This was a purchase transaction from a repeat borrower with whom think is a rising star in the market. He has been moving swiftly with his recent acquisitions and we are happy to be part of the team. On this transaction he was conducting a 1031 exchange.
Since we had just recently closed a transaction for this borrower, we only had to just get some updated information. The biggest hurdle was out of our control, which was our client had a single family downleg property that needed to close in order to make this purchase.
ALB structured a loan with a lender that would lend 70% LTV in the market area and we closed and off to the next transaction.