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The New York manager acquired the property at 444 South Flower at a UCC auction in January.
National and regional banks are expected to reduce commercial real estate lending, which opens the door for the private markets.
However, some institutions believe equity deals still are more attractive than debt investments in multiple respects.
The borrower in the deal is American Lions, a joint venture between Fetner Properties and the Lions Group.
Higher interest rates could also stall efforts to refinance maturing debt.
The global manager offers residential investors equity-like capital, lending around $40m per project.
A 25 basis point increase would be a rise in the Federal Funds target rate from its current level of 4.75-5% to 5-5.25%.
The Boston-based manager still sees difficulty lining up debt for most projects.
New York Life Insurance Company and MetLife Investment Management funded the loan.
The platform aims to provide senior debt solutions for borrowers focusing on transitional properties in key growth markets.