Real estate finance advisory firm Lucent Capital arranged a $12 million bridge loan for a Utah-based investment company to monetize a first trust deed note secured by approximately 200 condo units in Las Vegas.
The unidentified borrower, which specializes in acquiring the assets of failing and failed banks, purchased the note from the construction lender at a discount in an all-cash transaction earlier this year. The bridge financing, which has a two-year initial term with an extension option, also covers the carry cost to lease up the remaining units, according to Lucent.
