$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.

$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 $9MM First Mortgage Bridge Loan to the fee simple owner of a property subject to a ground lease currently encumbering the property. The loan provided liquidity to the borrower prior to a rent reset set to trigger in within a year of loan closing.