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Taconic provided a mezzanine loan on the class A property.
Mezzanine debt lenders are seeing rising interest from senior lenders and sponsors to bridge the financing gaps for new and existing loans.
Co-founder Jonathan Roth expects firm to originate more gap and bridge financings in current market.
The financing is part of a larger $167.2m luxury hotel project.
The New York company also sees a longer road to recovery for the city's CRE market.
CEO Mukang Cho says the firm will target structured debt investments in the office sector.
Mezzanine Realty Partners Fund V closed on $210 million and will focus on mid-market lending opportunities.
The tax could be up to 2.8% for New York City.
Americas CIO Alfonso Munk says redevelopment and gap financing rank highly alongside equity priorities.
Preferred equity investments are gaining momentum in a market where equity investors are looking for lower risk.