Home Debt
debt
The inefficiencies and idiosyncrasies of the US mid-market encompass pockets of opportunity for private real estate credit, highlights Arrowmark Partners’ Rob Brown.
Debt funds looking to take advantage of the surge in refinancing must be able to lend at attractive rates based on a highly efficient cost structure in an increasingly competitive environment, argues Prospect Capital’s Joseph Ryu.
The funding will be used by Vanbarton Group to acquire and redevelop a Midtown office tower into a 441-unit residential property.
Debt and equity capital are available for development, but institutional investors are still shying away from new construction.Â
The need to refinance maturing loans and a return to transaction activity will help fuel mid-market lending growth.
The partnership is expected to align two firms’ expertise in mid-market construction financing.
The partners tapped the CMBS SASB market to refinance maturing debt.
Nuveen Green Capital issued its largest-ever C-PACE debt this week via a $290m mid-construction loan for a Tampa mixed hotel and residential development.
The category record financing will be paired with a $230m loan from Sculptor to fund Two Roads’ development of the Pendry Hotel & Residences in the Florida city.
The loan supplements $415m in Freddie Mac financing for sponsor Sunroad Enterprises.