New funding will be used to enhance legendary venue’s infrastructure and facilities
May 14, 2024 10:15 AM Eastern Daylight Time
LOS ANGELES–(BUSINESS WIRE)–GreenLake Asset Management LLC (“GreenLake”), a nationwide leader specializing in providing short-term commercial real estate bridge loans, today announced that it has funded $8,150,000 in add-on financing to an existing $6,000,000 loan for a 2,500-seat concert venue located in Cleveland, OH.
The Cleveland Masonic Temple dates back to 1921 and has a storied past as the initial residence of the Cleveland Orchestra and later as a Masonic temple. The venue now functions as Temple Live and hosts world class artists from theater, music, and comedy.
GreenLake’s original loan was used to refinance and convert the property from a Masonic temple to a concert venue. Covid presented acute challenges for concert venues, but the borrower was able to weather the storm and GreenLake continues to lend support. With the recent funding, the sponsor will enhance the building’s infrastructure and facilities. Additionally, the sponsor has secured a grant through the Brownfield Remediation Program from the Ohio Department of Development.
Paul Diamond, Managing Director and Chief Operating Officer at GreenLake, stated, “We are pleased to partner with the sponsor of this asset, a skilled and creative developer with a proven track record of operating live performance venues. A resurgence following the reopening of the economy has drawn people to live events. With the sponsor’s expertise, as well as the renewed interest in the industry, we believe this project will emerge as the leader in the live entertainment scene in Cleveland.”
About GreenLake Asset Management LLC
Founded in 2008, GreenLake Asset Management LLC is an SEC registered investment advisor that manages three discretionary lending funds. GreenLake offers creative, flexible, and time-sensitive capital solutions across the commercial real estate industry including hospitality, industrial, multi-family, self-storage, mixed-use, office, and retail. For more information, please visit www.greenlakefund.com.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
New appointment further strengthens GreenLake’s bridge loan platform
Firm expects to close approximately $400 million in loans in 2024
LOS ANGELES, March 11, 2024 /PRNewswire/ — GreenLake Asset Management (“GreenLake” or the “Firm”), a nationwide leader specializing in providing short-term commercial real estate bridge loans, today announced that Phil Soh has joined the Firm as a Managing Director. Mr. Soh will focus on new credit originations spanning the commercial real estate market.
Mr. Soh brings to GreenLake more than two decades of experience in management, credit administration, underwriting and sales. He has held senior roles across business banking, middle markets, and corporate lending and possesses extensive expertise structuring specialized lending products in addition to standard loans. Prior to joining the Firm, Mr. Soh most recently served as an Executive Vice President and Deputy Chief Credit Officer at Banc of California (“BoC”), which operates more than 70 branches and accounts for nearly $39 billion in assets. During his time with the company, Mr. Soh was intimately involved in integrating BoC’s acquisition of Pacific Western Bank in which it became the third largest bank in California. Before that, he held senior credit and business development positions at Citizens Business Bank and Wells Fargo / Wachovia Bank. Earlier in his career, Mr. Soh was a financial advisor at LPL Financial.
Peter Chang, Managing Principal and Portfolio Manager at GreenLake, said, “Phil’s extensive background in credit and corporate lending coupled with his experience across the commercial real estate market make him a strong addition to our Firm. After 15-years as an investment firm with nearly $1 billion in assets under management, we continue to be relentlessly focused on continuing to enhance our platform and ensure we are providing prospective clients with access to best-in-class professionals and capital solutions. In my experience, many real estate lenders are incapable of understanding business financials and adding operational value. Phil’s industry knowledge and expertise allows us to better support real estate that facilitates our clients’ business objectives.”
Mr. Soh added, “Commercial real estate industry participants are increasingly looking for creative structured finance capabilities and tailored capital solutions to help them achieve their financing objectives in more flexible ways. GreenLake has been one of the premier players in real estate private credit over the past 15-years and offers clients an attractive value proposition through their broad suite of capabilities. I look forward to supporting the Firm’s growth and creating additional value for clients.”
Over the past three years, GreenLake has completed more than $1 billion in loan closings and has averaged one to three closings per month. The Firm expects to close approximately $400 million in loans in 2024.
About GreenLake Asset Management LLC
Founded in 2008, GreenLake Asset Management LLC is an SEC registered investment advisor that manages three discretionary lending funds. GreenLake offers creative, flexible, and time-sensitive capital solutions across the commercial real estate industry including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail. For more information, please visit www.greenlakefund.com.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
PHOENIX, Oct. 25, 2023 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $100,600,000 construction loan for a 276-unit multifamily project in Phoenix, AZ.
