Crux Commercial Partners secured a $19.5 million bridge-to-mini-perm loan for a 130-unit multifamily renovation project in the Pacific Northwest after more than a year of deal structuring.
-- Crux Commercial Partners announced the successful closing of a $19.5 million multifamily renovation financing package in the Pacific Northwest. The deal, structured as a bridge-to-mini-perm loan, funded a 130-unit property in mid-renovation after more than a year of complex structuring in one of the most restrictive lending markets in recent years.
Led by Crux partner Jacob Wilson, the team worked directly with bank executives to underwrite the loan based on forward-looking performance metrics rather than traditional in-place income. This approach helped the client avoid an additional $2 million equity injection and reduced the interest reserve burden during the renovation phase.
“This property was acquired prior to the increase in rates and had unexpected renovation overruns,” said Wilson. “Restructuring this deal in a way that allowed for the additional rehab budget, while not requiring an injection was an obstacle due to the rental regulatory restrictions in Tacoma and increased rates.”
The final loan structure features an interest-only term during renovations with automatic conversion to a mini-perm upon stabilization. The five-year term delivers both immediate capital and longer-term financing stability without the need for refinancing risk.
Property Highlights
- Asset Type: Multifamily (130 units, mid-renovation)
- Location: Pacific Northwest (specific site withheld)
- Loan Structure: Bridge-to-mini-perm
- Loan Amount: $19.5 million
- Interest Rate: 8% interest-only during renovation
- Term: 5 years
- Amortization: 30 years
- Broker: Jacob Wilson, Partner, Crux Commercial Partners
The deal reflects Crux Commercial Partners’ deep experience in navigating complex capital stacks and pushing for borrower-centric outcomes—even in volatile lending environments. By leveraging strategic relationships and staying engaged through every stage of the process, the Crux team delivered a financing structure that prioritized the borrower’s long-term success over short-term wins.
About Crux Commercial Partners
Crux Commercial Partners is a boutique commercial real estate finance firm based in Tacoma, WA. Known for bold structuring and unmatched execution, Crux has closed over $4.5 billion in transactions across sectors including multifamily, industrial, mini storage, and non-profit facilities. The firm leverages an expansive network of local, regional, and national capital sources including SBA lenders, CMBS issuers, and private equity, to deliver value-add solutions with speed and precision. For more information visit the company site at: cruxcre.com
About the company: US Commercial Lending News delivers expert reporting and industry analysis across commercial real estate, lending, banking, finance, and investment sectors. From interest rate trends to major acquisitions and market-shaping technologies, our coverage connects decision-makers to the insights that drive the future of business and investment.
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