Fident Capital secured a $16M construction loan and $2.5M of joint venture equity for the development of a 13-story, 40,000 square foot, high-rise office condominium on a 5,000 square foot parcel. The developed property was to offer a full floor retail and office condominiums.

A regional bank funded the construction facility at 80% of cost on a 24-month term with no presale requirement.

The joint venture equity partner’s $2.5M investment represented 60% of the required equity capital with the sponsor providing the remaining 40%. Fident Capital negotiated a deal structure that provided the equity partner a 10% preferred return on its invested capital plus 33% of project profits. The equity investor required four presales prior to funding.