See what’s possible when capital gets creative.
How we orchestrated a $35MM construction loan three other brokers couldn't crack.
Carmel Towers
- Property Type: 25-story multifamily redevelopment
- Location: Newark, NJ
- Loan Amount: $35MM
- Loan Type: Construction financing
This 25-story multifamily redevelopment had been vacant for over a decade, carrying a history that made lenders skeptical of its viability. The deal required a lender who could navigate the unique financial structure, align with the borrower’s carefully tailored budget, and share in their vision for the property’s potential. With several brokers already walking away, the challenges of structuring a construction loan with so many moving parts were clear — but so was the opportunity.
We identified over 40 potential lenders with the capacity and appetite for this deal. Instead of just sending out basic packages, we presented the project with a deep understanding of lender concerns, proactively addressing potential objections and showcasing the property’s strengths. This approach turned the narrative around, making the deal compelling from the outset. In addition to securing lender alignment, we guided the process to ensure contracts between the developer, contractors, and subcontractors were structured in a way that would make lenders more comfortable with the deal.
Daily calls with lenders, attorneys, and stakeholders allowed us to clarify details, ensure progress, and resolve issues in real time. The process required constant attention and strategic problem-solving to keep the deal on track.
After weeks of persistence, creative thinking, and enough coffee to float a battleship, we delivered a loan that exceeded expectations. A lender that started with "maybe" ended up saying "yes" because we didn’t just present a deal — we presented a no-brainer opportunity.
Debt funds can offer incredible flexibility when they understand the full vision behind a project.
Construction loans require careful attention to every detail, from market analysis and leasing strategies to financial projections, contracts, and construction costs.
Success depends on managing all moving parts and ensuring seamless integration between the many parties involved.
Client Take
“This loan was very challenging because the property has been vacant for years and had exchanged hands many times throughout. It was a huge accomplishment to convince the lender to see the potential. Akiva worked very, very hard with many lenders and ultimately negotiated a beautiful deal.
If I put Drew Capital next to any other brokerage, they lead by far. They’re different because while most brokers are focused on the short-term deal, Drew is focused on the big picture and wants what’s best for their clients. Akiva will also do anything to get things done, picking up the phone to anyone in the industry who can help with a specific deal (even competition!), physically going down to the property, and just being an active partner in pulling the deal through.
Yisrael Berger, Client
545 East County Line Rd, Suite 18, Lakewood NJ 08701
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