News Analysis

Terra and Turnberry will use the funding to advance work on the Grand Hyatt Miami Beach adjacent to the city’s convention center.

The New York-based manager is targeting $1bn of additional loan originations as part of the expanded partnership.

The funding will be used by BLDG and Metrovest for a Class A resort on Long Island.

The Trump administration’s on-again, off-again tariff policy is a lesson in resilience for commercial real estate debt and equity managers.

Debt fund managers remain active, albeit cautious, as the Trump administration has this week implemented and rescinded tariffs on nearly all US trading partners.

The results and analysis of this research will feature in a report on the alternative lender market in PERE Credit’s June issue.

The transaction is the first loan originated through the lender’s latest debt fund.

The transaction is expected to close April 9 and is a positive notch toward further institutionalization for the niche financing category.

The project’s capital stack also includes a senior loan from Kennedy Wilson and junior mezzanine financing from InterVest Capital Partners.

The firm has been active as a senior and mezzanine lender and worked in both capacities to back Pearlstone Partners’ development of an Austin condominium project.