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

NEW YORK–(BUSINESS WIRE)–White Oak Real Estate Capital (“WOREC”), an affiliate of White Oak Global Advisors, LLC (“WOREC”) announced today that it has initiated $145.75 million in loan transactions in the multifamily and self-storage sectors in the fourth quarter of 2021. These announcements follow the launch of WOREC in July 2021.

Offers in transactions include:

  • A senior loan of $52.5 million to The Aurora, a 126-unit residential tower located at 554-556 Third Avenue in Murray Hill, New York.

  • A $30 million construction loan to Manhattan Building Company (“MBC”) and its 80-unit multifamily 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 leader in the development of self-storage facilities in high-barrier-to-entry markets in the United States

“Since its launch last July, WOREC has significantly expanded its lending activity in the commercial real estate market by offering meaningful and tailored solutions across the capital structure,” said Andre Hakkak, co-founder and CEO. from WOGA. “The achievements we have made in less than six months since launching WOREC is testament to the innovative and effective financing solutions we are able to provide to the market.”

The Aurora is owned by Townhouse Management Company, a New York-based real estate investment firm. The funds will be used to refinance existing debt and renovate and re-let units as traditional multi-family rental apartments when the current corporate housing head lease expires. Meanwhile, the 40 Center project, located in the Bates Street redevelopment area of ​​Jersey City, will use funds to finance the construction of a 6-story, ~150,000 GSF, mixed-use residential development consisting of 80 apartments rentals at market price, 80 parking spaces and approximately 3,200 square feet of commercial space on the ground floor.

The two self-storage development loans to 1784 Capital Holdings are WOREC’s second and third transactions 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 household and business migration and new work-from-home lifestyles,” said Eric Tanjeloff. , CEO of WOREC. “As one of the best performing asset classes in the industry, we are excited to expand our presence in the self-storage sector in particular, and look forward to more opportunities in the future. ”

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 tailored financing solutions secured by bridging assets. WOREC offers loans across the entire capital structure, from Senior Senior Loans to Special Situation Bridge Loans. The company is headquartered in New York.

About White Oak Global Advisors

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

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