Maine based, Dirigo Capital Advisors closes on opportunistic, off market, redevelopment acquisition in downtown Augusta Maine with plans for University of Maine student housing.
MIAMI, August 5, 2018 – Dirigo Capital Advisors is known for acquiring massive real estate assets at a fraction of their value, most notably hospitals and mills, and repositioning them into highly occupied, cash flowing properties. Recently an opportunity presented itself to acquire a 22,000 square foot asset in a prime location in downtown Augusta, Maine which Dirigo knew immediately was an ideal repositioning prospect for student housing for the University of Maine system. Problem was the seller had numerous offers on the table and only those with the ability to close in under 2 weeks would be considered. Dirigo president Kevin Mattson knew that GenX Capital Partners had the ability to close quick through their private money lending platform, so he put the property under contract, contacted Mark McClure, Managing Partner of GenX, explained his business model and within 11 days GenX had it underwritten, placed and closed with 105% funding meeting Dirigo’s deadline, giving them all the funds needed for the acquisition in addition to funds to cover most of the closing costs.
“Look, 105% financing is not the norm, but then again we are not traditional investors or bankers. With our own funds or through the tight relationship that we have with our debt and equity partners we can pretty much get as creative as we want or need to and if that means having to go over 100% LTC to get a quality deal done with a quality sponsor like Dirigo, so be it. If we need to get a deal done in under 11 days to ensure a client is able to capitalize on attractive pricing and terms, we have the ability and flexibility to do it. Period. We recently closed a $14.8 million loan, getting to 90% LTC for a hotel repositioning in Kissimmee, Florida,” McClure stated.
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