Trinity Street Capital Partners (TSCP), a full-service real estate finance company, is expanding its construction lending program for its commercial mortgage platform to cover loan amounts from $25 million to $250 million. Experienced owners and investors will now have access to non-recourse construction loans, up to 85% of cost for multifamily, industrial and self-storage properties and up to 65% of cost for office, retail and hospitality properties. The program will focus on the top 200 MSAs in the United States and will have interest rates starting at 30-day LIBOR + 2.50%.
A spokesperson for Trinity Street Capital Partners indicated that its non-recourse construction lending program has gained considerable traction in the last several months, as traditional banks still have concerns over general economic conditions or are over exposed to certain property/loan types.
As the firm marries its non-recourse construction lending programs with both its bridge and permanent finance programs, TSCP’s permanent program is now originating loans with rates starting at the 10 year US Treasury + 150bps, up to 75% of value.
Trinity Street Capital Partners focuses on non-recourse, high leverage senior and subordinate debt and preferred equity with investments starting at $10 million on income producing anchored-retail, office, industrial, multifamily, manufacture housing communities and self-storage properties located throughout the United States.
