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Select Transactions

Debt

Richmond, VA

Bridge Loan

$12.0M bridge loan to acquire a prime, 3-acre riverfront parcel. The Borrower, a long-time relationship of Pilot, intends to procure a Special Use Permit to allow for a 500-unit multifamily development.

Montclair, NJ

Bridge Loan

$19.0M bridge loan to acquire three separate properties. Borrower is a local, proven sponsor, and expects to obtain approvals to develop a mixed-use project on each site.

Rockaway BEACH, NY

Subordinate Construction Loan

$11.0M subordinate construction loan, that rises to 60% of total development cost, to a repeat borrower for the development of an infill 53-key, boutique, luxury full-service hotel. The hotel includes a 300-person event space, two restaurants, pool with a sundeck, and a rooftop bar.

Greenwich, CT

Bridge Loan

$16.0M bridge loan which allowed the Borrower to acquire a discounted Note and proceed to the equity on a historic, vacant office building, and two additional buildings, totaling 127,000 SF.  Borrower paid off bridge loan with a construction loan and converted the property into a mixed-use complex with 71 luxury rental apartments.

Ocala, FL

Bridge Loan

$5.3M bridge loan to finance the acquisition and predevelopment of a 121-acre parcel. The Borrower intends to obtain a planned unit development (PUD) zone change and receive approvals for 1,250 residential units. Borrower is an experienced Canadian land developer expanding into Sunbelt markets in the US.

Yonkers, NY

Participating Bridge Loan

$2.8M bridge loan to acquire a vacant, former bank branch (with drive-thru).  The Borrower, a seasoned retail owner and developer, had significant interest from several strong credit tenants prior to closing on the purchase, and subsequently negotiated a lease and, secured approvals to redevelop the property for a quick service restaurant (QSR)., for which the sponsor had a credit-tenant in hand.

Equity

Brooklyn, NY

Acquisition

$14.5M acquisition of .65-acre improved property on the Gowanus Canal in Brooklyn, NY. Completed NYS DEC Brownfield Credit Program clean up and worked with the EPA on bulkhead replacement along the Canal (Superfund site), restructured the existing tenant’s lease, repurposed a warehouse building, and assisted in the creation of the popular canal-front restaurant Pig Beach. Worked with numerous other landowners to support the City’s rezoning, secured a 421a tax abatement prior to the program’s expiration, and successfully sold the property to a NYC-based developer.

Newark, NJ

Preferred Equity

$13.0M acquisition of a vacant 90,000 SF, 3-story, infill industrial warehouse, partnering with a local, prominent self-storage owner/operator with a plan to convert the asset into a climate-controlled, Class A self-storage facility.

Fort MyErs, FL

Equity

$14.0M across multiple acquisitions of a distressed, 58% occupied, nine-property, 400,000 SF warehouse/flex portfolio for $35/NSF. Worked with a local operator to complete a capital improvement and lease-up program, increasing net rents 86%, while growing occupancy to 90%. At stabilization, procured long term financing and successfully sold individual properties within the portfolio over several years.

Reno, NV

Acquisition and Development

$14.0M acquisition and ground-up development of a 57-unit, 92,000 SF residential townhome rental project in partnership with a local developer. Procured site plan approval and developed the 3-story townhome units across 8 buildings. Strategically changed the business plan from for-sale to rental, achieved lease up and stabilization during COVID, and successfully sold to a national multifamily owner in 2021 at a price and profit significantly higher than underwritten on a for-sale basis.

Chicago, IL

Condominium Recapitalization

$15.0M “Rescue” recapilization to acquire the remaining 37 unsold condo units in a 241-unit office conversion fronting Millennium Park in the Loop. Partnered with the owner to payoff the defaulted loan (via a discounted payoff), provided working capital, and implemented a new marketing program. Successfully sold all 37 units during a 6-month period.

Greensboro, NC

Value-Add Student Housing Acquisition

$9.0M capitalization of a 49% occupied, 682-bed, off-campus student housing asset in Greensboro, NC via a short-sale ‘note-to-fee’ acquisition. Managed completion of a $3.5M deferred maintenance/upgrades capital program and intensive operational turnaround, increasing occupancy to 94% and stabilized property over a 2 ½ year period. Successfully sold the stabilized property to a national student housing company.

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