Loan Originations

Glendale Land

Glendale, CA

We originated a $25 million 1st mortgage loan secured by 2.7 acres of urban infill land located in Glendale, CA. The loan was made to an experienced sponsorship group that intends to develop the parcel into 500+ multi-family units. The zoning and entitlements were in place at closing and the loan provided funds for acquisition, pre-development and an interest reserve.

Chelsea Mixed Use

Manhattan, NY

Along with a partner, we originated a $3.75 million 1st mortgage loan secured by a mixed use property consisting of 15 apartment units totaling 11,450 square feet and 3,200 square feet of retail space located in the Chelsea neighborhood of Manhattan, NY. The loan served as take-out and bridge financing during a transitional stage for the property where rent controlled apartments were converted to market rent apartments, and long-standing retail leases turned over.

Office

Baltimore, MD

We originated a $3.5 million acquisition bridge loan secured by a 190,000 square foot office building built in 1891 and located in Baltimore, Maryland. The loan enabled the borrower to purchase a defaulted loan at a discount.

Multi-Family

Austin and Dallas, TX

We originated an $11.59 million 1st mortgage loan secured by two apartment complexes in Austin and Dallas, Texas containing a total of 276 units and 242,326 square feet. The portion of the loan allocated to the Dallas asset refinanced an existing 1st mortgage and provided excess proceeds which, when combined with the portion of the loan allocated to the Austin asset, facilitated a discounted payoff of the existing debt on the Austin asset which was very advantageous to the borrower.

Industrial

Webberville, MI

We originated a 1st mortgage loan secured by a 76,000 square foot industrial building in Webberville, MI. The Borrower was in the process of evicting the tenant, who was the former owner, and re-leasing the space.

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