Sponsor profile
A foreign national investor holding the asset through a US LLC, with no US credit file and no US income documentation. Underwritten on the property and the structure rather than on a domestic borrowing history.
Deal structure
The development was finished and the construction facility behind it was coming due. Selling into that deadline is how good projects get sold badly.
Passy Capital refinanced the development loan with a $2.34M bridge, underwritten on the completed asset. That converted a hard deadline into a sale timed by the owner rather than by the lender.
Exit
Sale of the completed property. The bridge existed to buy the time needed to run that sale properly, which is why it was structured as a bridge to sell from the first conversation.