The community will consist of one, two and three-bedroom units, featuring high ceilings, modern amenities, private outdoor areas and attached parking. The project will be constructed in two phases: Phase I will be 94 townhome units, a clubhouse and leasing office, and Phase II will add an additional 182 townhome units. GreenLake closed a $41.3 million loan in March of this year for Phase I and recently closed a $59.3 million loan for Phase II. Structuring this in two phases allowed the borrower to begin Phase I while finalizing details for Phase II, with a target completion for the overall project of summer 2024.
Phoenix has experienced over five times the population growth compared to the national average since the COVID outbreak. The supply of new housing has not kept pace with demand and land available for infill development in the region remains scarce. Located on a former golf course in North-Central Phoenix, this built-to-rent residential development is unique in the developer’s ability to secure such an unusual parcel and is poised to thrive in this fast-growing market.
Peter Chang, Managing Principal at GreenLake stated, “The region has consistently ranked among the top markets for home price escalation in recent years, resulting in many potential homeowners opting to remain in the rental market. Additionally, high interest rates continue to drive home ownership out of reach for many potential buyers and we anticipate this trend toward renting to continue. We are confident that the developer will create a first-rate community, and believe that his experience and expertise in creating exceptional properties will add additional value and attract a range of residents, including young professionals and families.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
WAUKEE, Iowa, Sept. 13, 2023 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $35,300,000 construction loan for KeeTown Loop in Waukee, IA.
KeeTown Loop is a 40-acre master-planned entertainment district, anchored by a 3,500 seat Live Nation concert venue. The development will also feature an 88-unit apartment complex and two hotels: Aloft Hotel by Marriott and Home2 Suites by Hilton. In addition, there will be 22,000 square feet of office space and 51,000 square feet of retail. Starbucks and McDonald’s are currently under construction and future plans include restaurants, a microbrewery and a variety of other retail concepts. GreenLake’s funding will allow the sponsor to complete construction of the Live Nation venue and to purchase the land to be used for parking.
Peter Chang, Managing Principal at GreenLake stated, “The borrower has a long track record in diverse commercial development throughout the Midwest. The team has a great relationship with the City of Waukee and the necessary expertise to execute and stabilize this large-scale master development. With Live Nation as a strong anchor, we are confident that KeeTown Loop will thrive in the rapidly growing West Des Moines region.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
BEND, Ore., July 26, 2023 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $33,650,000 refinance and construction loan for The Ridge in Bend, OR. The mixed-use development will feature condominiums, retail, and both Hyatt and Marriott branded hotels.
GreenLake’s loan enabled the Sponsor to refinance an existing land mortgage and to fund Phase I of construction, which comprises 33 condominium units, with ground floor retail. Demand for housing in Bend is growing with many young professional families and early retirees from the Bay Area seeking second homes. At the same time, inventory has remained low due to high barriers to entry. Upon completion, the condominiums will feature luxury amenities in a stunning location overlooking the Deschutes River.
Paul Diamond, Chief Operating Officer at GreenLake stated, “The Sponsor has a proven track record in ground-up development. He recently completed construction of hotels in Bend and Redmond and has a strong network and extensive knowledge of the local market. Given the strength of the team and the irreplaceable location, we are very enthusiastic about this project.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
SHELTON, Conn., June 21, 2023 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $34,400,000 refinance and construction loan for Fountain Square retail center in Shelton, CT.
Fountain Square has generated significant interest as the first retail development in the market since 2021 and features a lineup of nationally recognized tenants including Chick-fil-A, Panera Bread and Taco Bell. Development had stopped due to various construction liens and complications in the partnership that owned the property. With the assistance of GreenLake’s loan, the Sponsor was able to settle outstanding financing and more than 60 vendor liens, as well as carry out a successful partnership buyout. Moreover, the loan provides the necessary funding to bring the project to completion and stabilization.
Peter Chang, Managing Principal at GreenLake stated, “The completion of this project involved navigating an intricate transaction with a significant number of liens and distressed mortgages. The sponsor has an impressive track record spanning more than three decades in commercial construction and development in the Northeast. We are confident that Fountain Square will thrive with its irreplaceable location, strong market and quality tenants.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
WILDWOOD CREST, N.J., Nov. 2, 2022 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $22,750,000 loan to redevelop a 108-room oceanfront hotel in Wildwood Crest, NJ. The property will feature an infinity pool, outdoor event venue, ocean view patio lounge, restaurant, fully renovated rooms and direct beach access.
GreenLake’s loan enabled the Sponsor to acquire the property and will be used to transform it into an upscale full-service hotel, including full renovation of the interior, exterior, lobby and rooms, and to add amenities. Located in the Doo Wop Historic Motel District, the hotel’s exterior design and façade will be largely preserved. The hotel is anticipated to open on Memorial Day weekend in 2023.
