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White Oak Real Estate Capital Executes Over $140MM in Loans in Q4 2021

January 21, 2022, 08:00 AM
Filed Under: Real Estate

White Oak Real Estate Capital (“WOREC”) originated $145.75 million of loan transactions in the multi-family and self-storage sectors in the fourth quarter of 2021. These announcements follow WOREC’s launch in July 2021.

The deals within the transactions include:

  • A $52.5 million senior loan to The Aurora, a 126-unit residential high rise located at 554-556 Third Avenue in Murray Hill, New York.
  • A $30 million construction loan to Manhattan Building Company (“MBC”) and its 80-unit multi-family project at 40 Center Street in Jersey City, New Jersey.
  • Two separate loans of $41.35 million and $21.90 million for the development of Class-A self-storage facilities in Los Angeles, CA for 1784 Capital Holdings, a leading developer of self-storage facilities in high barrier-to-entry markets across the U.S.

“Since launching last July, WOREC has been significantly expanding its lending activity in the commercial real estate market by offering meaningful and bespoke solutions across the capital structure,” said Andre Hakkak, Co-Founder and CEO at WOGA. “The accomplishments we’ve had in under six months since WOREC’s launch is testament to the innovative and efficient financing solutions we are able to provide to the market.”

The Aurora is owned by Townhouse Management Company, a New York-based real estate investment firm. The funds will be used to refinance existing debt and renovate and re-tenant units as traditional multi-family rental apartments upon expiration of the current corporate housing master lease. Meanwhile, the 40 Center Project, located in the Bates Street Redevelopment Area of Jersey City, will be utilizing funds to finance the construction of a 6-story, ~150,000 GSF mixed-use residential development comprised of 80 market rate rental apartment units, 80 parking spaces, and approximately 3,200 SF of ground-floor commercial space.

The two self-storage development loans made to 1784 Capital Holdings make up the second and third transactions WOREC has done with the firm, and both facilities will be operated by professional third-party self-storage brands upon completion.

“Certain segments of the commercial real estate industry surged during the pandemic, due to a combination of increased migration of households and businesses and new work-from-home lifestyles,” said Eric Tanjeloff, Managing Principal at WOREC. “As one of the best performing asset classes within the sector, we’re excited to expand our footprint in the self-storage industry in particular, and look forward to more opportunities in the future.”
WOREC previously provided a $28.45 million loan to 1784 Capital Holdings in September 2021 for a project in Santa Barbara, CA.

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