$8.8M Refinance for 24 Non-Warrantable Condos

Balloon Maturity on 24 Newly Built Dallas Condos

A developer owned 24 newly constructed non-warrantable condo units within a single complex in Dallas, TX. Every unit was controlled by the same sponsor group, creating 100% investor concentration across the project.


The existing loan was approaching its balloon maturity. If the refinance didn’t close in time, the borrower would face:

The timeline wasn’t flexible. The maturity date was fixed, and the financial consequences were immediate.

When Traditional Guidelines Eliminate the Deal

Most lenders cap investor concentration at roughly 40%. This project had one owner controlling the entire complex. That alone narrows the field significantly.

Add in the fact that the condos were nonwarrantable, newly constructed, and without lease history and the deal moved even further outside conventional lending parameters. The prepayment structure (3-2-1) added another layer of complexity.

Instead of placing the entire project into one blanket portfolio loan with restrictive release provisions, Brick City Capital structured the transaction as 24 individual loans, one per unit.

That decision preserved flexibility at the asset level. Rather than being locked into a single master note, the borrower now has the ability to:

Before moving forward, the file was pre-flighted internally to confirm execution outlets given the unique overlays. On complex transactions, validating the exit path upfront is critical. It had to be engineered correctlyfrom the start. You can't just hope for good luck.

Capturing Missed Value Before Closing

During appraisal review, the team identified a material oversight. The completed rooftop patios; a meaningful value-add feature in the Dallas market, had not been properly accounted for in the valuation.

To date, it stands as the largest and most complex deal Brick City Capital has executed.

Meet the Closer

"This deal was complex because it involved a unique asset class and a single investor owning the entire condo complex. We structured 24 loans so the borrower could sell or refinance units individually
giving them full control over each property."

Matt Neptun

Account Executive

Work with Matt

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