Peter Chang, Managing Principal at GreenLake stated, “The Sponsor has a proven track record in hospitality. He did a fantastic job renovating and upgrading a full-service hotel in Cape May last year within six months of acquisition. With his execution, expertise and strong local network, we believe this project will become a landmark property in the heart of the Wildwood Crest community.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
MILPITAS, Calif., Oct. 11, 2022 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $31,500,000 construction loan for a mixed-use condominium development in Milpitas, CA.
The borrower sought funding to acquire land, and to develop and build a 28-unit condominium complex, featuring 27 residential units and one street level commercial unit. The land is permit ready, which is a significant value in a highly regulated area of the country. This will enable the developer to begin construction immediately and bring the units to market within 18 months, in a market with high demand due to a severe housing shortage.
Paul Diamond, Chief Operating Officer at GreenLake stated, “Milpitas is a significant neighborhood in the greater Silicon Valley area and its housing market serves the growing needs of the tech industry. As more and more firms require employees to return to the office or assume hybrid roles, we expect to see employee housing play a big role in this market. We have full confidence that both the borrower and neighboring communities will benefit from this increase in housing supply.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
STONECREST, Ga., July 20, 2022 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $42,500,000 discounted pay-off loan for the Mall at Stonecrest, a 400,000 square foot super-regional mall located in Stonecrest, GA.
An experienced mall operator approached GreenLake for a loan to support a discounted pay-off, which would enable the sponsor to recapitalize a property that was overleveraged. Despite existing issues, the mall generated strong cash flow during the pandemic. GreenLake was able to navigate a complex situation and provide funding for the borrower to stabilize the property.
Peter Chang, managing principal at GreenLake stated, “This was a complex transaction involving multiple parties which we were able to successfully navigate due to our extensive experience with special situation loans. The sponsor has a great track record and expertise in mall operations, and we strongly believe this team can stabilize the asset within a year.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
FLAGSTAFF, Ariz. and TRACY, Calif. and GREELEY, Colo., May 18, 2022 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $77,000,000 ground-up construction loan for three Marriott affiliated properties in Flagstaff, AZ; Tracy, CA; and Greeley, CO.
The TownePlace Suites in Flagstaff, AZ will be an extended-stay hotel offering 94 units. The property is directly along Route 66 and adjacent to downtown Flagstaff, giving the hotel a very desirable location.
A second TownePlace Suites in Tracy, CA will feature 108 rooms located at a busy intersection along Interstate 205. Situated near Northern California’s largest industrial thoroughfares, Tracy is a burgeoning hub for industrial businesses catering to the San Francisco, Silicon Valley and Sacramento markets. The region also benefits from leisure traffic due to its proximity to the San Francisco Bay Area and Yosemite National Park.
The 110-room Residence Inn in Greeley, CO is ideally located near U.S. Highway 34 and 30 miles east of the Rocky Mountains. Upscale accommodations and modern amenities will give this hotel a competitive edge against outdated competitors in the region.
Peter Chang, Managing Principal at GreenLake stated, “The sponsor is an experienced hotel developer, owner and operator, and is a significant Marriott franchisee. He has a proven track record and we have built trust with him through prior deals. All three sites are permitted and ready for development in great locations with high barriers to entry. This deal enables the sponsor to expand his presence in the Rocky Mountain and Southwest regions.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
CAPE MAY, N.J., April 20, 2022 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $39,500,000 acquisition loan for a beachfront hotel in Cape May, NJ, and a former wedding hall in Randolph, NJ, that will be redeveloped and upgraded.
The Cape May property is a 76-room full-service hotel featuring a restaurant, bar, pool and sundeck, ideally situated at the beach and adjacent to downtown Cape May. GreenLake’s funding will also allow the borrower to renovate and add additional rooms to the property.
The event and conference facility is located in a dense area of Northern New Jersey with strong demand for high-end event spaces. Funds will be used to redevelop and rebrand the property as a state-of-the-art outdoor lifestyle event center.
Paul Diamond, Chief Operating Officer at GreenLake stated, “We believe in the sponsor’s excellent track record in operating high-end hospitality and large event venues. The hotel in Cape May is an irreplaceable asset with an incredible beachfront location and difficult to obtain liquor license. The property in Randolph has great potential to fulfill a void in the market and become a key destination in the region.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
CHICAGO, March 16, 2022 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $16,500,000 loan to refinance medical office condominiums in Blue Island, IL. The borrower acquired a vacant hospital, MetroSouth Medical Center, in 2019 and converted it into a mixed-use healthcare center which comprises medical offices, student housing and a commissary.
