Multi-Family Refi Trouble

[Chris Bounds]

I'm looking for advice on refinancing a 29 unit apartment complex in Houston, TX. It was severely distressed when purchased in April 2013. I posted about the apartment here when I was doing my due diligence. Here is the current situation:

Current Occupancy: 82%*
Current NOI: $66k
Current Appraisal Value: $800k
Proforma NOI: $85k (est. 7% vacancy)
Proforma Value: $940k (9% Cap Rate)
*The 5 vacant units need about $3-5k of rehab each.

For the past 4 months I've been contacting numerous lenders and brokers. Several lenders have had interest in the property, but only with more 12+ more months of stabilized operational history. (It was only 45% occupied when I purchased it and occupancy didn't start to stabilize until March 2014.) One lender offered a loan at 60% LTV which is below the payoff amount of my hard money loan.

I'm considering submitting the deal to private lenders with an equity share option. Any advice on doing this? I'm looking for about $540k to cover the payoff, closing costs, taxes, & insurance. No cash out is needed. What kind of equity split would private lenders look for with this type of property? Any other ideas?

Thanks!

[Chris Bounds]

I have a promising offer on the table. Hopefully this one makes it to closing! If not, I'll start looking at private options while checking out more banks.