Knighthead provided a $50mm first mortgage acquisition loan secured by 3 office buildings in West Palm Beach, FL. The loan was underwritten to an ~57% “as-stabilized” value.

Knighthead provided a $61mm first mortgage loan secured by the Ritz Carlton Reserve Hotel and Resort, Dorado Beach, Puerto Rico. The loan was underwritten to ~46% loan to value.

Knighthead provided a $42mm first mortgage loan to construct a 7-story, ~83,746 Gross SF medical office building located directly next to Mt. Sinai Hospital in Astoria, Queens.  The property is ~65% pre leased to a credit medical tenant. The loan was underwritten to a ~65% “as-complete” value.

Knighthead provided a $34mm first mortgage acquisition and adaptive re-use construction loan for the conversion of a former outlet mall to a Class A ~243,950 Sq. Ft. office space. The loan was underwritten at ~64% of cost and ~48% of as-stabilized value.  Knighthead further modified its existing $34 million construction loan, which was originated in 2019,  and upsized the loan to $57.25mm to provide additional capital to the borrower for tenant improvements and leasing commissions in connection with a long-term lease for the entire project.   The tenant, Invitae Corp.,  is a biotech company involved with DNA sequencing.

Knighthead provided a $75mm first mortgage construction loan for an 18-story high rise with 49 luxury residences over ground floor retail. The subject property will include 47 3-bedrooms and 2 4-bedroom penthouse units with units ranging from 3,625 SF to 5,982 SF and 3 floors of parking. The loan was underwritten at ~68% of cost and ~57% of sellout value.

1st mortgage refinance secured by an approx. 179,846 Sq Ft 12-story office building.