Debt Placement
Belrad was retained by the equity partner of a 98-unit luxury beachfront condominium development in Maui, Hawaii, to be its representative. Working with a local partner, we were involved in the entitlement, development, and sell-out of the project, including structuring, placing, and syndicating a $145 million construction loan. The project has since sold out, and all capital and profits have been repaid to the lenders and investors.
Working with a New York-based real estate opportunity fund, we structured, arranged, and placed a $15 million “B Piece” tranche within a $41 million senior land loan for a development in Kauai, Hawaii. After the closing we provided asset management services for the lender.
Belrad structured, placed, and syndicated the $50 million revolving senior construction debt for a 192-unit townhome condominium project on the Big Island of Hawaii. We provided ongoing development management services for the investment bank capital partner and worked closely with their homebuilder partner on all development decisions.
We structured, negotiated, and placed a $13.5 million working capital third mortgage. In the process we acquired the managing general partnership interests in a to-be-developed mixed-use project in downtown Chicago that is to include 650,000 sq. ft. of retail/commercial space and over 4,000 residential units. The debt facility was paid off 18 months later through the sale of the development to an offshore investor. The project has yet to break ground.
Belrad structured, negotiated, and placed a $21 million senior bridge loan used to fend off the hostile bondholder takeover bid of a large planned resort subdivision in Southern California. After closing we provided asset management services. The loan was paid off as agreed 18 months later.