Armonk, NY $21,340,000 Industrial and Self Storage A Note Participation

Knighthead provided a $21,340,000 senior participation interest (A-Note) in a $39.6mm first mortgage loan. The loan is secured by an ~11.3-acre industrial site consisting of (i) ~60,000 SF flex warehouse, (ii) ~30,500 SF to be developed warehouse, and (iii) to be developed ~60,500 SF, 600-unit self-storage facility. The A note was underwritten to an ~37% LTV of Appraised Value.