Merced Station Merced, CA
Previous Next Merced Station Merced, CA Investment Type: Lender Financing / Construction Completion Property Description: Student Housing / Retail Loan Amount: $48MM MRC provided $48MM in lender financing collateralized by a 36%-complete, 885-bed student housing development in Merced, California The property is located proximate to UC Merced, which is the newest addition the University of California system and is one of the fastest-growing public universities in the Unities States, with its enrollment more than quadrupling since its inception in 2005 Construction will be completed during the term of the loan, providing much-needed housing in a market with minimal existing supply and limited future supply due to a lack of utility infrastructure The transaction presented MRC the opportunity to have a low fully-funded basis in a Class A student housing development proximate to a major, rapidly growing university with insufficient on-campus housing
JFK Parkway Short Hills, NJ
Previous Next JFK Parkway Short Hills, NJ Investment Type: Acquisition Financing / Lender Financing Property Description: Office Loan Amount: $35MM MRC originated a $35MM A-Note collateralized by the leasehold interest in a fully-leased, two-building, 315,000 RSF Class A office portfolio in Short Hills, New Jersey The previous owner invested nearly $5MM into the portfolio, renovating conference rooms, revamping the café, renovating the garage, and building a new fitness center The portfolio benefits from its proximity to the Morris Turnpike and Interstates 78 and 287 The B-Note lender approach MRC to provide the financing due to the firm’s reputation for certainty of execution and growing lender-finance business
Tonelle Avenue North Bergen, NJ
Previous Next Tonelle Avenue North Bergen, NJ Investment Type: Co-Lending / Construction Completion Property Description: Multifamily Loan Amount: $42MM MRC acquired an 80% pari-passu interest in a $53MM construction loan collateralized by a 177,073 SF, 214-unit multifamily development that benefits from a 30-year PILOT located in North Bergen, New Jersey During the term of the loan, construction of the Property will be completed in two phases: Phase I, which was 45% complete at closing, will consist of 138 units across 3 buildings, and Phase I, which was unimproved, entitled land at closing, will consist of an additional 76 rental apartments The units will offer best-in-class finishes, with amenities including a fitness center, spa, lounge, and a swimming pool The transaction presented MRC the opportunity to have an attractive fully-funded basis in a Class A residential development with a long-term tax abatement and is located in a rapidly-growing market outside of New York City
Myrtle Point Queens, NY
Myrtle Point Queens, NY Investment Type: Construction Financing Property Description: Retail / Multifamily Loan Amount: $106MM MRC originated a $106MM first mortgage loan collateralized by a development site for a 17-story, 138-unit tower atop 93,000 RSF of retail and community facility space in the Ridgewood neighborhood of Queens, New York MRC already held a $38MM bridge loan for the development site, but the Sponsor needed to raise third-party equity to facilitate completion of the project The deal illustrates MRC’s flexibility and ability to provide capital at multiple stages in the development process To date, the Borrower has pre-leased 80% of the commercial space to Target and Burlington and construction completion is expected by 2023
Envy Pompano Beach, FL
Previous Next Envy Pompano Beach, FL Investment Type: Construction Completion Property Description: Multifamily / Retail Loan Amount: $50MM MRC originated a $50MM first mortgage loan collateralize by Envy, a newly-constructed 214-unit multifamily building with ground-floor retail space in Pompano Beach, Florida The Borrower completed construction of Envy ahead of schedule and has benefitted from strong leasing velocity, averaging 15 units per month above underwritten rents despite the COVID-19 pandemic The Borrower was in the market to refinance a construction loan held by an affiliate of MRC, but, taking into account all economic terms including fees, closing costs, timing, and ease of execution, they found MRC’s proposed terms for a new loan to be the most favorable for the project MRC was able to provide a flexible solution to the Borrower during an uncertain climate in the market, providing a bridge to stabilize an asset in a bourgeoning submarket with a lack of comparable supply
Boylston Street Boston, MA
Previous Next Boylston Street Boston, MA Investment Type: Construction Financing Property Description: Multifamily / Retail Loan Amount: $165MM MRC originated a $165MM first mortgage loan collateralized by the 451-unit, 291,000 GSF luxury multifamily development site in the Fenway neighborhood of Boston, Massachusetts The Property will offer efficiently furnished units and provide services including utilities, Wi-Fi, and cable, resulting in a lower effective cost of living compared to nearby Class A product, and removing a fundamental barrier to entry for those who could not otherwise afford to live in Fenway As part of the entitlement process, the Borrower worked closely with local community organizations and agreed to build a 10,000 SF, 156-seat LGBTQ-centric theater at the base of the Property
MADISON AVENUE NEW YORK, NY
Madison Avenue New York, NY Previous Next Madison Avenue New York, NY Investment Type: Condo Inventory Property Description: Residential Co-op Loan Amount: $100MM Madison originated a $100MM first mortgage loan collateralized by the leasehold interest in a 13-unit, 51,222 NSF luxury residential co-operative project located at 1228 Madison Avenue in the Upper East Side neighborhood of New York, NY The Property was designed by world-renowned architect Robert A.M. Stern and offers best-in-class residential product located in one of the most desirable corridors of Manhattan The sponsor presold four of the thirteen available units, all of which were put under contract post-covid. The sales include both penthouse units, representing the continued demand for best-in-class luxury residential product in New York City.
Mixed-Use PortfolioAustin, TX
Previous Next Mixed-Use Portfolio Austin, TX Investment Type: Construction Financing Property Description: Condo / Multifamily / Retail Loan Amount: $279MM MRC originated a $279MM first mortgage loan collateralized by a 117-unit luxury condominium project with 5,200 SF of retail space called The Linden Residences, a two-phased development called East Village with 734 rental apartments and 143,000 SF of commercial space, and 317 acres of entitled land approved for an additional 1,200 residential units, 1MM SF of commercial space, and 240 hotel keys Both the Linden Residences and East Village sites are extremely well located in Austin, Texas; the Linden Residences site is located half a mile from Downtown Austin and the East Village site is adjacent to the Samsung Semiconductor factory, which is poised for a $17BN expansion As complete, the Linden Residences and East Village developments are well positioned as best-in-class product in an attractive submarket with limited supply of new sophisticated housing to meet the demands of new tech employees relocating to Austin at a rapid pace MRC creatively offered the Borrower a single source execution across the multiple projects, creating ease of execution as well as providing MRC a diverse pool of collateral
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