Condo Inventory Private Loans

Debt | Various, U.S.

Mortgage loans for two private residential condominiums located in the highly desirable markets of Brooklyn, New York and San Francisco, California.

Investment Details

Investment Type
Debt
Property Type
Multifamily
Location(s)
New York, NY
San Francisco, CA
Number of Units
163 units / 118 units

Transaction Details

Acquired
February 2, 2021 /
February 17, 2021
Invested Capital
$20 million
($5 million / $15 million)
Interest Rate
LIBOR+ 7.00% / LIBOR+ 8.25%
(50 bps / 25 bps LIBOR floors)
Loan-to-Appraised-
Value Ratio
45% / 67%

Investment Details

Investment Type
Debt
Property Type
Multifamily
Location(s)
New York, NY
San Francisco, CA
Number of Units
163 units / 118 units

Transaction Details

Acquired
February 2, 2021 /
February 17, 2021
Invested Capital
$20 million
($5 million / $15 million)
Interest Rate
LIBOR+ 7.00% / LIBOR+ 8.25%
(50 bps / 25 bps LIBOR floors)
Loan-to-Appraised
Value Ratio
45% / 67%

Mortgage loans for two private residential condominiums located in the highly desirable markets of Brooklyn, New York and San Francisco, California.

Asset Highlights

buildings
111 Montgomery is a newly built 163-unit condominium in Brooklyn. The Avery is a newly built 56-story, 118-unit condominium and 350-unit apartment building primely located in San Francisco.
Property Income
Loans are structured with 2–3-year terms and various extensions subject to meeting multiple tests and sales thresholds.
shield
We believe our prudent loan structure and significant equity cushion provide downside protection while offering strong risk-adjusted returns.

Location Highlights

Cost
New York real estate prices recovering rapidly from COVID-19 pandemic
Expected Growth
San Francisco is a consistently hot real estate market; hence, downside-protected
Showroom
Abundance of manufacturer buyer demand for showrooms