Carmel Partners Introduced a Lending Business

Experts in multifamily real estate, Carmel Partners applies a vertically integrated platform to create value in cities from coast to coast, with a historic focus on development and redevelopment projects in major metropolitan areas. Employing in-house teams, Carmel Partners holds a unique ability to control and oversee each stage of development, from identifying target markets to construction to asset management. With projects portraying an unmistakably high-end standard, Carmel Partners builds a reputation for multifamily expertise in an ever-changing investment landscape.

Prominently reflecting the firm’s entrepreneurial approach to development is ‘Linea,’ a West Los Angeles project comprised of one ten-story building and three six-story buildings on the edge of Beverly Hills, Century City and Westwood. Thoughtfully including modern apartment interiors, proximity to public transit and unobstructed views of the Pacific coastline, Carmel Partners implements the ideal Los Angeles lifestyle at Linea.

With a footprint in markets beyond Los Angeles, the firm has gained a nuanced understanding of the multifamily industry through its assets in New York, San Francisco, Seattle, Denver, Washington D.C. and Hawaii. With this knowledge and experience comes an ability to anticipate competitive opportunities throughout fluctuating market cycles.

Drawing on over two decades of successful multifamily investing, Carmel Partners expanded its operations during the COVID-19 pandemic, which posed significant challenges for the real estate industry and required many developers to reimagine the scope of existing projects. To address the decrease in commercial real estate lending, Carmel Partners launched a sector of its business that would provide options for multifamily developers lacking in traditional financing through the underwriting of land and construction loans. Pairing an understanding of compelling investments with an ability to navigate risk, Carmel’s loan team offered its exceptional underwriting capabilities to landowners and developers during a turbulent stage for the industry.

Carmel Partners successfully closed more than $220 million in multifamily development loans in just nine months in Metro New York and, for the first time, in Boston, a city which fit Carmel’s overall investment thesis of having relatively high commercial real estate values, high barriers to entry, strong job growth, and overall desirability.

The loan team closed its first loan for a Boston property to aid in the restructuring of construction debt due to roadblocks caused by the COVID-19 pandemic. The project had initially broken ground in 2019, poised to enter a market with rising property values, but faced delays and complications that left the developer in need of financial assistance. Unable to rely on conventional lenders, a $101.5 million loan was co-originated by Carmel Partners and another lender that gave the borrower an opportunity to redirect its development plan, completing the property as condominiums rather than rental apartments.

In Metro New York, Carmel Partners provided customized lending solutions for land and construction properties, positioned within opportune neighborhoods and meeting the firm’s criteria for risk-adjusted returns. The Carmel loan team, founded on two decades of successful multifamily investing in numerous business cycles and in major markets around the US, enabled the team to understand the assets that underly the loans and the value of the opportunity.

Carmel Partners’ loan business will consider new markets to apply its expertise creating customized solutions for large, complex land and constructions loans. With an eye on quickly expanding cities, the team looks for markets that align with the firm’s investment strategy.

As multifamily experts, Carmel Partners offered ease of execution for land, construction and bridge loans during a time of unprecedented impact on the commercial real estate industry that enabled development to continue during the pandemic.

About Carmel Partners

Carmel Partners is one of the leading specialists in real estate investment management with a focus on U.S. multifamily acquisition and renovation, and development and construction. The company also specializes in debt and lending opportunities. Carmel Partners, LLC was founded in 1996 and has offices across the country, including San Francisco, Los Angeles, Irvine, New York City, Seattle, Washington D.C., and Denver. For more information, please visit www.carmelpartners.com.

 

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