France Media Inc.’s Post

We’re doingmezz behind hotels, shopping centers, multifamily industrial ground if your bank does not allow mezzanine loan, go behind their senior will do the senior for you and give you a MAS loan acquisition me loans acquisition, me loans on land and acquisition loans on businesses, hotels, senior, living industrial 80%, sometimes 85% loan to cost #bridgeloans #bridgingfinance #bridgelending #directlenders

It's easier to stay out of trouble than to get out of trouble. Let experienced advisors keep you out of trouble. #blackacrelaw #pinkacre #nonperformingloans #fdic #cmbs #npl #cre #valuevaporization #blackacreadvisors #trusteesales #distressedassets #privateequity

"It's here. It's now. We're seeing [CRE] stress, particularly those with floating-rate debt, bridge loans, because it's a double whammy.” Jordan Slone CEO Harbor Group International Bisnow “Not only have interest rates gone up, but those bridge loans require caps to be purchased, and the cost of those caps are astronomical, so in some cases, it's like having double debt service.” "Our [Harbor Group] team … are flooded with deals right now that are distressed." "As it relates to office buildings, not just New York but in the other major cities, there's just a lot of inventory that either needs to be repurposed or maybe even abolished.” "That's really going to be a headache — and is a headache for a lot of people ..." “Owners have seen debt payments balloon while their rents have flattened, and Slone said even if they are solvent and trying to hold on to their properties where the cash flow has turned negative, it is having an impact on borrowers.” "You wouldn't believe how many borrowers, owners are more mentally, in some cases, more mentally exhausted than they are financially exhausted.” "In some cases, it's both, but writing a check every month with negative cash flow, mentally, is not fun." 🍀🍀🍀

Canadian developer Onni Group has secured a $1 billion refinancing package for its eight-tower apartment portfolio spanning Chicago and Los Angeles. The deal, set to close on July 18, 2024, comprises $875 million in fixed-rate financing and $125 million in mezzanine debt. Wells Fargo Bank, Citi Real Estate Funding, and Goldman Sachs provide the debt, which will be packaged and sold to investors as commercial mortgage-backed securities. This new financing will repay $930.5 million in existing debt, cover associated costs, and provide Onni with $38.6 million in equity. The portfolio encompasses 2,791 residential units and 174,963 square feet of commercial space, currently 51.6% leased. Five properties are in Chicago, including two towers within Onni's Old Town Park project, the 369 Grand asset in River North, and properties at 750 North Hudson Avenue and Fulton Market. This refinancing deal underscores Onni Group's significant presence in the multifamily real estate market across major U.S. cities. It demonstrates continued investor confidence in urban apartment properties despite recent market challenges.

It's been here. It was before. If you're mentally or financially taxed, and/or believe the bias of the market is still downward from here, DBM Distressed Assets & Opportunities Group, DBM Business Services and DBM Legal Services may be able to advise you toward a better outcome. Great input as always from Dave Wald. #duncanbergmanmandell #nonperformingloans #npl #fdic #structuredtransactions #valuevaporization #cmbs #distressedassets #blackacreadvisors #pinkacre #foreclosures #receiverships

"Thorofare Secures $26M Refinancing for Newly Constructed Apartments" Read the full article below..

Aspen Bridging has completed another ultra-luxury London finish & exit bridging loan in a matter of weeks with a £6m loan at 75% LTV on a large Georgian Stucco house in Kensington. The project has already seen major construction take place, with the developer needing £5m to cover the existing loan with a further £1m made available for drawdowns to complete the remaining works. Once completed the six-storey end-of-terrace mansion will comprise seven bedrooms, seven bathrooms, lift, spa facilities and private cinema across a gross internal floor area of 5,500 square feet, making it one of the most exciting properties to come to market in the near future. The Gross Development Value (GDV) is £11m with exit to be achieved through sale. In line with Aspen’s one-person-per-case customer service philosophy the deal was taken from start-to-finish by Underwriting Manager, Saif Khalique on a flat rate of 0.95% over 12 months. The deal marks the second recent ultra-luxury completion following a £7,150,000 refurbishment bridge on a property in the heart of Belgravia, with the cost of works making it currently one of the most high value private redevelopments in the UK. https://lnkd.in/eXhAnhxU #bridgingfinance

My favourite types of development to insure are often the ones some of the larger providers don’t like. PERMITTED DEVELOPMENT CONVERSIONS The driving force behind 99% of the purchase of a Structural Warranty is from lenders requiring one on exit; either refinance or sale. This is particularly true on Conversion projects, where lenders are now insisting on a Structural Warranty for a straight Change of Use or Lawful Development, even with limited structural works. At Advantage, we have worked with our Insurers to develop a specific pricing strategy for refurb and change of use projects, ie. projects where major structural alterations are limited and the majority of works are deemed to be cosmetic. This is particularly useful in Permitted Development projects where full planning is not required and there are no structural changes. Making life easier (and cheaper) all around. #permitteddevelopment #propertydevelopment

"3650 REIT Provides $50M Loan for NYC Condo Development" Read the full article below..

Terrific. What size loans bridge and permanent ?