PacWest attempts to add liquidity as regional banking turmoil persists.
JLL arranged the financing for Five Star Development to finish the $2bn project development.
The borrower in the deal is American Lions, a joint venture between Fetner Properties and the Lions Group.
New York Life Insurance Company and MetLife Investment Management funded the loan.
The New York-based lender has added exposure in Honolulu’s Ala Moana submarket with one of the largest deals signed so far in 2023.
Atop its standard strategy, the firm is looking to potentially invest in the rescue capital space later this year.
The failures of Silicon Valley Bank and Signature Bank and turmoil at First Republic are leading regional lenders to move more cautiously.
The exercise allowed Waypoint to get a better understanding of the impact of higher interest rates on its ability to arrange financing and make sure the cost of land dovetailed with the returns it is trying to achieve.
JLL arranged financing for Longfellow following borrower’s recent Bank OZK, Square Mile deal.
The polls will close at midnight on Friday, February 10, 2023 and the results will be revealed in April.