A $22M construction loan, closed ahead of schedule.

Keeping track of due diligence and legal documents on a complicated development deal involves thousands of emails among dozens of stakeholders and multiple data rooms. Staff can become overwhelmed and important items can fall through the cracks, which is how legal bills pile up.

Confluence wanted technology that would reduce costs and streamline their closings. They also did not want to ask business partners to scramble to learn a new system, given how time sensitive a real estate deal is.

Four things: cut down legal bills at closing, get fast adoption from internal staff, manage documents securely, and close ahead of schedule in 45 days.

Confluence used Prodeal to manage all due diligence and legal documents, along with internal and external checklists, for a multifamily development deal. Fortress Investment Group provided the acquisition loan and the draws for construction proceeds.

Confluence received a $22 million construction loan for a 168-unit multifamily project, closed ahead of schedule in under 45 days, and cut legal bills using the real-time checklist. On the strength of the cost savings and the faster closing, Prodeal is now their standard deal management tool.