Trinity Street Expands Construction Lending Program
Trinity Street Capital Partners, a real estate investment bank, has expanded its construction-lending program to include nonrecourse loans up to 75 percent of cost for industrial, multifamily, and self-storage properties. The program will focus on the top 200 U.S. metropolitan statistical areas (MSAs), with interest rates starting at 30-day LIBOR, plus 3 percent. Loan amounts will be available from $25 million to $250 million. Nonrecourse construction loans are also available up to 60 percent of cost for anchored-retail, hospitality, and office properties.
The new program is in addition to the bank’s bridge and permanent-lending platforms.
According to company officials, the program expansion is contrary to the general lending climate, “as traditional banks still have concerns over general economic conditions or are over exposed to certain property/loan types.”
Trinity Street focuses on nonrecourse, high-leverage senior and subordinate debt and preferred equity, with investments beginning at $10 million on income-producing real estate nationwide.
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