Despite hesitation from traditional lenders, a new community of approximately 50 single-family residences will be added to Mission, Texas thanks to Max Benjamin Partners, a commercial real estate investment bank in Beverly Hills, California. The firm secured $9 million to restart construction.
Max Benjamin Partners
City: Beverly Hills
Address: 8447 Wilshire Blvd
Website https://www.mbpartners.com/
Phone +1 310 773 4938
Email CONTACT@MBPARTNERS.COM
Developer Secures
Unique Financing To
Build 50 Homes in
Mission, Texas
Approximately 50 new residences will be added to Mission, Texas, a city
located approximately 350 miles south of Houston, thanks to Max Benjamin
Partners, a commercial real estate investment bank based in Beverly Hills,
California.
After the existing lender halted funding,
Max Benjamin Partners was able to secure
nearly $9 million to restart construction on
both the horizontal and vertical components
of the first 25 homes expected to be
completed by March 2024.
The community will consist of single family homes with price
points ranging $350,000- $475,000.
"It's challenging for many investors and
developers today to secure funds as credit is
tightening and banks are growing concerned
about the economic climate" says Max B.
Mellman, founder and CEO of Max
Benjamin Partners.
According to the National Association of Home Builders, 71.7% of banks have imposed
stricter standards for construction and land development loans, while 63.3% of banks
tightened standards on loans secured by multifamily properties in the second quarter of
this year compared with last.
"We are still working with a variety of
viable and alternative funding sources
that rival terms offered by traditional
banks while giving best-in-class
borrowers certainty of execution.
In this case, we were able to receive strong consideration for as-is land value
through a lengthy entitlement and design work process to effectively close
the deal without additional equity."
According to Jason Moyal, Managing
Director at Max Benjamin Partners, the
transaction was particularly beneficial for the
builder because the lending source gave
strong certainty of execution without
additional equity injection.
"We're delighted to have played such a pivotal role in this significant
project, which will contribute much-needed housing to Mission,
Texas and the surrounding communities," he says.
"This project will become one of the area's most
highly anticipated residential communities by
delivering some much-needed new product from
an incredible and experienced home builder who
knows how to deliver." Max Benjamin Partners is
a prominent real estate investment bank.
All potential investment opportunities are carefully vetted by in-house
experts to ensure that all parties have the expertise, financial strength and
integrity to complete each deal.
The firm currently has more than
$300,000,000 of single-family
residential projects in the works.
Find Out More At https://www.mbpartners.com/
Unique Financing To
Build 50 Homes in
Mission, Texas
Approximately 50 new residences will be added to Mission, Texas, a city
located approximately 350 miles south of Houston, thanks to Max Benjamin
Partners, a commercial real estate investment bank based in Beverly Hills,
California.
After the existing lender halted funding,
Max Benjamin Partners was able to secure
nearly $9 million to restart construction on
both the horizontal and vertical components
of the first 25 homes expected to be
completed by March 2024.
The community will consist of single family homes with price
points ranging $350,000- $475,000.
"It's challenging for many investors and
developers today to secure funds as credit is
tightening and banks are growing concerned
about the economic climate" says Max B.
Mellman, founder and CEO of Max
Benjamin Partners.
According to the National Association of Home Builders, 71.7% of banks have imposed
stricter standards for construction and land development loans, while 63.3% of banks
tightened standards on loans secured by multifamily properties in the second quarter of
this year compared with last.
"We are still working with a variety of
viable and alternative funding sources
that rival terms offered by traditional
banks while giving best-in-class
borrowers certainty of execution.
In this case, we were able to receive strong consideration for as-is land value
through a lengthy entitlement and design work process to effectively close
the deal without additional equity."
According to Jason Moyal, Managing
Director at Max Benjamin Partners, the
transaction was particularly beneficial for the
builder because the lending source gave
strong certainty of execution without
additional equity injection.
"We're delighted to have played such a pivotal role in this significant
project, which will contribute much-needed housing to Mission,
Texas and the surrounding communities," he says.
"This project will become one of the area's most
highly anticipated residential communities by
delivering some much-needed new product from
an incredible and experienced home builder who
knows how to deliver." Max Benjamin Partners is
a prominent real estate investment bank.
All potential investment opportunities are carefully vetted by in-house
experts to ensure that all parties have the expertise, financial strength and
integrity to complete each deal.
The firm currently has more than
$300,000,000 of single-family
residential projects in the works.
Find Out More At https://www.mbpartners.com/