Creative cash-out allows experienced sponsor to recap investors while finalizing $87 million construction schedule
MIAMI, FL, February 01, 2024 /24-7PressRelease/ — Renaissance Development Group was able secure a $3.2 million “cash-out” refinance on their fully approved, 336-unit development in Ft. Myers, FL set to break ground late 2024. Mark McClure of GenX Capital Partners underwrote the financing with one of their private equity partners out of Boca Raton FL.
“The client has vast experience, a strong and lengthy track record of success and more importantly all pieces are in place to break ground at summer’s end. Furthermore, GenX Capital Partners has underwritten and received a commitment for $28.5 million in ground lease proceeds from one of our partner funds towards the $87 million project, so we see this cash-out bridge as a no-brainer for the client, allowing them to use these funds to recap investors while they prepare to begin construction”, McClure stated.
About GenX Capital Partners
GenX Capital Partners, headquartered in Miami, Florida, and Portland, Maine, is led by Managing Director Mark McClure and CFO Paula Wallem, who also head up GenX Hotel Capital, their hospitality lending and investing arm. The firm consistently closes over $100 million annually in debt and equity financing for top-tier, “best in class” real estate developers. As experienced developers themselves, they currently have over $150 million in ongoing projects in New England, Florida, and Texas, with additional plans for hospitality acquisitions in the Tuscany region of Italy in the summer of 2024. Two projects at the forefront and in development for GenX Capital Partners is The Mark at Cumberland Foreside (http://www.TheMarkCumberland.com) a 45 unit condo development just outside Portland, Maine and Luxury Motor Toys, their 40 unit, high-end auto storage condo development set to break ground summer of 2024 in Gorham, Maine (http://www.LuxuryMotorToys.com)
The firm is currently seeking to finance bridge deals for self-storage, multifamily, retail and hospitality with minimum check sizes of $10 million and select equity deals in the same asset classes with check sizes of $10+ million. For more information contact Mark McClure at 214-417-1218 or Mark@GenXCP.com
CRE debt and equity investor and developer for multifamily, hospitality, retail and industrial projects nationwide.
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