Transactions

BSPRT originated a $55 million first mortgage loan to refinance a 659,315 SF office complex located in downtown Hartford, CT. Loan proceeds were used to pay off existing debt and fund tenant improvement and CapEx reserves.

BSPRT originated a $13.4 million first mortgage loan to facilitate the acquisition of a 144,555 SF retail center shadow anchored by a Target located in Normal, IL. Loan proceeds were used to acquire the property and fund tenant improvement & CapEx reserves.

BSPRT originated a $14.75 million first mortgage loan to facilitate the acquisition of a 67,500 SF retail center anchored by a Smart & Final and LA Fitness located in Oxnard, CA. Loan proceeds were used to acquire the property and pay closing costs.

BSPRT originated a $9.6 million first mortgage loan to refinance a 659,900 SF manufacturing and warehouse facility leased to a single tenant located in Jonesboro, AR. Loan proceeds were used to retire existing debt and repatriate equity to the Sponsor.

BSPRT originated a $33.5 million first mortgage loan to facilitate the acquisition of a 179 unit, Class A multifamily property located in Wilton Manors, FL. Loan proceeds were used to retire an existing construction loan and repatriate equity to the Sponsor.

BSPRT originated a $17 million first mortgage loan to refinance two, limited service hotels with 117 total rooms located in Troy, MI. Loan proceeds were used to retire existing debt and repatriate equity to the Sponsor.

BSPRT originated a $16 million first mortgage loan to facilitate the acquisition of two flex/office/laboratory buildings, both located in Malvern, PA, totaling 180,961 SF. Loan proceeds will be used to facilitate the lease up of the buildings to stabilized occupancy.

BSPRT originated a $20.5 million first mortgage loan to facilitate the acquisition a Class A office portfolio consisting of three multi-tenant properties located in Dublin, OH. The portfolio totals 449,195 SF spread across the three buildings which are located approximately 15 miles northwest of the Columbus, OH CBD. Loan proceeds will be used to address near term rollover and lease up existing vacant spaces at the Property.

BSPRT originated a $67.8 million first mortgage loan on the acquisition of a Class A office portfolio located in the Tampa, FL area. TDC Portfolio consists of six offices encompassing 698,100 SF and was acquired by an institutional sponsor. The Sponsor’s business plan is to lease the building up to market vacancy and roll leases up to market. The buildings received minimal attention from prior ownership and the Sponsor intends to invest substantial capital into property and tenant improvements.

BSPRT originated a $24.4 million first mortgage loan to refinance a four building, 275,701 SF office park located in Raleigh, NC. There is a diverse mix of tenants across the Class A portfolio. Loan proceeds were used to retire existing debt and pay closing costs.

BSPRT originated a $19.5 million first mortgage loan to facilitate the acquisition of a nine building, 388,213 SF office park located in Duluth, GA. Loan proceeds were used to fund tenant improvements and leasing costs to lease up vacant space, as well as demise space for future tenants.

BSPRT originated a $29 million first mortgage loan to facilitate the repayment of the existing mortgage and fund a TI/LC reserve on Shingle Creek Crossing, a 173,028 SF anchored retail power center in Brooklyn Center, MN. Loan proceeds will be used to facilitate lease up of the Property to bring it up to market occupancy.

BSPRT originated a $15.8 million first mortgage loan encumbering the Borrower’s leasehold interest and a $7.5 million first mortgage loan encumbering the Borrower’s leased fee interest in The Shops at Mauna Lani, a 78,209 SF shopping center located in Waimea, HI. Loan proceeds will be used to facilitate renewal and re-leasing of space to bring the property’s rent and occupancy up to market.

BSPRT originated a $14 million first mortgage loan to facilitate the repayment of the existing mortgages on the property, and fund a renovation reserve for Bed Bath and Beyond Plaza, a 74,927 SF anchored retail center in Delray Beach, FL. Loan proceeds will be used to facilitate the development of an outparcel and re-leasing of a portion of the center.

BSPRT originated a $13 million first mortgage loan to fund the acquisition and renovation of Kendall Pointe, a 75,187 square foot grocery-anchored retail center located in Miami, FL. The sponsor plans to use loan proceeds for TI/LCs and renovation.

BSPRT originated a $42 million first mortgage loan to refinance an eight building, 199 unit multifamily portfolio located in New York, NY. The portfolio contains a mixture of affordable and fair market units. Loan proceeds were used to retire existing debt and pay closing costs.

BSPRT originated a $23 million first mortgage loan to facilitate the repayment of the existing construction loan on The Park at Legacy Trails Apartments. The Property is a 162-unit garden-style multifamily complex in Centerville, UT. Loan proceeds will be used to complete the construction and bridge the Property to stabilization.

BSPRT originated a $29.1 million first mortgage loan to facilitate the acquisition of a 313 unit multifamily portfolio located in Houston, TX. Loan proceeds were used to perform exterior rehab on the property and renovate units at the Property that have yet to receive interior renovations.

BSPRT originated an $18 million first mortgage for the acquisition of Marina Bay Apartments, a 189-unit multifamily property in Las Vegas, NV. The loan will facilitate Marina Bay’s conversion from a traditional multifamily to a 378-bed student housing community.

BSPRT originated a $57.1 million first mortgage loan to refinance an eight-story, 147 room hotel in Brooklyn, NY. Loan proceeds were used to retire existing debt and fund a CapEx reserve to complete construction on the hotel.

BSPRT originated a $21.0 million first mortgage loan to facilitate the acquisition of a 141 room, limited service hotel located in Minneapolis, MN. Loan proceeds were used to finance a soft-brand conversion and better market the property to constituents of the neighboring University of Minnesota – Minneapolis.

BSPRT originated a $14 million first mortgage loan to fund the acquisition and renovation of the Sheraton Metairie, a 181-key full-service hotel located in Metairie, LA. Loan proceeds will be used to facilitate a substantial Property Improvement Plan.

BSPRT originated a $13 million first mortgage loan to fund the acquisition and renovation of the Beachside Resort Pensacola, a 130-key limited-service hotel located in Pensacola, FL. The loan will facilitate the sponsor’s substantial Property Improvement Plan to reposition the property.

BSPRT originated a $14 million first mortgage loan on the acquisition of MHP Funds Portfolio II, a three property portfolio encompassing 766 manufactured housing home sites located in Brownsville, TX, Gallup, NM, and Layton, UT. Loan proceeds will be used for capital expenditures and home renovations/acquisitions.

BSPRT originated a $54 million first mortgage for the acquisition of Zilkr on the Park Apartments, a 213-unit property located in Austin, TX. The loan will facilitate the Sponsor’s conversion of Zilkr from a multifamily rental into for-sale condominium units.