Brewerytown Apartments, Philadelphia, PA
Linden Lane Structured Capital (LLSC) closed on a $4.8 million preferred equity investment for the redevelopment of a 162-unit project located in the Brewerytown neighborhood of Philadelphia, PA. The existing 6-story building was being gut rehabbed into loft-style apartments. Additional funds were required for the retail buildout. The investment was out for approximately 1.5 years and paid a mid-teens IRR. Sponsor recourse was provided to solve for a complex, over-levered capital stack. LLSC’s knowledge of the local market, familiarity with the asset, and knowledge of the sponsor provided a competitive edge.
W Hotel, Atlanta, GA
University Grande Apartments, Hammond, LA
Situation – Experienced sponsor seeking accretive preferred equity for a ground-up, student housing deal in a tertiary market.
Strategy – LLSC recognized the sponsor as being extremely strong financially and professionally. Though small university town, Freddie Mac and Fannie Mae would lend and size a take-out loan in excess of our exposure.
MTP Hotel Portfolio, N.J. & PA
lender. LLSC’s disciplined approach to investing secured not only a great return but avoided a significant loss of time and money.
The Edge at College Hill, Providence, R.I.
Situation – Sponsor required additional dollars to cover construction cost overruns on a stabilized student housing property
Strategy – LLSC put a 2nd mortgage on the property recognizing that its last dollar of risk was 70% of value in highly desirable, difficult to build northeast student housing market with great universities.