Structured and arranged a combination of long-term, fixed-rate senior debt and joint venture equity to capitalize the acquisition and repositioning of a 102,000-square-foot retail shopping center in San Antonio, Texas. Challenges The site had a significantly below-market ground lease for 65% of the total gross leasable area with an anchor tenant that had vacated the […]
Archives: Case Study
$9MM Surface Parking Lot Recapitalization | Myrtle Beach, SC
Structured and arranged medium-term, fixed-rate senior debt to recapitalize a 2.53-acre surface parking lot along the boardwalk in Myrtle Beach, South Carolina. Challenges Most lenders shy away from financing surface parking lots, preferring structured parking opportunities. Additionally, ownership had less than two years of operating history.
$28MM Retail Acquisition | Philadelphia, PA
Structured and arranged medium-term fixed-rate senior debt for the acquisition of a 224,000-square-foot shopping center located in the Philadelphia Mills retail node of Pennsylvania. Challenges The near-term expiration of several anchors, leases proved challenging to achieving full proceeds. Additionally, the for-profit educational nature of the main anchor made financing difficult due to present political biases […]
$38MM Retail Recapitalization | Miami, FL
Structured and arranged medium-term, fixed-rate senior debt to recapitalize a 120,000-square-foot shopping center located in Miami, Florida. Challenges The borrower was seeking high-leverage, long-term fixed-rate financing even though the property was in a transitional stage. The L-shaped anchor tenant space was vacant and although several tenants had signed leases, they had yet to take […]
$17.6MM Office Recapitalization | Houston, TX
Structured and arranged long-term, fixed-rate senior debt to recapitalize a 140,000-square-foot, multi-tenant office building in Houston, TX. Challenges Contending with a looming loan maturity and several leases coming due, the borrower was seeking to lock in a long-term, fixed-rate loan on a non-recourse basis. Furthermore, volatility in the bond markets was causing swaps and spreads […]
$25MM Multifamily Recapitalization | FL & SC
Structured and arranged transitional financing to restructure a portfolio comprised of two multifamily properties in the Beacon Hill neighborhood of Boston, a multifamily property in Stuart, Florida and an estate home in Charleston, S.C. Challenges Looming debt maturities, a complicated corporate structure and the client’s requirement to close all loans within a short-timeframe of one […]
$28MM Multifamily Recapitalization | Lauderhill, FL
Structured and arranged long-term, fixed-rate senior debt to retire an expiring bridge loan secured by a 352-unit multifamily property in Lauderhill, Florida. Challenges After ownership successfully executed its value-add repositioning strategy, the newly renovated complex achieved 90%+ occupancy in less than a year. Ownership required a complete cash out, which was challenging for traditional balance […]
$30.2MM Retail Recapitalization | Las Vegas, NV
Structured and arranged long-term fixed-rate senior debt to recapitalize a 31,000-square-foot shopping center next to the Hard Rock Casino in Las Vegas, Nevada. Challenges The closing had stalled with a potential lender and the existing financing was coming due shortly. Most of the leases had less than a year of seasoning, making it difficult to […]
$40MM Leased Fee Recapitalization | VA
Structured and arranged a revolving credit facility secured by a 773,000-square-foot portfolio of ground leased retail sites located in Falls Church and Fredericksburg, Virginia. Challenges The owner required a non-recourse, medium-term floating rate facility secured by a non-traditional asset class. Although abundantly available for large scale institutional borrowers, floating revolvers are less readily accessible in […]
$24MM Multifamily Recapitalization | Lauderhill, FL
Structured and arranged a high-leverage, short-term bridge loan to recapitalize near term expiring debt on a 352-unit multifamily property in Lauderhill, Florida. Challenges Ownership had not yet completed renovations on all the units and significant vacancy still existed in the final phase of the project. Additionally, the challenging neighborhood and lack of operating history made […]
$36MM Multifamily (SRO) Recapitalization | New York, NY
Structured and arranged long-term, fixed-rate senior debt to recapitalize a seven-property SRO portfolio containing 242 residential units and one retail space. Challenges The sponsor, who was historically a bank borrower, desired a non-recourse financing option and requested maximum proceeds for a non-conforming asset class. Additionally, a fire in one of the buildings threatened to derail […]
$66MM Multifamily Development | New York, NY
Structured and arranged a construction loan to develop an 87,000-square-foot, 69-unit multifamily rental property with office space on the first two levels that will serve as the new U.S. Embassy for The Republic of Senegal. Challenges Sponsorship, which included a subsidiary of a sovereign entity, required a non-recourse construction loan. Furthermore, a factually challenged appraisal […]
$27MM Data Center Acquisition | SC
