04/03/2025
💰Recently funded: $1,400,000 Preferred Equity in Pennsauken, NJ
We are thrilled to share one of Nectar's recent origination of $1,400,000 in Preferred Equity! This recent funding, subordinated to agency debt with a favorable 5.3% fixed rate, marks another milestone in Nectar's journey to providing liquidity to experienced sponsors.
🌟 Project Highlight: Our funds will be used to pay off a private loan and fund additional capital improvements at the property. The sponsor acquired this 116-unit multifamily asset in 2017 for $6.75 million and has since invested approximately $2.2 million in improvements. Since acquisition, they've increased rents by 41.4% while maintaining 99% occupancy. By leveraging Nectar's preferred equity, the sponsor can access $1.4 million in liquidity without disturbing their below-market senior debt that doesn't mature until 2029.
💼 What We Do: At Nectar, we specialize in Mezz/Preferred equity opportunities ranging from $200k to $5M. Our target clients are experienced sponsors with low-leveraged, cash-flowing assets. Our funds are typically used for:
✔️ Capex
✔️ Pursuit costs
✔️ Gap funding
✔️ Refinancing high-cost debt
🔧 Why Choose Nectar? We pride ourselves on our flexibility and our ability to integrate into complex capital stacks easily. While others require a high minimum check size, we're happy to fund deals from $200K to $5m to meet the needs of middle-market sponsors.
Connect with us to explore how we can support your next project.
Click here: https://hubs.ly/Q03fLrJD0