Anna-Marie Beal
Although venture capital funding into the sector has dropped, the firm sees investment opportunities.
More sponsors are considering financing insured by the Department of Housing and Urban Development to move ahead with or refinance projects.
Sponsor Aurora Capital Associates is developing the West Village condominium build.
The firm is looking to offer more HUD loans as an alternative to borrowers in today’s capital-constrained market.
Northwestern Mutual funded the loan.
The imminent sale of a Class A Downtown Manhattan office will provide another important metric.
The financings will be used for projects in Miami and Brooklyn.
The firm is using a tech-driven platform that allows it to more easily control how and when borrowers access capital.
The firm retained some pre-payment flexibility.
The strategy will originate bridge loans on behalf of domestic and international institutional investors.