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Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
Commercial real estate financing continues to be tough to come by — and tough to originate. Scaling up and out is the order of the day for many firms in the space. Witness the news of a major partnership between InterVest Capital and Builders Capital. Also for today: A nine-figure financing package in New York City brings together myriad parties.
— Tom Acitelli, Deputy Editor
InterVest Forms Partnership With Builders Capital, Acquires Minority Stake
Builders Capital and InterVest Capital Partners have formed a new strategic partnership, Commercial Observer can first report. As part of the transaction, New York-based InterVest will invest up to $500 million in Builders and also acquire a minority interest in the Puyallup, Wash.-based firm. Robert Trent, CEO of Builders Capital, said Builders was “thrilled to partner with InterVest,” in a statement. “We plan to use the capital to aggressively expand our platform and continue to provide creative financing solutions to our homebuilding customers,” he said. “We have tremendous confidence in the Builders Capital team and their 15-year track record as the leading private construction lender to homebuilders,” Michael Gontar, CEO of InterVestCapital Partners, said.
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Hudson Companies, Housing Works Land $105M to Build NYC Affordable Housing
A long-delayed new affordable housing project is soon arriving in Hell's Kitchen. A joint venture between The Hudson Companies and the nonprofit Housing Works has secured more than $104.5 million in construction financing to build The Lirio, a 112-unit mixed-use multifamily project that will house people with HIV/AIDS and low-income New Yorkers in need of affordable housing. The building will include 7,200 square feet of retail and more than 30,000 square feet of office space reserved for the Metropolitan Transportation Authority. There will be a further 14,000 square feet available for other office tenants. Webster Bank provided two different loans — one for $50.7 million, another for $11.3 million — to a pair of limited liability corporations associated with The Hudson Companies and Housing Works; the New York City Department of Housing Preservation and Development (HPD) provided an additional $42.4 million in financing for the project, according to property records.
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