PIC Group — News

Parkway International Capital Group Closes $9MM Bridge Loan for Healthcare Facility Development

Kenneth Tillman jr. / 2024-04-12

Parkway International Capital Group (dba PIC Group), formerly known as iCapital Options, has successfully closed a $9 million bridge loan for a healthcare facility development project in Newport. This landmark transaction, initiated by Living Capital, highlights PIC Group's commitment to providing innovative financial solutions in the healthcare sector. Living Capital, a trusted partner, approached PIC Group to secure essential capital for their clients' healthcare facility development project. Recognizing the urgency of the deal, PIC Group swiftly responded to facilitate bridge finance of up to $9 million. David Wayne, President of PIC Group, expressed his satisfaction with the collaboration, stating, "The PIC Group team is delighted to collaborate with Living Capital for the first time and to successfully close this deal on short notice." This partnership underscores the effectiveness of cooperation and PIC Group's ability to meet clients' financial needs promptly. The borrower urgently required a bridge loan to refinance existing obligations. PIC Group structured the deal with a 24-month amortization schedule to accommodate the borrower's requirements. Despite the tight timeline of 14 days, PIC Group demonstrated its commitment to client satisfaction by achieving a seamless and timely closure.

iCapital Options Facilitates $26.6MM in Bridge Loans

Kenneth Tillman jr. / 2024-03-19

iCapital Options, a private lending firm, recently closed two bridge loan transactions totaling $26.6 million, aiding the acquisition and expansion of self-storage and multifamily properties. The first loan, valued at $14.6 million, fueled the acquisition and enhancement of a New York-based facility, featuring 79,000 net rentable square feet of storage space, with an additional 7,000 square foot expansion financed through the new loan. This non-recourse bridge loan, comprising $13.8 million initial funding supplemented by $800,000 for future needs, boasts favorable terms including interest-only payments over a three-year term, floating rates, extension options, and prepayment flexibility. The second transaction, valued at $12 million, underscores iCapital Options' commitment to client-centric solutions. Alexander Hoffman's leadership proved instrumental as the company navigated a challenging scenario, ensuring success despite unforeseen obstacles. Reflecting on the deals' closure, Alexander Hoffman emphasized iCapital Option’s dedication to understanding clients' needs and delivering timely financial solutions. "The completion of these deals showcases our steadfast commitment to supporting clients, particularly in critical situations," said Alexander Hoffman. "We pride ourselves on comprehending client requirements and delivering effective financial solutions, regardless of challenges."

iCapital Options Closes $12.3MM Loan for Multifamily Project

Alexander Hoffman / 2024-02-13

iCapital Options, a direct private lender based in Sacramento, closed a $12,300,000 loan. This funding is designated for the acquisition and rejuvenation of a multifamily development situated in Raleigh, North Carolina. The $12,300,000 million bridge loan, structured as an interest-only arrangement, spans a three-year term, supplemented by two optional six-month extensions. This strategic framework empowers the borrower to execute the acquisition and renovation plans seamlessly. Concurrently, iCapital is committed to facilitating the transition to a favorable, fixed-rate permanent loan. Notable project highlights include the reactivation of six previously offline units, renovation efforts targeting an additional 50 units, comprehensive addressing of deferred maintenance issues, and an aesthetic enhancement to the property's overall curb appeal. Interior unit upgrades encompass a spectrum of improvements such as wood plank flooring installation, modernized countertops and fixtures, the incorporation of new appliance and lighting packages, and a facelift for existing cabinets.

iCapital Options closes $9,700,000 Bridge Loan, Setting a New Standard for Efficiency

Alexander Hoffman / 2024-01-15

iCapital Options, a direct private lender based in Sacramento, funded a $9,700,000 bridge loan to facilitate the refinancing of a portfolio comprising three commercial properties located in Nashville, Tennessee. This diverse portfolio encompasses a hotel, a restaurant, and two office buildings. Facing a challenging deadline with the Sponsor's previous loan maturing within 9 days and unsuccessful attempts at conventional refinancing, iCapital Options swiftly responded to the urgent need. Mason Simmons, Chief Financial Officer of iCapital Options, stated, "The Sponsor sought maximum flexibility concerning deed releases in the event of portfolio segments being sold. Within a 48-hour timeframe from the initial request, iCapital Options provided a comprehensive term sheet, showcasing our team's demonstrated proficiency in swiftly closing complex loan transactions." Dedicated to meeting the 9-day window before the Sponsor's existing loan matured, iCapital Options demonstrated adeptness in handling complex scenarios, a tight timeline, and devising creative solutions. The successful loan closure not only adhered to the required timeframe but also provided the Sponsor with the essential capital to realize property improvement plans for the two office buildings and address all pertinent business needs. The loan terms feature a competitive 9.5% interest rate and 2 points over a 48-month term, with a loan-to-value ratio of 80%. An exception was made for the higher loan-to-value ratio considering a prior relationship one of our firm's principals had with the Borrower, underlining our confidence in their ability to deliver. iCapital Options remains committed to delivering exceptional financial solutions, combining efficiency with personalized attention to meet the unique needs of our clients. Contact Information: Alexander Hoffman 1545 River Park Dr, Sacramento, CA 95815 (916) 836-1771 Info@iCapital-Options.com https://iCapital-Options.com

iCapital Options Achieves Milestone with Successful Closure of 23 Transactions.

