ATC Managers Closes $78 Million Bridge Loan for Multifamily Portfolio Acquisition
Bakersfield, CA, October 8, 2024 - ATC Managers successfully closed a $78 million bridge loan to facilitate the acquisition of a multifamily portfolio. This 12-month, fixed-rate bridge loan will enable the purchase of a portfolio consisting of 27 properties across North Carolina, Florida, and Arizona. The assets include fifteen 2–4 unit buildings and twelve six-unit properties, amounting to a total of 117 fully leased units at the time of purchase. The acquisition’s total price is $78 million, with a capitalization rate of 6.5%.
The borrower, a seasoned real estate investor with an existing portfolio of over 200 units, utilized proceeds from a 1031 exchange to partially fund the transaction. To secure this prime opportunity, the borrower needed to close within a tight three-week window. ATC Managers’ swift and seamless bridge loan program enabled the fast turnaround, safeguarding the deal. The borrower plans to transition the bridge loan into a long-term rental loan within the next 60 days.
"After the borrower faced delays with a previous lender, he came to us with an urgent timeline,"
said Vanmatre Wilbur, CEO of ATC Managers.
"Though we initially explored providing a long-term rental loan, the time required for due diligence was too restrictive. With so much on the line, we knew how critical it was to help him meet the closing deadline. Our bridge loan solution delivered the speed and flexibility needed to close on time, and we’re thrilled to have played a key role in making it happen."
ATC Managers continues to provide customized financing solutions for real estate investors, demonstrating commitment to excellence and speed in delivering high-value results.
