The Property

Woodberry is a 58-unit, newer construction multifamily asset in Augusta, Georgia, owned by a repeat client. The client’s objective was clear.

Execute a cash-out refinance while preserving long-term flexibility and minimizing risk.

Simple in theory. More complicated in practice once external variables entered the picture.

The Challenge

We first evaluated Woodberry in 2024. Shortly thereafter, a hurricane impacted the region.

While the property itself was unaffected, the sponsor needed to redirect attention to other assets in the portfolio that required immediate focus. At the same time, occupancy declined and property taxes increased. Both issues directly impacted lender underwriting.

Pushing a refinance under those conditions would have weakened leverage and pricing. The correct decision was to wait.

During that period:

• Occupancy was rebuilt deliberately
• A property tax appeal was filed and successfully resolved
• Operating metrics improved in ways lenders could underwrite confidently

Only after occupancy reached 90 percent and the revised tax assessment was finalized did the deal warrant re-engagement.

The Solution

Once the fundamentals aligned, execution became the priority.

Disciplined Market Timing
We did not pursue leverage while performance metrics were soft. Waiting for stabilization improved lender confidence and translated directly into better terms.

Efficient Re-Entry to the Market
As a repeat client, there was no ramp-up period. We moved quickly to secure an application and controlled the process from the outset.

Pricing-Driven Upside
Interest rate improvement during execution allowed the loan to close at a higher amount than originally applied for. The increase in proceeds came without additional structural risk.

Compressed Closing Timeline
From signed application to closing, the refinance was completed in under 60 days. No re-trades. No delays. No erosion of terms.

The Results

• Loan Type: Cash-Out Refinance
• Loan Amount: $4,765,000
• Term: 10 years
• Interest Only: 5 years
• Status: Closed
• Timing: Closed within 60 days of signed application

The client achieved higher-than-expected proceeds while locking in long-term stability.

Summary

This transaction was defined by judgment, not urgency.

The sponsor resisted the temptation to refinance during a period of disruption and instead focused on strengthening fundamentals. Once conditions supported execution, the market responded with improved pricing, increased proceeds, and a smooth closing.

The Woodberry refinance delivered:

• Increased loan proceeds driven by improved interest rates
• Long-term stability through a 10-year structure with interest-only flexibility
• A sub-60-day closing once the deal was reactivated
• No compromise on credit quality or risk profile

Strong outcomes follow disciplined timings.