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BayBridge Real Estate Capital Sources $85 million For South Florida Luxury Apartments

NEW YORK, Sept. 12, 2022 – BayBridge Real Estate Capital today announced it secured an $85 million loan to help Invesca Development Group complete construction on PIXL Plantation, a 330-unit luxury apartment building located five miles west of downtown Ft. Lauderdale, Fla.

Located in the Sunrise Boulevard corridor between Florida’s Turnpike and State Road 7, PIXL Plantation is a part of a larger 6.7 acre planned community that, once completed, will include 147 townhomes, office and retail space, and a vast network of green space featuring walking paths, parks, picnic areas, an outdoor movie theater and a resort-style pool.

Jay Miller, AJ Felberbaum and Spencer Miller with BayBridge Real Estate Capital arranged the financing that was provided by Madison Realty Capital based in New York, NY.

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 Arranges Financing for an MC Hotel in Montclair, NJ

 

BayBridge Real Estate Capital’s Jay Miller, AJ Felberbaum and Spencer Miller arranged financing for a hotel property in Montclair, New Jersey.

  • Loan profile: Refinance
  • Property: The MC Hotel, located at 690 Bloomfield Ave, Montclair, NJ. The hotel is a part of Marriott’s Autograph Collection.
  • Sponsorship: The Hampshire Companies is a privately held, fully integrated real estate firm, real estate investment fund manager and Registered Investment Advisor based in Morristown, N.J. The Hampshire Companies has a diversified investment platform and derives results from its broad experience in multiple commercial real estate asset classes. Hampshire prides itself on its vertically integrated business platform. Having an in-house team of dedicated professionals helps to streamline all aspects of a project from acquisition to financing to development and construction to marketing and leasing. An integrated business model enables Hampshire to be nimble and act quickly, actively manage the project ensuring exclusive control, and provide the highest level of service to its investors.
  • Sponsorship: The Pinnacle Companies is a privately held, regional real estate development firm based in Montclair, N.J. The Pinnacle Companies focuses its core competencies on transformational residential, commercial and retail properties with a concentration on redevelopment, mixed-use and transit-oriented projects.
  • Lender: Hall Structured Finance based in Dallas, TX. The loan was originated by Hall’s Vice President Matt Mitchell.

 

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Hall Structured Finance Closes Loan to Refinance The MC Hotel in Montclair, NJ, Financing Sourced by BayBridge Real Estate Capital

Article from HotelBusiness.com

Hall Structured Finance closes loan to refinance The MC Hotel in Montclair, NJ
Dallas-based Hall Structured Finance (HSF) has closed a first mortgage bridge loan to refinance the MC Hotel, an Autograph Collection by Marriott property located in Montclair, NJ. The MC Hotel was developed by a joint venture between The Hampshire Companies and The Pinnacle Companies and opened in August 2019. Aparium Hotel Group manages the property. In connection with the closing of the loan, an adjacent restaurant site has been acquired for which a new upscale restaurant is being designed, adding to the hotel’s existing signature food and beverage venues.

Located in downtown Montclair, the 159-room boutique hotel is in a business and entertainment center known for its restaurants, retailers, and arts and entertainment venues. The hotel features multiple meeting and event spaces, including a 3,000-sq.-ft. ballroom that can accommodate up to 200 guests. The hotel features its signature restaurant Allegory, and Alto, the only rooftop indoor/outdoor bar and lounge in Montclair, located on the ninth floor. In addition, the hotel features an art collection on display throughout the property, showcasing both local and international artists.

Hampshire and Pinnacle are also partners on the MC Residences, currently under construction on the same block. The future MC Residences will include 40 high-end multi-family rental units, a 3,500-sq.-ft. food hall and a 4,000-sq.-ft. streetside outdoor plaza.

Jay Miller, AJ Felberbaum and Spencer Miller from BayBridge Real Estate Capital, sourced the financing for the project.

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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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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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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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Market Outlook April 9, 2020

Over the past few weeks there has been a tremendous amount of economic uncertainty that has turned the real estate capital markets upside down. There have been 2,600 borrowers representing $50 billion of Commercial Mortgage Backed Security (CMBS) loans that have asked for reprieve on their April mortgage payments.  This metric doesn’t consider agency debt, bank debt, life insurance debt or all of the other lending channels.  We are truly in unprecedented times.

With commercial operating accounts being drawn down at a record pace, bank depository rates have dropped significantly.  These banks are now trying to hold on to liquidity so they can honor their existing commitments for future funding. This has created spillover issues in the rest of the capital markets.

The lenders that have levered their positions with repo lines or warehouse lines are finding these instruments frozen and margin called.  In addition, debt funds that rely on selling a senior interest in their loans to get economic efficiency no longer have a market of buyers.

With all of this being said there still is capital that is being deployed in the market.  There is a stable of lenders that are looking at special situation deals.  These lenders are looking to provide short term financing solutions to clients that are backed into a corner.  Fixed rate financing options are still available.  Options exist for assets where we can demonstrate that the cash flow is stable even in these unstable times.  This money has gotten more expensive by about by roughly 1%.

Right now, cost efficient capital for any construction, transitional assets or short-term bridge financing is on hold.  With the CLO market at a stop and the lack of availability to lever loans, this type of financing is currently extremely limited.

When the world is able to go back to work and businesses start to open, the real estate market can assess how many tenants are paying rent and how many mortgage payments are missed. This information will lead us to what real estate values are.

We think that when we get to this point, we will see the CLO and CMBS bond buyers become active again quickly. We also think that banks will be gaining deposits again and with the Fed lift of the depository ratios, the banks will begin lending again.  We also think that this downturn is going to activate parts of the equity markets. For the past two years we have seen yields tighten and we had an increase of debt vs. equity.  Expect to see that pendulum swing back.

At BayBridge Real Estate Capital, we are constantly obtaining market information and data.  We are helping clients and prospective clients walk through the nuances of the capital markets that impact their deals and future pipelines.

If you have a special situation or critical need, please reach out. We will do all we can to help you solve the problems that are arising in these unprecedented times.