TSCP continues to expand its construction lending programs, throughout the United States, as many lenders curb their construction programs with concerns of a potential recession on its way for 2023.
NEW YORK, NY, January 05, 2023 /24-7PressRelease/ — Trinity Street Capital Partners (TSCP) (www.trinitystreetcp.com), a full service real estate investment bank, announces the origination of a $35MM, construction loan for the development of 195 unit, class A, market rate multifamily property located in Raleigh, NC. The construction loan had a 5 year term, achieved an 80% loan-to-cost and a low rate of 30 Day SOFR +2.50%.
The project will offer (11) one-bedroom studios, (99) one-bedroom, and (85) two-bedroom garden-style units in three (3), three-story, residential buildings. Amenities will be located on the first floor and will include administrative / leasing offices, club room lounge with full-service kitchen, fitness center, yoga room, business center and game room. The community will also feature a swimming pool with surrounding sundeck, poolside cabanas and grilling areas, indoor / outdoor sitting area with fireplace, playground, dog park and nature path.
Raleigh is the capital city of the state of North Carolina and the seat of Wake County and is one of the fastest growing cities in the US. It is the second-most populous city in North Carolina, after Charlotte and the largest city of the Research Triangle metro area. Research Triangle Park (RTP) is one of the most prominent high-tech research and development parks in the United States. Anchored by leading technology firms, local government, world class universities, medical centers and schools, the area’s economy has performed exceptionally well. Significant increases in employment, earnings, personal income, and retail sales are projected over the next 15 years. The region’s growing high technology community includes such companies as IBM, SAS Institute, Cisco Systems, NetApp, Red Hat, EMC Corporation, and Credit Suisse First Boston. In addition to high-tech, the region is consistently ranked in the top three in the U.S. with a concentration in life science companies, such as GlaxoSmithKline, Biogen Idec, BASF, Novo Nordisk, Novozymes, and Pfizer.
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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