McClure, GenX Capital Close $4MM Bridge Loan for Saco Maine Micro Apartments
PORTLAND, Maine, January 23, 2019 (Newswire.com) - Saco Island West, LLC, a development arm of Dirigo Capital Partners is wrapping up the redevelopment of Building 3 at the Saco Mill Complex in Saco Maine, introducing 22 “micro” units right above the ever busy Run of The Mill Brewery/Brew Pub. The sponsor reached out to GenX Capital Partners to recap their current debt piece in order to pull out some capital to finish up the remaining infrastructure so they could meet their launch date of March 1. GenX Capital Partners was able to move quick with one of their investors out of Boston and closed the $4MM loan from site visit to funding in under 2 weeks.
“We have worked with the sponsor, Kevin Mattson, numerous times and he is someone you would consider an A+, seasoned developer. So our investors were very comfortable with not only his track record, which is significant but the incredible work he has done on past projects and more importantly this project here. Once we all conducted the site visit, we were able to close with our investors in under 2 weeks,” Managing Director Mark McClure stated.
As of January 12, 2019, GenX Capital Partners, LLC is a direct lender for commercial real estate transactions of $250K to $10MM in 8 states and growing. The firm also has the ability to underwrite and fund LP and GP equity requests of $5+MM in the 5 core classes of assets.
Source: GenX Capital Partners
