Historic Apartment Property

Newport, RI

Clubhouse Capital secured a $1.2 million bridge loan for the owner of several Newport properties, including this historic apartment property. The owner had become ill and brought on a property manager; that arrangement became adverse, and he was forced to spend a year litigating with the manager and a tenant before recovering possession. During that time, the owner’s existing loan with a local bank matured and the bank would not renew it. The bridge loan halted a foreclosure, and closed in less than 30 days. (Summer 2014)