Select Transactions

  • Originated a $7.3MM First Mortgage Loan secured by the fee simple interests in two adjacent office buildings located in downtown Indianapolis. The properties were mostly vacant, and the sponsor intends to fully vacate with the plan to convert to a full-service hotel. The loan proceeds were used to take out existing seller financing, fund pre-development work and carry reserves. This allows the borrower adequate time to get the project positioned for construction financing.
  • Originated a $30MM First Mortgage (70%+ LTC) secured by the fee simple interest in a 114-acre development parcel located in the town of Sayville, NY. The loan was used to complete an assemblage of the property pay transaction costs, and fund carry, debt service and predevelopment reserves. The borrower’s business plan during the term of NGC’s loan is to pursue a re-zoning from single family 1-acre lots to multifamily zoning.
  • Originated a $7MM mezzanine loan to refinance a full-service, 193-key boutique hotel located in New York, New York. Proceeds from the loan in addition to a new injection of cash equity from the borrower were used to refinance the existing debt on the property and cover transaction costs. This allows the borrower time to improve the hotel revenue and increase NOI to a level which will allow for a refinance with conventional non-recourse long term financing.
  • Purchased a $2.3MM junior mortgage to a $10.5MM senior mortgage, representing a 12.8MM first mortgage whole loan. The borrower used the proceeds to refinance two, newly constructed, 55+ age-restricted, residential condominium buildings with 64 units, 24-parking spaces and 24-storage closets. The borrower intends to lease the 64-units and stabilize the property
  • Originated a $3.1MM First Mortgage secured by the fee simple interests in a 42k SF shopping center on a 5.19-acre parcel. The Sponsor’s business plan post-closing is to vacate the property and redevelop the site with a new 57k SF retail center and 2nd floor office. The loan proceeds were used to acquire the site and fund pre-development expenses.
  • $5MM Pre-development 1st mortgage loan secured by the fee simple interests in adjoining development parcels located in Downtown Sacramento. The loan proceeds were used to repay the existing debt and allowed the sponsor to und predevelopment costs and engagement of the hotel franchise. The two sites are separately owned and will be combined for a joint development of an estimated 170 key full-service hotel.
  • Originated a $2MM Preferred Equity Investment, secured by a priority cash flow position in the ownership entity of a seven-building Luxury Resort situated on 2.9 acres. The financing provided coverage of construction cost overruns during the final stages of construction and was by supplemented a $30MM construction loan. The sponsor needed a quick capital injection due to equity restraints and New Gables as able to provide the final push to completion in less than 30 days.
  • $23MM 1st mortgage loan collateralized by the fee simple interests in the three properties located in Brooklyn. The borrower used the proceeds to consolidate existing fund Pre-Development and rezoning costs. The Borrower’s business plan consists of keeping the tenants in-place to offset carrying costs, while waiting for the imminent rezoning, leading to building design, construction planning and a construction loan to pay off New Gables 1st Mortgage Loan.