JMB Financial Advisors arranged the debt to refinance a Tax Increment Finance Bond on a 72-unit high-end condominium project located inCovington, Ken.
The income stream derived from the real estate taxes paid by the condominium owners secured the bank financing. JMB sourced the debt from a suburban Chicago-based bank on behalf of the bond owner, who was not disclosed.
“Most conventional lenders would not have the ability to get a transaction like this done. We worked extensively to get the bank comfortable with the security of its collateral,” said John Pascal of JMB Financial Advisors, who secured the financing for the transaction. “We enjoy providing capital solutions to complicated transactions such as this one.”