Structured and arranged a high-leverage bridge loan to acquire and renovate a 160,000-square-foot data center. Challenges The real estate component was only a portion of the total project budget. The borrower plans to reposition the industrial property to accommodate multiple modular units with the most advanced data center software and cooling technology. Though there was […]
$92MM Hospitality Development | Destin, FL
Structured and arranged a construction loan to develop Phase 1 of a larger five-phase resort along the Gulf of Mexico in Destin, Florida. The Phase 1 building is designed as a 170-key hotel and conference center with private beach access in front of the adjacent State Park Reserve. Challenges The resort’s location in a non-primary […]
$81MM Multifamily Development | Miami, FL
Structured and arranged a construction loan to develop a 289,000-square-foot, two-tower, mixed-use project in the Little Havana section of Miami, Florida. Designed as two split condominium and multifamily rental towers with retail space on the ground level, the development was, at the time, the first high-rise constructed in the area in more than 10 years. […]
$39MM Industrial Development | Broomfield, CO
Structured and arranged preferred equity to capitalize the development of a 316,000-square-foot industrial property in Broomfield, Colorado. Challenges Sponsor was seeking an equity partner for a speculative development in an emerging industrial hub. The existing environmental issues that required remediation prohibited many equity providers from considering the transaction. Furthermore, a complicated two-phase loan closing […]
$100MM+ Student Housing Leasehold Development | Chapel Hill, NC
Structured a ground lease and appointed a developer for a 12.3-acre, 350,000-square-foot, 850-bed, purpose-built student housing complex located 0.3 miles north of the University of North Carolina campus. Challenges Client was working quickly to coincide the closing with obtaining final permit and approvals from the local municipality. The incumbent leasehold developer was required to ground […]
$24MM Multifamily Recapitalization | Memphis, TN
Structured and arranged a permanent and bridge loan to recapitalize two garden-style multifamily complexes totaling 774 units. Challenges Two communities were in varied phases of repositioning, necessitating different debt structure from separate lenders. With its on-site staff and management team making the upgrades and repairs, the borrower had lower-than-market costs for capital improvements, making […]
$20MM Multifamily Acquisition | NC & GA
Arranged a bridge loan to acquire three garden rental properties totaling 380 units located in Greensboro, NC, Stone Mountain, GA, and Riverdale, GA. Challenges The seller lacked a cohesive asset renovation strategy that prevented the deployment of funds and ultimately led to significant vacancy. The sponsor’s strategy would entail creating additional vacancies to improve the […]
$37MM Retail Development | Myrtle Beach, SC
Structured and arranged a cross-collateralized, non-recourse construction loan for the development of a 42,000-square-foot oceanfront parking, retail and entertainment venue connected to the boardwalk in Myrtle Beach, S.C. Challenges Sponsor was seeking non-recourse construction debt on an out-of-favor asset class without a credit anchor tenant. The size of the loan was larger than the legal […]
$150MM+ Condo Development Bankruptcy Advisory | New York, NY
Retained by defendant Gamma Real Estate’s counsel, Kramer Levin, to render expert witness opinions on the conscionability of the interest rate charged and indicia of a loan-to-own scheme in U.S. Bankruptcy Court for the Southern District of New York. Challenges Client was involved in a high-stake litigation with a borrower who defaulted on an acquisition/predevelopment […]
$40MM Multifamily Recapitalization | Woodbridge, IL
Structured and arranged a bridge loan to recapitalize a 304-unit, 216, 800-square-foot, garden rental community situated on 32.5 acres of land in Woodridge, Illinois. Challenges Client was seeking to repatriate capital prior to completing a value-add turnaround strategy, prompting the need to max proceeds coupled with a cash-out component. Furthermore, a multiparty ownership structure created […]
$6.5MM Land Acquisition | Pensacola, FL
Structured and arranged a high-leverage bridge loan to fund the land acquisition and predevelopment for a waterfront multi-family development in Pensacola, FL. Challenges Client had a purchase and sale agreement that expired in just 30 days. Additionally, client was seeking 90% loan to cost with no time for a formal due diligence period and very […]
$35MM Multifamily Acquisition | Miami, FL
Structured and arranged joint venture equity to capitalize the acquisition and repositioning of a 243-unit multifamily property in Miami, Florida. Challenges The value-add proposition was undermined by the seller’s limited success in increasing rental rates after upgrading half of the property’s units. Additionally, the sponsor’s track record consisted of one multifamily acquisition of a comparable […]
$42MM Multifamily Ground Lease Acquisition | Orlando, FL
Structured and arranged the sale of a ground lease interest to capitalize the acquisition of a 212-unit garden rental community in Orlando, Florida. Challenges Client was bidding on a highly desirable, mass-marketed asset in a strong location. As the strike price kept increasing, the client sought a structural solution to enable it to be more […]