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| Ridgeway Crossing Apartments, Memphis, TN |
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| Robert Verrone |
(MEMPHIS, TN, OCT. 7, 2013) -- Iron
Hound Management Company, LLC, a real estate investment company specializing in
commercial debt and equity transactions and commercial loan restructuring,
recently completed the restructuring of the $18 million securitized loan on two
garden style apartment complexes in Memphis, Tennessee.
Iron Hound arranged interest
forgiveness, interest deferral, waiver of prepayment penalties and preferred
return for new equity on the assets.
The announcement was made by Robert
Verrone, principal of Iron Hound Management Company.
The modified loan includes Ridgeway
Crossing and Deerfield Apartments in Memphis, two communities
totaling 720 units. The CMBS loan was transferred to special servicing with LNR
Partners 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
also recently restructured other Memphis area loans, including Willow Oaks
Apartments and the Southland Mall.
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| Deerfield Apartments, Memphis, TN |
“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 John
Wood, managing director of Iron Hound.
“Iron Hound was able to restructure the
debt payments on these multi-family properties and allow the owners to
concentrate on leasing and repositioning the assets.”
Founded in early 2009, Iron Hound
Management has completed nearly $10 billion in transactions since its inception
and is actively engaged on over 30 assignments totaling more than $2 billion.
For a complete copy of the
company’s news release, please contact:
Great Ink Communications –
212-741-2977
Roxanne Donovan/Eric Gerard/Alyson
Leiter
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