Will Johnson
The manager will use the financing, arranged by Eastern Union, to acquire regional shopping centers in Ohio, New York and beyond.
The lender group originated the loan on behalf a partnership between Blackstone and Starwood Capital.
This emerging niche presents unique risks and opportunities for intrepid lenders.
Ground-floor retail units are on trend in New York as mixed-use provides greater value.
The deal signifies continued resilience in the hospitality sector, according to co-founder Elliot Eichner.
The firm’s CMBS ETF is weathering today’s volatile market, says Karen Veraa, managing director.
A portion of the proceeds of GSMS 2022-ECI, along with about $105 million of subordinate mezzanine financing and another $24 million of sponsor equity, will be used to refinance existing debt.
The Los Angeles family office wants to stake a claim in a uniquely turbulent market.
The advisory sees a situation in which interest rates and cap rates are moving together.
Yet, the agency is cautious not to draw too many big-picture conclusions.