Randy Plavajka
Washington, DC, shopping mall will be redeveloped into mixed-use asset with 320 apartment units.
The sector is being hit by rising interest rates and other trends also affecting the broader commercial real estate debt markets.
Goldman Sachs, US Bank, Franklin BSP executives anticipate more stress and higher debt costs.
Mezzanine debt lenders are seeing rising interest from senior lenders and sponsors to bridge the financing gaps for new and existing loans.
Co-founder Jonathan Roth expects firm to originate more gap and bridge financings in current market.
The financing funds the first phase of Sterling Bay and Harrison Street’s collaborative $650m project.
PacWest attempts to add liquidity as regional banking turmoil persists.
The Los Angeles-based manager is targeting $3bn for its Real Estate Debt Fund IV.
JLL arranged the financing for Five Star Development to finish the $2bn project development.
The Federal Deposit Investment Corp seized the bank and sold control of it to JPMorgan on May 1.