Deal of the Week

Builders Capital delivered a $37.5M build-to-rent (BTR) loan for 117 townhomes, transitioning them seamlessly into phase 2, while recapturing equity from phase 1 to minimize the need for new capital. The lender financed this project in Q2 2024 as a phased townhomes development. The first phase included development for all 117 lots. The plan was to take raw dirt to finished lots and then sell the first 51 units. More

These Class C properties have a total of 201 units and are all owned and managed as one property. Phase one was built in the 1970s and phase two was built in the 1980s. The lender had already made two other loans on the property over the previous 4.5 years. The original loan Bison Financial placed was $13M. Then the firm arranged a first supplemental loan for about $3M a couple of years later and then arranged this $5.1M loan. All these proceeds went to the borrower as cash out. More

This Class A property, The Standard, was first developed in 1940. In 1999, Buccini Pollin Group (BPG) purchased the building, renovated it and operated it as an office building. In 2022, BPG began a three-phase office-to-residential conversion on floors five to 14. Phase 1 (92 units) is stabilized, phase 2 (174 units) is in lease-up and phase 3 (97 units) is currently being converted. The bottom floors of the property are a separate condo that is not part of the loan collateral and include retail and office space. After the conversion, the property will have 363 total residential units and 5,845 s.f. of retail space. More

This industrial manufacturing facility is comprised of seven buildings totaling roughly 220,000 s.f. and was constructed in phases from 1945 through 2014, with significant renovations in 2021. The sponsor required fast and flexible financing to complete the purchase of the vacant facility, which is now being leased by a major national pharmacy chain for storage and light manufacturing operations. More

Domus Brickell is a 35-story residential high-rise project of Miami-based North Development. The residences will come fully finished and furnished, featuring hard flooring throughout, private balconies, kitchens with premium appliances and modern fixtures. Bayview PACE funded approximately 50% of development costs, which is an advantage for C-PACE in states such as Florida that include a broad range of eligible building improvements and measures. More

Country View Garden Homes is a 146,720-s.f., 140-unit Class B multifamily property located on 7.59 acres on Pondella Road in North Fort Myers. The property, built in 1974, was 80% occupied, due to some hurricane damage and the borrower replacing some windows with impact glass. More

Freedom Financial Funds was attracted to the deal because of the excellent sponsorship. The potential for a very low basis in a building that was well located with corporate-headquarters level improvements also made the deal attractive. This was an opportunistic loan for Freedom Financial Funds with a repeat borrower with deep product marketing and operating history. The 130,600-s.f. property was built in 2016. More

The property, Dobbins & 202, included 14.4 acres of land closed to develop a 10-pad site retail development. The borrower wanted the lowest priced deal in the market to complement the preleased and presold pads, which caused some hurdles. More

Rok Lending recently closed a senior mortgage to refinance the construction loan on a newly built ultra-luxury single-family estate located within one of Southern California’s most exclusive private golf communities. The property spans over 17,000 s.f. on a 1.45-acre lot and includes resort-style amenities such as multiple pools, chef’s kitchens and top-tier custom finishes. More

This newly constructed three-story, 72,000-s.f. Class A creative office property is also in an opportunity zone development, strategically positioned within walking distance of two metro stations, making it an ideal location for travel from Los Angeles, Santa Monica and Culver City. More

This small bay light industrial Class C property was built in 1970 and had not traded in multiple decades. The experienced local sponsor has existing industrial holdings in the market and the business plan allows for near-term lease-up and rental rate growth. The property is in a strong Southern California industrial submarket with historically low vacancy and stable rent growth.  More

This loan will go toward the construction of a multitenant retail project in Folsom. Southpointe at Folsom Ranch will boast nine total tenants, including Circle K and Starbucks. FirstBank was attracted to the solid tenants and location, as well as the experienced developer. More