The sponsor acquired a large block of units in the subject property in 2010 from a bank and has slowly been acquiring the remainder of the units in the project. In the last year the sponsor was able to obtain control of the HOA board after acquiring enough units to control 75% of the voting rights at the property. She came to us looking for permanent financing and taking out all of her cash equity in the project. Both agency and CMBS lenders competed for the financing opportunity.
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