Randy Plavajka
The San Antonio-based manager has picked up significant multifamily financing volume in April following similar deals in Boston and New York City.
The four-year loan will be used by LV Collective to replenish capital backing Rambler Athens, a 750-bed complex adjacent to the University of Georgia.
Terra and Turnberry will use the funding to advance work on the Grand Hyatt Miami Beach adjacent to the city’s convention center.
The funding will be used by BLDG and Metrovest for a Class A resort on Long Island.
PERE Credit’s Lending Barometer tracked122 loans totaling $23.31bn across January and February.
The transaction is expected to close April 9 and is a positive notch toward further institutionalization for the niche financing category.
The project’s capital stack also includes a senior loan from Kennedy Wilson and junior mezzanine financing from InterVest Capital Partners.
The firm has been active as a senior and mezzanine lender and worked in both capacities to back Pearlstone Partners’ development of an Austin condominium project.
The borrower is a joint venture between Blue Vista and Cabot, Cabot & Forbes, owners of a Class A property in the Brighton submarket.
The affordable housing development’s financing is being led by New York State Homes and Community Renewal.