Dealmaker: Electra Capital Provides $92M Bridge Loan
Electra Capital, West Palm Beach, Fla., closed a $92 million bridge loan for Four West Las Olas, Elevate Partners’ new apartment tower in downtown Fort Lauderdale, Fla.
The loan replaced an existing construction loan for the property, which is currently 58 percent leased.
The loan marked Electra Capital’s entry into the bridge loan market and is the largest loan the firm has originated to date. Electra brought in public non-traded mortgage real estate investment trust Benefit Street Partners Realty Trust, New York, to provide a $76 million senior mortgage, while Electra retained a $16 million mezzanine loan. Cushman & Wakefield arranged the financing.
“This loan illustrates the strong demand for alternative forms of financing given the current dislocation of the capital markets,” said Electra Capital CEO Samuel Greenblatt.
Michael Comparato, Head of Commercial Real Estate for Benefit Street, noted the transaction closed in just 22 days.
The 25-story, 250-unit luxury apartment tower includes studio, one-, two- and three-bedroom floor plans ranging from 588 square feet to 1,376 square feet.