Inside Cover C — July 15 - 28, 2016 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
$4,770,000 Structured Loan Multifamily Redevelopment 198-units Philadelphia, PA
Philadelphia, PA, June 2016 – In participation with an institutional investment partner, Linden Lane Structured Capital provided a $4.77 million loan to a Philadelphia-based development company for the completion of a multifamily project. A former grocery distribution facility, the six-story 260,000 square foot building is in the final phases of conversion into 162 loft style apartments with ground- floor retail and parking. Given an in-place construction loan and a historic tax credit investor, LLSC structured the loan to allow for proceeds to be utilized for project completion and tenant improvement costs. Loan proceeds are also being used for the redevelopment of an adjacent industrial facility which will be converted into 12 triplex apartments containing 36 units. ”As developers of multifamily product ourselves, we are happy to provide subordinate financing to transactions where we recognize fundamentally sound real estate,” said Michael Wachs, Managing Principal of Linden Lane Structured Capital. “We also understand the risks inherent in opportunistic strategies and can structure transactions to achieve appropriate returns while allowing qualified sponsors the flexibility needed to execute their business plans.” Linden Lane Structured Capital is an affiliate of Linden Lane Capital Partners, a Mid-Atlantic real estate related investment firm whose principals have developed over three million square feet of projects across various asset classes. Linden Lane Structured Capital leverages that experience to act as a fiduciary for institutional co-investors in providing senior and subordinate bridge loans and preferred equity to borrowers who have significant experience in executing value-add business plans. All primary and secondary east coast markets are considered with a focus on transitional properties in the Mid-Atlantic and New York City MSA. For information, contact Brian Morris at bmorris@lindenlanecapital.com. Linden Lane Structured Capital Typical Loan Parameters Linden Lane Struct r d Capital www.lindenl ecapital.com (215) 600-2850 Brian J. Morris Principal Linden Lane Structured Capital (215) 600-2850 ext. 3 bmorris@lindenlanecapital.com
• Senior Bridge Loans from $3MM to $30MM Value-add transactions, with some cashflow Pricing generally from LIBOR+6% to LIBOR+8% • Sub Debt/Preferred Equity from $3MM to $20MM Opportunistic transactions including construction Pricing generally between 12% and 15% • All asset classes including hotel • Maturities from 1 to 3 years, extensions up to 1 year • LTC/LTV to 85%, Loan-to-stabilized value to 70% • Generally non-recourse with standard carve-outs • Interest reserves, lease-up reserves, capex reserves • Flexible prepayment
Michael Wachs Managing Principal Linden Lane Capital Partners (215) 600-2850 ext. 1 mwachs@lindenlanecapital.com
121 South Broad Street Suite 1310 Philadelphia, PA 19107
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