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BayBridge Real Estate Capital Originates $84 Million ReFi Loan for South Florida Mixed-Use Property

NEW YORK, June 2, 2022 – BayBridge Real Estate Capital today announced it helped Block 40 Property, LLC, structure an $84 million loan to refinance 1818 Park, a 22-story luxury rental apartment tower located on Young Circle in the heart of downtown Hollywood, Fla.

BayBridge secured the debt financing from Deutsche Bank to replace a $70 million construction loan that 1818 Park secured in 2021. The mixed-use development includes 273 apartments, ranging from studios to three-bedroom units; two pool decks and fitness centers; coworking space; private conference rooms; and 10,000 square feet of ground-floor retail space.

About BayBridge Real Estate Capital

A specialty firm focusing on responsive execution and creative financing, BayBridge Real Estate Capital helps developers and investors source funding for a broad range of commercial real estate projects. With an emphasis on structured finance, the team brings decades of experience to markets across the country from its offices in New York, Miami, Fort Lauderdale, Boca Raton and West Palm Beach, Fla. For more information, visit www.baybridgerec.com or call (646) 213-7561.

 

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BayBridge Real Estate Capital Sources $37 Million Construction Loan for Austin, Texas, Developer

NEW YORK, April 25, 2022 – BayBridge Real Estate Capital today announced it secured a $37 million loan to help Cumby Group finance the construction of The Emma, a 146-unit multifamily development located at 3219 Manor Road in Austin, Texas. The financing, arranged by BayBridge, originated from New York-based RMWC.

Austin, Texas, is among the fastest-growing major metropolitan area in the U.S. and the “hottest housing market in 2021,” according to Yahoo Finance. The Emma will be a part of a larger community development from Cumby Group that will cover nearly nine acres and include additional rental housing, green space for community gatherings and more than 11,700 square feet of commercial space, space for neighborhood gatherings and additional housing.

About BayBridge Real Estate Capital

A specialty firm focusing on responsive execution and creative financing, BayBridge Real Estate Capital helps developers and investors source funding for a broad range of commercial real estate projects. With an emphasis on structured finance, the team brings decades of experience to markets across the country from its offices in New York, Miami, Fort Lauderdale, Boca Raton and West Palm Beach, Fla. For more information, visit www.baybridgerec.com or call (646) 213-7561.

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BayBridge Real Estate Capital Secures $61.5 Million Construction Loan for MAG Real Estate & Development

 NEW YORK, Nov. 8, 2021 – BayBridge Real Estate Capital today announced it helped MAG Real Estate & Development land a $61.5 million loan to construct two multifamily projects in South Florida.

The financing, arranged by BayBridge through Madison Realty Capital, will allow Boca Raton, Fla.-based MAG to begin construction on the following projects:

  • Aviara Lake Worth, a planned development of 36 townhomes on 3.8 acres located at 307 N J Street in Palm Beach County, and
  • Aviara East Pompano, a two-building project that includes 228 rental apartments and retail space located at 1261 S. Dixie Highway in Broward County.

About BayBridge Real Estate Capital

A specialty firm focusing on responsive execution and creative financing, BayBridge Real Estate Capital helps developers and investors source funding for a broad range of commercial real estate projects. With an emphasis on structured finance, the team brings decades of experience to markets across the country from its offices in New York, Miami, Fort Lauderdale, Boca Raton and West Palm Beach. For more information, visit www.baybridgerec.com or call (646) 213-7561.

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Press Releases

BayBridge Real Estate Capital Sources More than $20 Million in Land Acquisition Financing

MIAMI, June 27, 2021 – BayBridge Real Estate Capital, an affiliate of Berkowitz Pollack Brant Advisors + CPAs, today announced it helped land developer Lansing Companies secure a $20.5 million loan to acquire 1,538-acres of undeveloped land in Reno, Nev.

The financing arranged by BayBridge Real Estate Capital with Ardent Financial was a critical component of the $28.5 million deal between Lansing Companies and the prior owner. The land, located in a rapidly growing northern suburb of Reno, Nev., is zoned for residential and commercial use with almost 500 acres of open space to preserve the Swan Lake basin.

About BayBridge Real Estate Capital

The BayBridge Real Estate Capital team has a long history of bringing institutional capital to markets across the U.S.

An affiliate of Berkowitz Pollack Brant Advisors + CPAs, BayBridge helps developers and investors find the financing they need for a broad range of commercial real estate projects, with a focus on structured finance. The firm has offices in Miami, Ft. Lauderdale, Boca Raton, West Palm Beach and New York City.

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BayBridge Real Estate Capital Announces Addition

NEW YORK, January 28, 2021 – BayBridge Real Estate Capital, a company of Berkowitz Pollack Brant Advisors + CPAs, today announced that 40-year real estate and capital markets veteran Mark Niman has joined the firm as executive managing director.

