Borrower acquired a landmarked office property in New York, and is converting the use to multi-family. Red Fox provided acquisition and construction financing.  Borrower lined up the tax credit equity investor, but needed to bridge the pay-in structure of the investor’s purchase.  

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Instead of introducing another capital provider to bridge the equity pay-in, Red Fox was able to commit both the underlying construction loan and bridge the equity investor’s pay-in for the credits.  The net result was a less complicated and more efficient execution for the customer.

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RedFox’s takeout source will be the staged pay-in of the tax credit purchaser’s equity contribution.

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