Greensboro, North Carolina
W Financial has provided a $7,500,000 bridge loan collateralized by a 233-unit, two-story, garden-style apartment rental community located on East Cone Boulevard in Greensboro, North Carolina.
The timing of the closing was critical in order to take advantage of a time-sensitive 1031 tax-free exchange deadline. W Financial was called in and was able to get up to speed quickly, closing the loan within three days preserving the 1031 tax-free exchange. The borrower expects to repay the W Financial loan with conventional agency financing.