Originated a $66MM First Mortgage Loan to refinance 18 completed luxury townhome units and finance construction of an additional 19 townhomes in Hampton Bays, NY. The Sponsor is a repeat Borrower and had executed a 10-year lease for all 37 luxury townhomes with a publicly traded hospitality company, which plans to offer short-term rentals to its members.
Originated a $36.9MM First Mortgage Loan to finance the construction of a 45% complete, 146-unit multifamily property in Austin, TX for a local, vertically integrated Sponsor. RMWC was able to provide an attractive alternative to traditional relationship bank financing. The property is well-positioned in East Austin just five minutes from The University of Texas, ten minutes from Downtown Austin, and adjacent to a master-planned community with 750k SF of retail, 4.5MM SF of commercial space, 6,200 residences, and 90 acres of parks and open space.
Originated a $50.2MM First Mortgage Loan to a repeat Borrower with proceeds used to finance the construction of a five-building, 306-unit multifamily development in Madison, WI. The project is one of only two residential sites in a large 447-acre master-planned community that contains the headquarters for American Family Insurance, several other large corporate users, and two major medical centers.
Originated a $49.95MM First Mortgage acquisition and construction loan to finance the construction of a 288-unit multifamily development in Aberdeen, MD. The property is adjacent to The Aberdeen IronBirds Stadium (Orioles minor league affiliate) with direct access to I-95, The Aberdeen Amtrak/MARC station, Aberdeen Proving Ground, and a growing employer base. At closing, RMWC advanced proceeds to finance the Sponsor’s land acquisition after their sale of a separate, unrelated property and source of equity was delayed.
A $32MM First Mortgage secured by the fee simple interest in an 8.2-acre development site planned for a luxury waterfront condominium development in Palm Beach Gardens, FL. The loan was used to complete an assemblage of the Property, pay transaction costs, and fund carry, debt service and predevelopment reserves. The Sponsor is a local developer who plans to seek entitlements allowing them to build 98 luxury condominium units across three buildings with 31 boat slips.
Originated a $25.0MM Mezzanine Loan secured by a pledge of Borrower’s equity interest in a 646-unit condominium hotel located in Downtown Miami, Florida. The Class A asset was originally intended to be a multifamily rental building but due to demand for condominiums, the Sponsor elected to convert the asset to a condo/hotel and had over one-third of all units under hard contracts at closing.
Originated a $19.15MM loan to finance the construction of a 49-unit condominium development in Port St. Joe, FL. The property is well located south of Panama City, FL, and just one mile from historic Downtown Port St. Joe with ocean views in a growing market with limited new condominium inventory.
RMWC originated a $7.0MM Mezzanine Loan secured by a pledge of Borrower’s equity interest to refinance the Sponsor’s all-cash acquisition and fund development expenses, reserves, and renovation capital on a 152-key Hotel in the Foggy Bottom neighborhood of Washington, D.C. The Sponsor is an experienced developer who plans to reposition an unbranded transient hotel into a branded extended stay hotel through a $27.6MM renovation.