Home Construction


Sponsors Baron Property Group and MG Developer are planning a mixed-use, apartment property slated for completion in Q2 2024. 
The firm’s total construction lending this year tops $1.6bn. 
The mixed-use development includes C-PACE and pref equity components to complete the capital stack.
Debt funds and other alternative managers see room to fill the void where banks have pulled back. 
The firm recently expanded in the Pacific Northwest, hiring Blake Rodgers to head its new Seattle office. 
The firm last month originated a $204m construction loan for a partnership that includes Medistar Corporation and CBRE Investment Management.  
The loan, part of Real Estate Capital USA's weekly lending data report, will allow sponsors to both acquire the real estate and then move ahead with ground-up construction.
The private equity manager this month made its first acquisition in Orlando.
An office to life sciences conversion could be a new lease on life for an old property, but lenders need to take into consideration the underlying risks associated with the tenants leasing the space. 
Newmark arranged the loan on behalf of GFP Real Estate for the construction of a new office space for the Legal Aid Society.

Copyright PEI Media

Not for publication, email or dissemination