Niman has a wealth of experience executing transactions and representing clients throughout the United States, Canada, South America, Europe and the Middle East in all asset classes.  His career has been built on strong lender relationships and his clients are in all sectors of commercial real estate, including multi-family, student housing, hotels and resorts, casinos, industrial, self-storage, retail and office buildings.

Director of BayBridge Real Estate Capital Jay Miller commented, “I’ve known Mark most of my career and I know he will be a great asset to the firm. The fact that he recently secured a $32.5 million hotel bridge loan, in this highly challenging market, is indicative of his abilities. This loan was sourced, underwritten, and funded in 30 days.”

Niman’s accomplishments during his career include twice procuring financing for one of the largest malls in North America, structuring and obtaining more than $4 billion in hotel financings throughout the United States and the Caribbean, and securing multi-billions in acquisition, construction, bridge and permanent financings for all real estate asset classes.  Most notably, Niman has brokered one of the largest transactions of all time when he arranged a $3.1 billion loan for his client’s acquisition of Aztar Corp. the then-parent of Tropicana Hotels and Casinos.

He will be based in the firm’s New York City office.

About BayBridge Real Estate Capital

The BayBridge Real Estate Capital team has a long history of bringing institutional capital to markets across the U.S.

An affiliate of Berkowitz Pollack Brant Advisors + CPAs, BayBridge helps developers and investors find the financing they need for a broad range of commercial real estate projects, with a focus on structured finance. The firm has offices in Miami, Ft. Lauderdale, Boca Raton, West Palm Beach and New York City.

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The Real Deal – Invesca Lands $50 Million Refi on Pompano Beach Apartments

 

https://therealdeal.com/miami/2020/11/13/invesca-lands-50m-refi-on-pompano-beach-apartments/?utm_source=internal&utm_medium=after_article&utm_campaign=related_article

Invesca lands $50M refi on Pompano Beach apartments

Madison Realty Capital provided the refi, as well as a $102M construction loan in April

Miami /
November 13, 2020 04:30 PM
Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach

Christopher Longsworth and Josh Zegen, with Envy is at 475 SE 1st St, Pompano Beach

UPDATED, Nov. 16, 3:55 p.m.: Invesca Development Group landed a $50 million loan to refinance Envy Pompano Beach, a 214-unit, 11-story rental building.

Madison Realty Capital, led by Josh Zegen, originated the loan for the building at 475 Southeast First Street within the Koi master-planned community, according to a press release.

In April, New York-based Madison Realty provided Plantation-based Invesca with a $102 million construction loan for Envy and Pixl Apartments in Plantation. Invesca is led by Christopher Longsworth.

Invesca has completed construction and has leased up 50 percent of the building, according to the release.

Jay Miller, Spencer Miller and AJ Felberbaum of BayBridge Real Estate Capital arranged the financing.

Envy has three floors of commercial space and eight floors of residential space, with studios, one-, two- and three-bedroom apartments. Amenities include a rooftop pool, pet spa and outdoor movie theater.

Invesca scored a $28 million construction loan for Koi Residences & Marina in 2017.

Other proposed multifamily projects in Pompano Beach include Grover Corlew’s 355-unit mixed-use multifamily development along Atlantic Boulevard, and a 138-unit development called Highland Oaks by Coral Rock Development Group and Paragon Group of Florida.

In October, Madison Realty Capital closed on the remaining unsold condos in Costa Hollywood Beach Resort for $43 million. The firm also brought on a new partner for the industrial-to-office conversion of the Whale Square office building in Sunset Park in Brooklyn.

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BayBridge Real Estate Capital Secures $50 Million Bridge Loan

The Commercial Observer recently wrote about our firm’s involvement in a $50 million bridge loan for Envy Pompano Beach by Madison Realty Capital.

Madison Realty Capital Provides $50M Bridge Loan on Luxe Florida Rental Project

 

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Capital Markets Update November 2, 2020

As we enter the last quarter of the year, we are starting to see more movement in the market.  There are some distressed transactions starting to take place and in the preferred asset classes we are starting to see more efficient capital enter the market.

Over this past real estate cycle most of the residential real estate markets have focused on multifamily and condominium’s, with a real emphasis on urban infill locations.  We have started to see over the past couple of quarters the focus turn to single family housing, both for sale and for rent properties.

We at BayBridge Real Estate Capital are currently bringing unique capital solutions to clients that are developing single family lots, for rent communities and for sale communities.  As institutional capital is warming up to this asset class, we are working with our clients to tailor unique financing structures and facilities in this space.

