I have a real estate development (Apartments) out of Dallas Forth Worth Texas. The project cost is $26 million with an estimated post construction estimated value of around $43 million. The developer is actually going to keep the project in their portfolio.

They currently have a 75% senior debt lender (deal not closed yet) and are looking for an additional 15% via mezzanine financing. They have an offer for the junior debt at around a 14% rate.

I did have a Lender that was going to look at the project but they were only willing to finance the senior position at 100% at around 6-7% rate. I believe it was interest only 2-3 years. Well, they had an upfront fee of $25,000 and the developer is not willing to pay ANY upfront fees.

If anyone thinks they can do the deal with NO UPFRONT FEES, I have the prospectus for the project. If you can do 100% financing at a competitive rate, we can present that to the developer OR just the mezzanine financing.