Randy Plavajka
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 funds the first phase of Sterling Bay and Harrison Street’s collaborative $650m project.
PacWest attempts to add liquidity as regional banking turmoil persists.
The Los Angeles-based manager is targeting $3bn for its Real Estate Debt Fund IV.
JLL arranged the financing for Five Star Development to finish the $2bn project development.
The Federal Deposit Investment Corp seized the bank and sold control of it to JPMorgan on May 1.
MetLife, PacLife and Bank ABC were also part of the syndicate for the SL Green-owned property.
The New York-based lender has added exposure in Honolulu’s Ala Moana submarket with one of the largest deals signed so far in 2023.
Berkadia on tap as originator as California manager targets mixed income and other affordable housing asset types.