Cindy Dalton / 2023-12-20

iCapital Option, a Sacramento-based lender, is pleased to highlight the completion of 23 successful transactions throughout the year. These loans, strategically secured by commercial real estate, span prominent locations such as California, Texas, New York, Florida, Pennsylvania, and North Carolina. Distinguished for our ability to customize each loan to the unique requirements of our clients, iCapital Options consistently delivers innovative solutions, overcoming challenges often encountered with traditional banks and lenders. Our approach, characterized by an open-door policy and a commitment to execution certainty, resonates strongly with brokers and borrowers alike. Our recent achievement is the closure of a $19 million construction loan for a 72-unit multifamily project situated in Tallahassee, FL. With an average unit size of 881 square feet, the development also integrates 16,339 square feet of retail space, underscoring our dedication to facilitating diverse and impactful real estate ventures. As we conclude this successful year, we eagerly anticipate contributing to the continued success of our clients in the coming year.

iCapital Options closes a $21.6 Million Bridge Loan

Alexander Hoffman / 2023-12-04

iCapital Options announces the successful closure of a $21.6 million proprietary bridge loan dedicated to the acquisition and renovation of a 208-unit, one- and two-bedroom garden-style apartment community in Dallas, TX. The sponsor, a recurring client of iCapital Options, will be integrating the newly acquired Dallas site into its extensive portfolio, spanning multifamily projects across Florida, California, New Mexico, and Washington. The financing process was tailored to meet the urgency for a swift closing. Remarkably, this transaction effectively satisfied our client’s 1031 exchange requirements while encompassing 100% of the Capital Expenditure (CapEx) costs essential for the property enhancements. Currently boasting an 87% occupancy rate, the strategic improvements will further elevate the property's quality. Key features of the loan include a three-year term and a dedicated $2.6 million allocated for planned capital improvements at the property. This comprehensive strategy encompasses a premium upgrade for 19 units, introducing new kitchen cabinets, appliances, flooring, and lighting fixtures. Additional enhancements involve the remodeling of the clubhouse, renovation of the fitness center, installation of new lighting packages, HVAC replacements, and security upgrades. iCapital Options remains steadfast in its mission to empower individuals and businesses by providing the capital necessary to transform dreams into reality. Whether you're a real estate investor eyeing a new property or an entrepreneur aspiring to expand your business, iCapital Options stands ready to offer the financial support essential for achieving your objectives. More than a lender, we are your financial partner dedicated to realizing your real estate and business aspirations. With an unwavering commitment to your success, we present a diverse array of funding options tailored to meet your unique needs and goals. Contact Information: Alexander Hoffman 1545 River Park Dr, Sacramento, CA 95815 (916) 836-1771 Info@iCapital-Options.com https://iCapital-Options.com

iCapital Options announced the closing of a $17, 200,000 loan

Alexander Hoffman / 2023-11-06

iCapital Options, a nationwide private direct lender for commercial real estate, announced the closing of a $17, 200,000 loan to finance the acquisition of a 43,000-square-foot industrial facility in Medford, NY. The financing process was tailored to meet the seller's need for liquidity and the sponsor's desire for a quick closing. The industrial facility, situated on a 3.11-acre parcel of land, includes one loading dock, five drive-in doors, and 22' clearance heights. It is located in a submarket with a strong 2.6% vacancy rate and offers convenient access to the Montauk Highway and Long Island Expressway, making it ideal for fulfillment and distribution functions. With the acquisition financing from iCapital Options, the sponsors will be able to make minor capex improvements to the facility and begin leasing it at market rental rates. The property has already attracted substantial interest from potential anchor tenants and others as it is being marketed for lease. iCapital Option is not just a lender but also a financial partner in realizing your real estate and business aspirations. With a commitment to your success, they offer a diverse range of funding options designed to cater to your unique needs and goals. Alexander Hoffman. (916) 836-1771 info@icapital-options.com 1545 River Park Dr, Sacramento, CA 95815 https://iCapital-Options.com

$4,400,000 - Refinance Commercial Office Building

Jarrett Avery / 2023-10-30

The Client was seeking to refinance their commercial office building along with taking some cash out to reimburse themselves for capital invested into the building. We were able to secure a CMBS (Commercial Mortgage Backed Security) loan on a 10-year fixed term at a very attractive rate below 5% non-recourse providing cash-out to the client.

$8,300,000 Refinance Hospital Property

Alissa Norris / 2023-10-27

The Client was seeking to refinance a hospital property owned by a group of investors in order to facilitate paying off the original seller note. We were able to secure non-recourse financing with our private investors to facilitate the refinance for the Client at a very attractive fixed rate.

$3,460,000 Business Acquisition

Douglas Golden / 2023-05-22

The Client was seeking to purchase a business and property. We were able to secure financing with our private investors at a reasonable rate to meet the Client’s needs.