Mixed-use asset

VICI Properties has set up a longer-term investing initiative with Cain and Eldridge Industries as part of a $1.5bn mezzanine contribution.

The floating-rate bridge loan will be used by L&L Holding Company and Oak Row Equities to retire construction debt and fund remaining leasing costs.

The New York-based alternative asset manager is expecting to sell the performing loans individually and is open to small discounts. 

The funding will be used alongside equity and EB-5 capital for Okan Group-backed development of a 72-story mixed-use tower.

The senior and mezzanine financing will be used to start development of the 200-acre Riverwalk San Diego project in Southern California.

The funding will be used by Maxal Group to build the first phase of a $1bn mixed-use project in Edgewater, which includes a 25-story, 381-unit luxury apartment tower.

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 fresh round of financing will see Flow and Yellowstone Trust added as majority owners of the Brickell-area mega-development formerly spearheaded by Chetrit Group.

The financing originated by BREDS replaces prior senior debt from AIG and a mezzanine loan from Related's credit funds business for the first phase of The Journal.

The funding will be used to build the final component of a community in Hallandale Beach, Florida, focused on residential, retail and dining.