Samantha Rowan
L&L Holding Company and Columbia Property Trust lined up $1.25bn of construction financing for their redevelopment of New York’s historic Terminal Warehouse from a blue-chip consortium.
The multifamily-focused vehicle, which had a $300m target, originates bridge loans, mezzanine debt and preferred equity on high-quality US properties.
The firm aims to finance borrowers that are developing or redeveloping affordable rental apartments for tenants.
The firm's decision to originate the loan was driven largely by its long-term relationship with global sponsor Nuveen.
The Canadian investor sees preferred equity as a route to expand and diversify its $12bn residential portfolio amid a financing gap for developers.
The Canadian investor sees preferred equity as a route to expand and diversify its $12bn residential portfolio amid a financing gap for developers.