Met Center 15

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$47,684,143 Debt & Equity Placement
257,000 SF Office Campus
Austin, TX

Financing Details:
$28,184,143 Equity Placement
$19,500,000 Bridge Loan

Transaction Overview: The owners of Met Center 15 were in a distressed situation and needed to recapitalize and restructure their project. The property had a foundation defect that needed to be remediated, and the ownership group had been in dispute with the existing loan servicer that resulted in bankruptcy. To quickly solve these problems, principals of Schelin Uldricks & Co. identified an equity investor that funded over $28 MM within three weeks to pay off the existing loan and quickly settle the bankruptcy. Afterward, they secured a $19.5 MM senior bridge loan, which partially repaid the equity investment with lower-cost debt for the ownership group. These funds not only saved the property for the owners but also provided capital to fix the foundation and extend key leases.

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