Full-Service Hotel Land Pre-Development
$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 fund 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.
$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 debt and 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 the New Gables 1st Mortgage Loan.
New York, New York
$6MM Preferred Equity Investment to finance an assemblage in the Gramercy sub-market of Manhattan. The financing supplemented an acquisition loan of $24MM. The sponsor sought a fast paced lender. New Gables was able to close the transaction in just 16 days. The investment requires only six months of minimum interest making it attractive to the sponsor.
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.
Luxury Resort Development
Napa Valley, California
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 was able to provide the final push to completion in less than 30 days.
Luxury Condominium/Retail Development
New York, New York
$6MM Pre-Development Mezzanine Loan to finance excavation, preliminary site work and development costs prior to the construction of a 12 story residential and retail condominium project in the Chelsea neighborhood, adjacent to the Highline in New York, NY. The financing supplements the existing $14.75MM first mortgage loan for the project and allows for continued progress towards completion of the improvements.