Transactions

Knighthead provided a $12.5mm first mortgage secured by 2 multifamily properties in Cambridge, MA containing 41 units.  The loan was underwritten at 61% LTV.

Knighthead provided a $25.25mm first mortgage loan to complete a 7-story, 178 unit multifamily building in the Roosevelt section of Seattle. The loan was underwritten to ~66% of stabilized value.

Knighthead provided a $13.05mm first mortgage loan to be used towards the refinance and construction of an approx. 13,400 sq. ft. ultra-luxury single family residence to be marketed for sale. The loan was underwritten to 73% of completion value.  This loan was made to a repeat Borrower.

Knighthead provided a $9.5mm first mortgage construction loan to complete a 5-story, 50 unit multifamily condominium building with covered parking. The loan was underwritten to ~68% of cost and ~57% of net sell out 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.

Knighthead provided a $4.85mm first mortgage construction loan for an ~11,958 Sq. Ft  retail building. The subject property is currently a 6,487 SF 1 story retail center and ownership is planning to expand the property to include additional ground floor space and a second floor. The loan was underwritten at  ~72% of cost and ~54% of “as-stabilized” value.

Knighthead provided a $15.5mm first mortgage construction loan to complete a 77 unit condominium building with ground floor retail and covered parking.  The loan was underwritten to ~68% of cost and ~50% of net sell out value.