News

NEW YORK CITY — Knighthead Funding has closed a $15 million first mortgage acquisition loan for three industrial buildings in the East Williamsburg section of Brooklyn. The borrower was not disclosed. The property has an existing as of right to build a residential development containing approximately 103,500 square feet. The property was acquired for $28 million.

Knighthead Funding, LLC (“Knighthead”), the Greenwich, CT-based real estate finance company, announced that it has provided a $5.4 Million first mortgage acquisition and rehab loan secured by a three-story office building in downtown Red Bank, NJ containing approximately 25,000 square feet.

Knighthead Funding, LLC (“Knighthead”), the Greenwich, CT-based real estate finance company, announced that it has provided a $9.5 Million first mortgage acquisition bridge loan secured by a 1,358-pad mobile home park located in Fair Haven, MI.

The financing comprises a $25 million first mortgage land loan from Knighthead Funding, which will fund future development parcels in downtown Newark, and a $2.5 million second mortgage from Prudential Impact Investments Mortgage Loans specifically for 909 Broad Street, also in Newark.

Knighthead Funding, LLC (“Knighthead”), the Greenwich, CT-based real estate finance company, announced that it has provided a $27 Million first mortgage construction loan to the developer of a seven-story, mixed-use apartment building located in Forest Hills, NY. The building will contain 46 apartments, ground floor retail and underground parking. The developer commenced construction shortly after the loan closed and completion is estimated to occur in 2018. The development will replace four existing structures, all of which had been used previously for commercial purposes.

Manhattan condominium developer Six Sigma received a $29 million acquisition and construction loan from Knighthead Funding, LLC to finance the conversion of an office building in Chelsea to luxury residential condos, Mortgage Observer has first learned.