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• On behalf of Caspi Development, VI obtained a favorable extension and restructured the current $145 million loan with South Korean financial services firm Hana Financial Investment.
• With a looming maturity default, due to a delay in opening caused by construction delays and failure to meet the DSCR test for a contractual extension, Caspi Development tapped VI to restructure the current loan to receive a loan extension.
• VI was successful in obtaining a favorable extension for the Sponsor by waiving the DSCR test, increasing the extension term from two years to three years, and including a PIK component to further enhance the cash flow of the asset during its stabilization period.
“GREENWICH VILLAGE HAS BEEN
KNOWN AS AN ARTISTS' HAVEN.”
— Lucas Compan
