Following the original deliberations, the developer came to Equicap to secure construction financing, which was obtained, and construction began. After some unexpected delays, redesigns and cost overruns, the Developer was in need of additional capital. The existing lender was prepared to increase the loan amount – being confident in the developer – but needed time to get it approved, but an increase of the original loan amount would have triggered a requirement to obtain Attorney General reapproval, so once again, the developer turned to Equicap for help. Equicap, knowing time was of the essence, approached a trusted source – Millbrook Realty Capital, a well-known bridge lender with a reputation of moving quickly in such circumstances. A phone call, a raft of e-mails, and a shared scotch later, the latter was unnecessary for the deal but just to catch up, and the deal was ready for Equicap’s closer, Sally Wang, and Millbrook’s Managing Director, Uanderson Benedetti, to seal the deal.
“We have a long-standing working relationship with Equicap built on trust – we liked the deal from the beginning and jumped into it,” said Uanderson Benedetti.
The team structured a 2-step transaction and executed. Millbrook bought the note and immediately funded a small balance under the original loan facility. Then they filed a subordinated position behind the borrower’s existing portfolio of mixed-use and apartment properties to provide the additional funds to complete the project and fund a small interest reserve. Fees were deferred to increase the upfront funding and maximize proceeds to the developer.
Millbrook Realty Capital was formed in 2009 by Charles and Marc Yassky, two brothers who have been engaged in real estate since the late 1977 & early 1981, respectively. They, along with Uanderson, follow each of their client’s deals closely, monitoring and assisting clients as needed. Their expertise has allowed clients to execute their business plans with little interference.
“Our close relationship with Millbrook allows us to move forward quickly, closing deals in less than a week in certain situations,” explained Daniel Hilpert, “we’re looking forward to a great 2020 with them.”
For more information on Millbrook Realty Capital, please contact Uanderson Benedetti @ (212) 223-1270 ext. 128 or e-mail him at firstname.lastname@example.org.