Bridge-To-HUD Refinance Loan Offers Owners More Options

 

Castellan Capital pic
Castellan Capital
Image: castellancapital.com

New York-based Castellan Real Estate Partners, co-led by Managing Director John Salib, has made a name for itself in one of the world’s most competitive real estate investment markets. John Salib helps lead a team of savvy professionals at Castellan Real Estate Partners and its financing arm, Castellan Capital.

The firm is offering rapid underwriting and closing of bridge loans in prominent real estate markets like New York, Miami, Boston, Los Angeles, and San Francisco. It also offers construction loans, only in New York. Due to its large amount of private capital and an in-house investment committee, Castellan can offer flexibility in structuring transactions to meet each client’s individual investment needs.

A high-profile bridge transaction the firm recently handled was a $4.5 million bridge-to-HUD (Housing and Urban Development) loan that was used to refinance nearly two dozen multifamily properties in Hartford, Connecticut. Twenty-three separate buildings, subject to a Housing Assistance Payment (HAP) contract, were included in the refinance loan. The borrower was able to withdraw equity and refinance the property much faster and more conveniently than through a traditional HUD transaction.

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