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The financing is part of a larger $167.2m luxury hotel project.Â
The New York company also sees a longer road to recovery for the city's CRE market.
CEO Mukang Cho says the firm will target structured debt investments in the office sector.
Mezzanine Realty Partners Fund V closed on $210 million and will focus on mid-market lending opportunities.
The tax could be up to 2.8% for New York City.
Americas CIO Alfonso Munk says redevelopment and gap financing rank highly alongside equity priorities.
Preferred equity investments are gaining momentum in a market where equity investors are looking for lower risk.
The Seattle manager this week originated its first mezzanine loans.Â
The funding is split into a $67.6m mezzanine loan and a $147.5m senior loan.
Inflation, supply-demand imbalances and the war in Ukraine are making their impact felt while investors shift capital out of public markets, say Richard Spencer, Lee Levy and Andrew White, senior real estate credit investors at Goldman Sachs Asset Management.
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