Miami, FL – Onyx Funding, a leading player in commercial real estate financing, proudly announces the successful orchestration of two significant deals, highlighting its unparalleled expertise and determination in navigating complex market conditions. The firm celebrates a $10 million deal closed by Daniel Taylor and a $7.9 million deal closed by Shaun Ashkenazy, showcasing its diverse capabilities and innovative approach.

Shaun Ashkenazy’s $7.9M Achievement: Diverse Financial Expertise

Shaun Ashkenazy, the founder and managing principal at Onyx Funding, recently closed a 7.9$ million Mid-Construction Refinance in Delray Beach, FL., further demonstrating Onyx Funding’s ability to handle a variety of financial situations and client needs.

The project suffered significant delays due to COVID and accounting issues. The team had to work closely with the GC’s team and the lender team to accurately understand the project and how to underwrite what was completed and what was still needed to bring the project to the finish line.

“Coming in mid-construction is always a challenging task, and this was no different.” Said Ashkenazy. “Understanding the deal and taking the time to make sure all our numbers were accurate, along with choosing the right lender to partner with were crucial to our success not only in getting the deal done but also securing the best possible loan facility for our client to complete his project.”

Masterful Navigation: Daniel Taylor’s $10M Deal

Complementing this success, Daniel Taylor, VP of Originations at Onyx Funding, recently closed a challenging $10 million cash out refinance – 112 unit multifamily. The multifamily property in Florida presented unique challenges. Initially, the client, wary from a previous negative experience with a CMBS lender, was hesitant to engage in a new broker relationship. Despite this, Taylor successfully navigated through various obstacles, including underwriting complexities and a significant shift in the economic market, which saw the 10-year treasury increase by 100 basis points.

“After comprehensive deliberation and encountering numerous hurdles, we made the strategic decision to switch our approach from Freddie Mac to Fannie Mae,” said Taylor. “This move was pivotal in addressing the immediate needs of our client.”

The deal faced another unexpected twist when a national brokerage was accused of fraud, leading to increased scrutiny from lenders. Despite these challenges, Taylor and the Onyx Funding team managed to keep all parties aligned, ensuring the deal closed within the stringent 30-day timeline.

“This deal was an intricate blend of market volatility, legal challenges, and underwriting intricacies,” Taylor reflected. “It’s in these demanding situations that our team’s expertise and adaptability truly shine.”