Macquarie arranged a $37 million stretch senior mortgage for Interwest Capital
02 Jun 2013
Macquarie arranged a $37 million stretch senior mortgage for Interwest Capital, a privately-held real estate investment firm specializing in the acquisition, operation, and repositioning of commercial real estate.
The mortgage was structured over 330 student housing units as a five-year term loan with a 90 per cent loan-to-value ratio. This structure provided Interwest Capital with maximum proceeds in exchange for Macquarie receiving a share of the equity upside above an agreed return hurdle.
The financing progressed from term sheet to funding in less than two months, with Macquarie holding the long term loan asset on its balance sheet. This is the second transaction Macquarie has structured with Interwest Capital and the eighth US real estate transaction in which Macquarie has participated this year.