T2 Capital Management, LLC (“T2”) is pleased to announce its most recent loan closing via the T2 Strategic Real Estate Income Fund (“SREI”). The $14.2 million 1st mortgage loan closed in August 2019 and will be used to facilitate the completion of construction of a single-story, class ‘A’, 50-unit/54-bed memory care facility in Naples, Florida.
The facility will be commonly known as “Liana Naples.”T2’s borrower is a private equity firm out of Texas and new client for T2. The borrower started construction in 2017 but stopped in 2018 after uncovering issues with their operating partner. That partner ultimately filed for bankruptcy leading T2’s borrower to temporarily mothball the project, payoff the debt outstanding on the property, hire new 3rd parties for construction and property management, and ultimately reach out to T2 to finance the completion of construction. With the project now back online, construction is expected to be completed in mid-2020.
The loan is expected to be paid off upon the borrower completing construction and recapitalizing the property with a long-term lender.