Loans

White Oak Real Estate Capital Executes Over $140 Million in Loans in Q4 2021

White Oak Real Estate Capital Executes Over $140 Million in Loans in Q4 2021
Written by Publishing Team

New York–(work wire) – White Oak Real Estate Capital (“WOREC”), a subsidiary of White Oak Global Advisors, LLC (“WOGA”) today announced that it generated $145.75 million in loan transactions in the multi-family and self-storage segments in the fourth quarter of 2021. These announcements follow the launch of the Center for Renewable Energy and Energy Efficiency in July 2021.

Transactions within the transactions include:

  • A large $52.5 million loan to The Aurora, a 126-unit high-rise apartment building located at 554-556 Third Avenue in Murray Hill, New York.

  • A $30 million construction loan for Manhattan Building Corporation (“MBC”) and its 80-unit multi-family project at 40 Center Street in Jersey City, New Jersey.

  • Two separate loans of $41.35 million and $21.90 million for the development of Class A self-storage facilities in Los Angeles, California for 1784 Capital Holdings, a leading developer of self-storage facilities in high barrier to entry markets throughout the United States.

“Since its launch last July, WOREC has significantly expanded its lending business into the commercial real estate market by offering targeted, bespoke solutions across its capital structure,” said Andrei Hackak, WOGA Co-Founder and CEO. “The achievements we have achieved in the less than six months since the launch of the WOREC project is a testament to the innovative and effective financing solutions that we can bring to the market.”

Aurora is owned by Townhouse Management Company, a New York-based real estate investment firm. The funds will be used to refinance existing debt, refurbish the units and re-let them as traditional multi-family rental apartments upon expiry of the existing corporate housing principal lease. Meanwhile, the Center 40 project, located in the Bates Street redevelopment area in Jersey City, will use the funds to finance the construction of a 6-storey mixed-use housing development, ~150,000 from the Social Housing Mixed-Use Fund comprising 80 market-rate rental housing units, 80 places Parking, and approximately 3,200 sf of commercial space on the ground floor.

The self-storage development loan to 1784 Capital Holdings constitutes the second and third transactions that WOREC has with the company, and both facilities will be operated by professional third-party self-storage brands upon completion.

“Certain segments of the commercial real estate industry have surged during the pandemic, due to a combination of increased migration of families and businesses and new ways of working from home,” said Eric Tangeloff, general manager at WOREC. “As one of the top performing asset classes in the sector, we are excited to expand our footprint in the self-storage industry in particular, and look forward to more opportunities going forward.”

The Center for Renewable Energy and Energy Efficiency (WOREC) previously provided a $28.45 million loan to 1784 Capital Holdings in September 2021 for a project in Santa Barbara, California.

About White Oak Real Estate Capital, LLC

White Oak Real Estate Capital, LLC (“WOREC”), a subsidiary of White Oak Global Advisors, LLC, is a lender to the commercial real estate industry specializing in creating customized financing solutions secured with transitional assets. The Center for Renewable Energy and Loan Efficiency offers loans across the capital structure, from large first-mortgage loans to temporary loans in special cases. The company is headquartered in New York City.

About White Oak Global Advisors

White Oak Global Advisors, LLC (“WOGA”) is a leading alternative debt management company specializing in creating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium businesses. WOGA, along with its financing subsidiaries, offers more than twenty market lending products, including term loans, asset-based loans, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its subsidiaries have deployed more than $10 billion across their product lines, using a disciplined investment process focused on delivering risk-adjusted investment returns to investors while forging long-term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.

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