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The firm will retain servicing rights on the financing, which is part of a $108m financing package.
While there is some potential for operational issues, all systems are go for the shift.
The company expects to see strong rent growth over the next two years.
Even with the headline risk around the retail sector, there are selective opportunities for investment and development.
The workhorse of the commercial property finance market is down but might not be out.
Borrowers are tapping into ample liquidity for acquisitions and developments while lenders are being adequately compensated for risk.
The partners have an initial $500m of lending capacity and could see that increase as opportunities arise.
The Denver company sees more liquidity for larger one-off transactions and portfolio deals.
Avison Young’s Tri-State Debt & Equity Finance Group arranged the Times Square-area financing.
The company is seeing more conventional lenders entering the market.