Project Detail
In late Fall 2019, TIG was introduced to its first Client, a successful and notable Vancouver based movie and television and production company looking to acquire the various premises they were currently renting for approximately $10,000,000, as well as secure some measure of additional working capital financing.
TIG Leaders quickly went to work to structure a suitable transaction and obtain financing.
In fact, quickly doesn’t do the term justice, as there was a ticking clock in terms of the window to acquire the properties. From initial introduction to closing had to be less than 90 days. Failure was not the proverbial option. The Client had over several years as the tenant, spent millions of dollars internally on the structures, which investment was potentially jeopardized if they ended up having to negotiate a new lease rather than a purchase of the premises.
We are pleased to say that as result of a very cohesive effort from several TIG leaders and the Client, who was fully engaged in the process, the transaction closed on time and the Client was successful in obtaining the real estate.
Financing ultimately came from a leading first tier financial institution, but a key dynamic of the process was that TIG Leaders were able to obtain no fewer than 6 bridge financing options as alterative interim financing possibilities to “backstop” a closing while we awaited the deliberations of our targeted lender.
Another pressure point on the transaction was a closing window of opportunity as TIG was coping with a lack of “decision makers at desks” initially over a holiday period, and exacerbated as the world became increasingly aware of the onsetting threat of a pandemic. In more than one sense, this deal made it in just under the wire.
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