Developer Secures Unique Financing To Build 50 Homes in Mission, Texas

by PRC Agency PR

Approximately 50 new residences will be added to Mission, Texas, a city located approximately 350 miles south of Houston, thanks to Max Benjamin Partners, a commercial real estate investment bank based in Beverly Hills, California. After the existing lender halted funding, Max Benjamin Partners was able to secure nearly $9 million to restart construction on both the horizontal and vertical components of the first 25 homes expected to be completed by March 2024. The community will consist of single family homes with price points ranging $350,000- $475,000.

“It’s challenging for many investors and developers today to secure funds as credit is tightening and banks are growing concerned about the economic climate” says Max B. Mellman, founder and CEO of Max Benjamin Partners. “We are still working with a variety of viable and alternative funding sources that rival terms offered by traditional banks while giving best-in-class borrowers certainty of execution. In this case, we were able to receive strong consideration for as-is land value through a lengthy entitlement and design work process to effectively close the deal without additional equity.”

According to the National Association of Home Builders, 71.7% of banks have imposed stricter standards for construction and land development loans, while 63.3% of banks tightened standards on loans secured by multifamily properties in the second quarter of this year compared with last.

According to Jason Moyal, Managing Director at Max Benjamin Partners, the transaction was particularly beneficial for the builder because the lending source gave strong certainty of execution without additional equity injection.

“We’re delighted to have played such a pivotal role in this significant project, which will contribute much-needed housing to Mission, Texas and the surrounding communities,” he says. "This project will become one of the area’s most highly anticipated residential communities by delivering some much-needed new product from an incredible and experienced home builder who knows how to deliver.”

Max Benjamin Partners is a prominent real estate investment bank that specializes in capitalizing commercial real estate developments and acquisitions of all asset classes. All potential investment opportunities are carefully vetted by in-house experts to ensure that all parties have the expertise, financial strength and integrity to complete each deal. The firm currently has more than $300,000,000 of single-family residential projects in the works. www.mbpartners.com

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Max Benjamin Partners City: Beverly Hills Address: 8447 Wilshire Blvd Website https://www.mbpartners.com/ Phone +1 310 773 4938