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The value-add investor is targeting more rehab projects for potential acquisitions.
The loan is backed by properties with diverse locations and tenants.
Despite headwinds around CMBS issuance, downgrade risks are not severe.
The financing was provided by Enhanced Capital, a New York-based impact investor.
Preferred equity investments are gaining momentum in a market where equity investors are looking for lower risk.
The portfolio is made up of 821 units and comes as more investors are looking at opportunities in the sector.
A debt funding gap looms across Europe’s property markets. Yet banks and debt funds are well capitalized. Will their funding end up where it is most needed?
The financing will be used to launch development of a transit-oriented project in East Orange.
The financing was arranged by Lotus Capital Partners on behalf of a joint venture between Gencom and Mohari Hospitality.
Nominations close on December 12 at midnight for Real Estate Capital USA’s second annual awards.