White Oak Real Estate Capital, an affiliate of White Oak Global Advisors launched in July 2021, originated $145.75 million of loan transactions in the multi-family and self-storage sectors in Q4/21.
The deals included:
- A $52.5 million senior loan to The Aurora, a 126-unit residential high rise in Murray Hill, NY. The Aurora is owned by Townhouse Management Company, a New York-based real estate investment firm, which will use the funds of the loan to refinance existing debt and renovate and re-tenant units as traditional multi-family rental apartments upon expiration of the current corporate housing master lease.
- A $30 million construction loan to Manhattan Building Company and its 80-unit multi-family project at 40 Center St. in Jersey City, NJ. The 40 Center Project, located in the Bates Street Redevelopment Area of Jersey City, will be utilizing the funds of the loan to finance the construction of a six-story mixed-use residential development comprised of 80 market rate rental apartment units, 80 parking spaces and approximately 3,200 square feet of ground-floor commercial space.
- Two separate loans of $41.35 million and $21.90 million for the development of Class-A self-storage facilities in Los Angeles for 1784 Capital Holdings, a developer of self-storage facilities in high barrier-to-entry markets across the United States. The two self-storage development loans make up the second and third transactions White Oak Real Estate Capital has completed with 1784 Capital Holdings, and both facilities will be operated by professional third-party self-storage brands upon completion.
“Since launching last July, WOREC has been significantly expanding its lending activity in the commercial real estate market by offering meaningful and bespoke solutions across the capital structure,” Andre Hakkak, co-founder and CEO of White Oak Global Advisors, said. “The accomplishments we’ve had in under six months since WOREC’s launch is testament to the innovative and efficient financing solutions we are able to provide to the market.”
“Certain segments of the commercial real estate industry surged during the pandemic due to a combination of increased migration of households and businesses and new work-from-home lifestyles,” Eric Tanjeloff, managing principal at White Oak Real Estate Capital, said. “As one of the best performing asset classes within the sector, we’re excited to expand our footprint in the self-storage industry in particular and look forward to more opportunities in the future.”