What It Took to Close This 121-Unit Deal

[Garret Rumbea]

We just closed on a 121-unit in Fort Worth.

Here are some things that a spreadsheet doesn’t tell you.

Lender requirements can shift late in the process. We were initially expecting agency debt, but last minute requirements changed and the proceeds no longer worked for the deal. So we pivoted to bridge. Good thing we had already modeled bridge from the start.

You may have to restructure entities to align with lender expectations. We formed a new borrower entity late in the process and updated the org chart to match what the lender required. That meant new documents, new approvals, and making sure everything flowed correctly from a legal and ownership standpoint before we could close.

Multiple legal teams get involved. Lender counsel, borrower counsel, title, everyone reviewing language and redlining documents. A lot of back and forth. Signature pages get revised. Loan agreements get updated. You think you are done, then another comment comes in.

Title items can surface that have to be cleared before anyone wires money. In our case, there were legacy items that had to be resolved before we could get clean title. That meant coordination and making sure everything was cleared so funding could happen.

None of that shows up on a spreadsheet.

Getting this deal to closing was a different animal.

Glad we got it done.

Now the real work begins.