Bridge Investment Group Partners (Bridge-IGP) has secured $362 million in equity commitments for its subsidiary fund manager focused on debt.
The financing was secured on the Sunset La Cienega project and went to the developer CIM Group, an anonymous source told Real Estate Capital.
Principal Life Insurance Company has provided a combined $191 million on two retail properties: the World Diamond Tower in Manhattan and Plaza 183 shopping center in the Los Angeles area.
The loan went to the building’s owners Long Wharf Real Estate Partners and Treeline Companies to refinance existing debt and reposition the property into Class A office space, according to the lender.
The private, mid-market bridge lending business escapes much of the regulations that have impacted the banks and CMBS this year, opening up opportunities for Pembrook to do more transactions other lenders won’t, as Real Estate Capital reported previously.
Protective Life Insurance Company has provided a $30 million acquisition loan on a 301,711 sq ft Lakeland Plaza shopping center near Atlanta, Georgia. The 10-year loan with a 3.85 percent interest rate went to a subsidiary of Preferred Apartment Communities.
US Bank has provided a $58.54 million construction loan on the 264-room Omni Hotel at The Battery Atlanta development project near the future stadium of the Atlanta Braves baseball team.
Bank of New York Mellon (BNY Mellon) has provided a $120 million financing on a Beaux-Arts style retail building near Astor Place in Lower Manhattan.
Kennedy Wilson has secured a $62.6 million Freddie Mac financing on a 430-unit Belara at Lakewood apartment community in the Seattle, Washington suburb.
The loan went to the 100 Jane Street property owner Rockrose Development Corporation, which purchased the building in 1995, city records show. The financing pays off the unpaid principal balance from previous loan on top of a $50 million gap mortgage.