Charleston, SC – Wessex Capital Investments has successfully closed on a new bridge loan refinancing program with a national senior housing lender. The bridge program established a new relationship between the bank and Wessex’s client, which represents an additional source of capital and increases their lending capacity. Wessex leveraged its experience in creating similar programs in order to achieve maximum benefit for its client. A few of the benefits include favorable interest rates and earn-out provisions. The refinancing will create value before the projects are taken to agency.
Two projects have closed on the program initially which represent a $52M loan commitment. The projects are high-end, new construction properties consisting of 202 units. The refinancing will capitalize on the value created since the facilities have opened, returning equity to investors and increasing project returns. Importantly, the refinance will allow Wessex’s client the ability to manage construction debt and strengthen their ability to continue their development pipeline.