Revere Capital funded a $3,152,025 loan secured by a first lien a 75-unit apartment complex located in Watford City, ND which is the epicenter of the oil and gas play of the Bakken Shale. Revere also has a first lien on a 5.4 acre parcel located in Annapolis, MD which will serve as additional collateral. Loan proceeds were used to refinance the Watford City property. Sponsor has invested significant cash in the Watford City property and contributed an additional $3,510,000 at closing of Revere’s loan. Revere’s loan is expected to be repaid with proceeds from a Freddie Mac loan.
- Additional collateral was provided to maximize loan amount
- Proceeds were used to refinance
- Deal closed in under two weeks