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Wednesday, 19 June 2019

CrossHarbor Writes $142Mln Construction Loan with Expanding Debt Fund

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Commercial Real Estate Direct Staff Report

CrossHarbor Capital Partners has originated a $142 million construction loan for six industrial properties with 2.87 million square feet that Scannell Properties has proposed building.

The Boston investment manager sold an $85.4 million A note to National Life Group, a Montpelier, Vt., life insurance company, and kept a subordinate B note.

Scannell, of Indianapolis, is building the six warehouse and distribution facilities in Dallas/Fort Worth, Jacksonville, Fla., and Savannah, Ga., on a speculative basis.

CrossHarbor's financing was funded through its debut debt-investment vehicle, the CrossHarbor Senior Debt Income Fund, an open-end fund anchored by the California State Teachers' Retirement System, which committed $150 million. The fund has originated more than $660 million of financing.

CrossHarbor was founded in 1993 by Samuel T. Byrne and William H. Kremer, who previously specialized in loan workouts with Fleet Financial Group and its predecessors. They hired Richard Flohr as managing...

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $100 million and $150 million
  • Private: Yes
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