For many of our clients we are helping them solve for the lack of mid-priced capital in the market.  Currently there are very low interest rates for some properties that fit into a very narrow box, in many cases if a deal is outside of that box the cost of capital soars to the higher yields quickly.  We are helping these clients to secure more moderately priced capital or helping them create structures that are still accretive to their equity.

In the distressed market the bid ask is still wide, that being said we are starting to see some distressed assets trade.  The most notable trade is the Coloney Capital Hotel portfolio which was sold for just over the cost of their debt.  This is a meaningful transaction since it is helping to define the value and determine asset values in the hotel space.

A key difference to note in this current Covid-19 economic crises compared to the most recent financial crisis of 2009, is that there is a tremendous amount of capital raised. This capital has for the most part has been sitting on the sidelines waiting for distressed opportunities or for the market to adjust and largely discount asset values. The market has been fairly resilient to date in terms of discounted asset prices. This is forcing the sidelined capital to moderately creep back into the market with more realistic expectations.

As you look towards the end of the year, we welcome the opportunity to help you plan your capital needs.

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Capital Markets Update May 27, 2020

Over the past couple of weeks, we have started to see the market stratify risk and value.  At the beginning of the economic crisis we observed that it was difficult for any capital provider to put out money because the market couldn’t predict what values would be across any asset class or business plan.

Over the past three weeks the market has started to bifurcate how it looks at risk – both defensive and distressed.  The defensive asset classes have started to see more traditional capital creep back into the market.  The distressed asset classes are starting to see some capital begin to move off of the sidelines and look at transactions.

In the more defensive asset classes, such as multi-family, industrial and self-storage, we are seeing signs of life for the market returning to a healthier state.  The market is starting to price bridge loans in a more efficient way and some lenders are considering construction projects again.

We have also started to see movement in the CMBS market.  A couple of securitizations have been taken into the market, with all top-tier credit.  It looks like CMBS will start to be active again over the next couple of months.  Most lenders are indicating that leverage is going to be lower than it previously was, debt service reserves will be required and only very stable assets will be considered.

For the more distressed asset classes, such as hotels and retail, we are starting to see signs of life for financing.  Previously the only financing available was for groups looking to buy distressed debt or distressed assets.  We have started to see some preferred equity sources and bridge lenders that will look at capitalizing some of these projects for the existing ownership.  This is still a thin market, as there is only a handful of capital providers, but the fact that there is capital looking to deploy into these distressed assets is a good sign.

Some loan sales have taken place. We are currently arranging note-on-note financing for a couple of our clients.

One thing that is clear today is that even though there is great distress, unlike in 2008 there is a lot of capital on the sidelines.  There are tens of billions of dollars waiting to deploy.  Once the distress transactions really start to happen there will be lots of money chasing them.

This should mean that the market will define value fairly quickly.  Once value is defined, both the debt and equity markets will become more efficient.

 

For our clients at BayBridge Real Estate Capital, we are working with them on global capital strategies.  We are looking at creative ways to make sure their business plans are going to stabilize or are capitalized to grow through this downturn.

For all of the transactions we are working on now, structure has become as important as leverage and rate.  Clients can really win through creative structures and unique capital stacks.

As you look through the summer and toward the end of the year, we welcome the opportunity to help you plan your capital needs.

 

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Press Releases

BayBridge Real Estate Capital Brokers $102 Million Loan

Multifamily construction project closed during challenging

economic environment

NEW YORK, April. 30, 2020 – BayBridge Real Estate Capital, an affiliate of Berkowitz Pollack Brant Advisors + CPAs, today announced it brokered a $102 million construction transaction which closed this week.

Plantation-based developer Invesca will use the loan provided by New York-based Madison Realty Capital to complete Pixl, a virtual reality themed mixed-use project in Pompano Beach.

Jay Miller, managing director of BayBridge Real Estate Capital, commented, “We are thrilled to have completed this transaction at such a challenging time in our economy. We believe it will be one of the last big construction transactions until the economy bounces back.

“Our team worked closely with the developer to complete a create financing deal that met everyone’s goals.”

Jay Miller and Spencer Miller of BayBridge Real Estate Capital brokered the deal.

Planned for completion in early 2022, Pixl is located at 4400 S. Sunrise Blvd., and will include 330 loft-style apartments with smart-home features.

About BayBridge Real Estate Capital

 The BayBridge Real Estate Capital team has a long history of bringing institutional capital to markets across the U.S.

An affiliate of Berkowitz Pollack Brant Advisors + CPAs, BayBridge helps businesses, developers and investors find the financing they need for a broad range of commercial real estate projects, including acquisitions, construction and value-add development.

 The firm has offices in Miami, Ft. Lauderdale, Boca Raton, West Palm Beach and New York City.