iCrowd Newswire - Oct 12, 2020
Darwin Capital Management Group of South Jersey has closed on the refinance of a significant portion of its real estate holdings, all of which are rental properties located in the Southern New Jersey submarket. The closing of the refinance occurred on Wednesday September 30, 2020.
A South Jersey Community Bank provided the financing in the form of a $3,000,000 first lien position loan on all of the assets.
Darwin Capital Management Group cashed out over a Million Dollars in the refinance and will immediately use the capital to acquire new assets as it plans to expand its business significantly in the calendar year 2021.
“The closing of this transaction represents a pivotal point in my company’s growth path,” said Adam Cohen, Managing Partner of Darwin Capital Management Group. “This infusion of liquidity allows us to further execute on our business model and expand into new areas, specifically the ground-up development of high-quality housing options in and around South Jersey.”
Diligence Capital Advisors of Haddonfield NJ sourced, negotiated and closed the financing for the borrower.
Reached by text, Amanda Sokol of Diligence Capital Advisors described the deal as “difficult,” but “only because cash outs are frowned upon in the uncertain lending environment we are in, and scattered housing is a challenging asset class to get financed to begin with.” Sokol said she spoke with over 4 dozen lenders before finding the right fit for this deal.
When asked, Cohen spoke highly of the job done by Diligence Capital Advisors.
“They [Diligence Capital Advisors] did exactly what they said they would do. After my first lender dropped out of this deal during the peek of the COVID-19 outbreak, I was told by essentially all my business contacts that the deal would not get done. Not only did Diligence Capital Advisors get this deal done, but they got it done with fantastic terms in record time. They were relentless in the process.”
Diligence Capital Advisors’ managing partner Jared Cobert also weighed in, “I am proud to have gotten a complex, portfolio loan like this one done during these insanely turbulent market conditions. We were able to get this deal done because we know exactly who is lending on specific properties and scenarios. It’s pretty simple. When it comes to depth and breadth of lending contacts, I would go toe to toe with anyone else out there. Now, more than ever, these relationships are supremely critical.”