In January, Grand Coast Capital financed an experienced local operator in Maine under our commercial lending program. The project, a nearly complete 42,000 SF mixed use development, was compelling for a number of reasons, including the sponsors track record at the site, the historic nature of the building and the progress made to-date on the renovation. The $4,000,000 in proceeds will be used to refinancing existing debt, execute on tax credits and complete construction on a 25 unit apartment building that occupies the top three floors of the building. Interestingly, the project and renovations were accepted by the National Park Service for inclusion in the registry of historic places and qualified for both State and Federal Tax credits.
“This project demonstrates Grand Coast Capital’s value proposition to commercial operators,” Matt Divito, who underwrote the deal for Grand Coast Capital, explained, “We were able to move quickly and in size because we are a direct lender. Our borrowers come to us because our team were all real estate operators and developers in our past lives. We know real estate and can issue a term sheet quickly, allowing sponsors to know they have a surety of close.”
If you are interested in learning more about Grand Coast Capital’s Commercial lending program, please contact Matt at email@example.com.