10-07-2013 07:02 PM

Iron Hound modifies loans for challenged Memphis apartments


Iron Hound Management modified the loan for the Ridgeway Crossing and Deerfield Apartments.




A real estate investment company has restructured a $18 million securitized loan for two Memphis apartments properties.
Iron Hound Management Co. LLC, a New York-based company that specializes in commercial debt and equity transactions and commercial loan restructuring, modified the loan for the Ridgeway Crossing and Deerfield Apartments.
Iron Hound arranged interest forgiveness, interest deferral, waiver of prepayment penalties and preferred return for new equity on the assets, according to Robert Verrone, its principal.
The two garden style apartment complexes have more than 720 units combined.
The CMBS loan was transferred to special servicing with LNR Partners LLC in November 2012 due to cash flow issues.
Iron Hound, which recently expanded its reach on the brokerage side to include loan debt and equity placement, has restructured other Memphis-area loans recently, including Willow Oaks Apartments and the Southland Mall.
“We were able to negotiate a deal that alleviated the property cash flow issues, while the sponsors provided new equity that will improve the properties and increase occupancy,” said Mr. Verrone.
Andy Ashby covers commercial real estate; transportation and logistics; construction; and Downtown Memphis. Contact him at [email protected].


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