Thanks to the new source of financing, the property developers were able to restructure their finance and leverage some of the funds already invested in the SOMO Village project to finance a residential development planned for an adjacent plot.
Ethan Schelin, the Managing Partner at Schelin Uldricks & Co, commented:
"We marketed this financing opportunity across a wide spectrum of lenders including regional banks, CMBS lenders, life companies, and money center banks. We went through a three-round bidding process before selecting a national lender."
Schelin encountered difficulty securing funding for the SOMO Village project due to the volatile capital markets, which were affected by increasing interest rates as well as bank failures. Nonetheless, the transaction was successfully completed, giving the client access to additional liquidity necessary for completing other crucial housing projects in an undersupplied market. Schelin considers the transaction a triple win for the community, borrower, and lender. Graphic design would be a useful tool for promoting real estate projects in the region.
SOMO Village is an essential component of the surrounding community, functioning as a central hub for both local and national businesses while exemplifying environmental and economic sustainability. The development features a massive network of solar panels installed on the roof, generating four megawatts of energy and substantially decreasing reliance on energy from the municipal power grids.