NEW YORK CITY-Related Cos. has closed on two mezzanine and bridge debt investments in New York City and Santa Ana, CA as part of its credit platform.
Related, along with its partners, originated a $100 million mezzanine loan for the acquisition and condominium conversion of four apartment buildings containing 743 units in New York City. The properties are in the desirable and supply constrained neighborhoods of the Upper West Side, Midtown West, and Gramercy Park and the investment represents the opportunity to quickly reposition the properties as condominiums at an attractive price point, delivering units in as early as 12 months. The sponsor had a well-established track record of delivering marquee residential product in the New York City market.
Related also recently originated a $34 million bridge loan for the acquisition of an 18 acre site in Santa Ana, CA that currently contains cash-flowing commercial uses and can accommodate over 1,200 units of multifamily housing. The sponsor had history of entitling properties in the area.
Says Brian Sedrish, a managing director of Related Fund Management and portfolio manager for the firm's credit platform, “Both of these transactions represent the distinct transitional opportunities that the credit platform was established to capitalize on. Utilizing our local on-the-ground diversified expertise, we were able to source these opportunities and quickly evaluate and execute on the deals. We will continue to look for investments that exploit the significant financing gaps in the residential and commercial real estate market nationwide and provide unique financial solutions to sponsors.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
