investment bank, announces the origination of a $60MM, interest only, senior mortgage for the cash-out and refinance of a multifamily property located in Pine Hurst, NC. The bridge loan had a 3 year term, a low floating rate and achieved a 65% loan-to-value, at 140% of the sponsor's cost basis in the property.
Pinehurst is a village in Moore County, North Carolina and as of the 2010 census, the city population was 13,124. It is home of the historic Pinehurst Resort, a Golf resort, which has hosted multiple United States Open Championships in Golf. Pinehurst has been designated as the "Home of American Golf" by the United States Golf Association, which announced a second headquarters in the village in 2020. The area is also known for its strong equestrian community, has hosted the former Stoneybrook Steeplechase and currently maintains the Pinehurst Harness Track. Despite the village's relatively small size, the resort will host the men's U.S. Open five times in the next three decades: Pinehurst No. 2 will host the Men's U.S. Open in 2024, 2029, 2035, 2041 and 2047.
According to a senior underwriter at Trinity Street, "The firm has stepped up to support the US commercial real estate markets in the mitts of a major upheaval, due to rising interest rates and an uncertain economic landscape. TSCP underwriting process takes a deep dive into property economics, market statistics and sponsorship, which allows TSCP to provide financing for strong clients at aggressive rates."
Trinity Street Capital Partners focuses on non-recourse, high leverage senior & subordinate non-recourse commercial mortgages, construction loans and real estate private equity, with investments starting at $5MM on income producing retail, office, industrial, multifamily, manufactured housing communities, self-storage and hospitality properties, located throughout the fifty states.
For more information about Trinity Street Capital Partners and the services it provides, go to www.trinitystreetcp.com.
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