case Studies

..CASE STUDIES

Case Studies

Las Vegas Skilled nursery factory

  • Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.
  • Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.
  • Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.
  • OFFICE REFINANCE
    $19,000
    Office
    Perm
    Rockville, MD

 

  • LAS VEGAS SKILLED NURSING FACILITY
    $14,500
    Skilled Nursing
    Facility Refinance
    Las Vegas, NV

 

      • Property
        Skilled Nursing Facility in Las Vegas, NV with Tax Liens. Sponsors owned both the property and the business.
      • Challenges
        The owners of the property had $7,000,000 of tax liens in short time period that needed to get paid off as well as a short term senior lender threatening foreclosure. Owner had engaged multiple finance brokers before hiring Mansfield Equities. Deal was well shopped.
      • Solution
        Mansfield Equities, through its deep market knowledge, located a lender who specialized in the Nursing Facility property type and focused on the facilities’ strong cash flow. Mansfield Equities was able to negotiate total loan proceeds that covered all of the IRS Debts as well as the loans on the two properties. The Lender funded an 18 month loan at 70% LTV

 

  • WILSHIRE/VERMONT LAND BRIDGE
    $12,000
    Land Loan
    Purchase Financing
    Los Angeles, CA

 

      • Property
        Parcel of land entitled for mixed use in Koreatown, Los Angeles.
      • Challenges
        Developer wanted a bridge loan for the purchase of the property in a quick time frame. The property was entitled for 165 multifamily units, however the developer wants to increase the density due to its proximity to a rail transit station.
      • Solution
        Mansfield Equities found a lender that understood the local market and development trend. They were able to look past the existing entitlement issues to loan on the basis of the value of the land and the ability to get taken out by a construction loan.

 

  • OFFICE REFINANCE POTOMAC, MD
    $15,000
    Office Refinance
    Potomac, MD

 

      • Property
        Following a $15,000,000 renovation on a 98,000 sf suburban office building, the Owner wanted to refinance out of his construction loan to lock in a long term loan. Property was well located and sponsorship was strong.
      • Challenges
        Property was only 75% leased. Most permanent lenders – especially for suburban office- need occupancy above 85%. Also, Owner wanted 15 year loan non-recourse which ruled out banks and CMBS. Also, all the Tenants were new so there was significant lease rollover in year 5 and 7.
      • Solution
        Mansfield Equities through its Life Insurance relationships was able to secure a non-recourse 15 year loan at 4.5%. We were able to convince the lender that their loan only represented 60% LTV and debt service coverage was 1.8x. While market vacancy is over 18% we isolated the Class A buildings which were only showing 5% vacancy.
      • Result
        15 year Non-Recourse Loan
        4. 5% No Reserves

 

  • DEAL SPOTLIGHT: VIRGINIA JV EQUITY MULTIFAMILY ACQUISITION
    $15,000
    JV Equity
    Multifamily Acquisition
    Lynchburg, Virginia

    • Property
      2 properties located in Roanoke/Lynchburg VA totaling 349 units. Total cost was $15,000,000. Sponsor was able to secure 80% debt. Properties were built in 1980 and were 93% occupied at acquisition. Going in cap rate was 6.7%.
    • Challenges
      Sponsor was an entrepreneur that owned only 400 units- none in Virgina. Total Equity needed to close was $3,500,000. Sponsor wanted a 90/10 deal given his limited balance sheet. Deal was too small for institutional equity and many other investors typically shy away from tertiary (lower income) areas.
    • Solution
      Mansfield Equities through its relationships in the equity markets shared the opportunity with a Dallas based family office that invests exclusively in value add multifamily. To get their yield they often find themselves in tertiary markets with decent cash on cash returns Year One. Given the upside in rents the investor liked the ability to refinance the floating rate debt and pull out its equity or sell one of the buildings. Mansfield was successful in raising 90% of the equity from the family office.