As the only medical offices in the region equipped with ready-to-move-in hospital grade infrastructure, the property is well positioned to bring in new tenants quickly. It is ideal for urgent care, outpatient surgery, pain care, doctors’ offices and life science labs, and several major tenants have already signed leases.
Peter Chang, Managing Principal at GreenLake stated, “This deal was complex since the hospital was divided and condominiumized into three different uses, and the condo declaration was created in parallel with GreenLake’s underwriting. While GreenLake’s loan was originally scheduled to close after the residential component, we were able to accommodate the borrower and close ahead of the other lender. The borrower is an experienced developer with over 30 years of experience, and we have great confidence in their team and vision in this specialized sector.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
POWDER SPRINGS, Ga., Feb. 9, 2022 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $30,500,000 loan to refinance a senior living campus that includes assisted living and memory care facilities in Powder Springs, GA. The existing bank loan was in covenant default due to litigation, and the sponsor sought funding from GreenLake to help resolve the litigation and pay off the existing debt.
GreenLake was also able to work with the borrower and accommodate requirements related to EB5 funding. Given the challenges related to the loan and GreenLake’s ability to close on the refinance quickly, the sponsor was able to obtain a discounted pay-off. In addition, GreenLake’s loan provided funding to pay off existing bond holders.
Peter Chang, Managing Principal at GreenLake stated, “This property is a state-of-the-art facility, recently completed in the northeast suburbs of Atlanta. The business provides a combination of independent, assisted and memory care living, which is in high demand in the area. While traditional lenders are shying away from healthcare assets due to the ongoing COVID pandemic, we are confident in the property’s strategic location, business plan and overall performance capability. GreenLake was able to cut through issues related to the litigation and ultimately structure a deal that worked for all parties. The sponsor also recently brought in a new and very strong management company that will bring the asset to its true potential.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
ATLANTA, Jan. 25, 2022 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $18,500,000 construction loan for an independent boutique hotel in Atlanta, GA. The Curator Hotel will feature 111 rooms and provide guests visiting the Old Fourth Ward district and fast-growing Ponce City Market neighborhood with a uniquely curated lifestyle experience.
The sponsor, a self-made and experienced hotel owner and manager in the region, sought funding from GreenLake after the original lender backed out midway through construction. GreenLake’s loan will enable the borrower to complete construction and deliver a more upscale product than originally called for.
Peter Chang, Managing Principal at GreenLake stated, “While traditional lenders are still hesitant to fund hotel development projects in dense urban areas, we believe in this opportunity to fund a unique boutique hotel in a rapidly growing section of Atlanta. The demand for curated hotel experiences in the Ponce City Market area is unparalleled and will only continue to grow for both commercial and transient consumers visiting the neighborhood on work and holiday travel.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
DENVER, Nov. 3, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) announced it has funded a $32,600,000 construction loan for a portfolio of Marriott hotels. The properties will be a TownePlace Suites adjacent to Denver International Airport, opening in early 2023, and a Fairfield by Marriott in central Wyoming, opening in late 2022.
GreenLake continues to see opportunity in the hospitality market as traditional lenders remain cautious in the Covid era. The 113-room TownePlace Suites is located along Tower Road in close proximity to the airport and near the Gaylord Rockies Resort & Convention Center, which includes 485,000 square feet of meeting space. The area is also experiencing a high level of growth in the retail sector, further fueling demand for lodging.
Paul Diamond, Chief Operating Officer at GreenLake stated, “We are excited to work with such a strong and capable Marriott franchisee team. While the borrower has a proven track record and the locations are great, traditional bank lenders were unable to complete the transaction due to continued unease about the sector. However, GreenLake sees this as a great opportunity. Demand at the airport exceeds current capacity and shows no signs of slowing. The airport is in the midst of a $2.1 billion expansion to accommodate current and projected growth, which will support strong performance at this property for years to come.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible, and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office, and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
EDEN PRAIRIE, Minn., Aug. 24, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) has funded a $28,500,000 first mortgage loan for iMedia Brands, Inc. (“iMedia” or the “Company”) (Nasdaq: IMBI). iMedia is a leading interactive media company that owns a growing portfolio of television networks, consumer brands and digital services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.
The GreenLake term loan secures iMedia’s real estate assets, which include its headquarters, filming and production studios, and fulfillment centers in Eden Prairie, MN and Bowling Green, KY. A separate lender concurrently completed a revolving credit facility secured by inventory and AR. These two loans refinanced an existing facility that secured all of iMedia’s assets, and provided the company with more liquidity and flexibility to execute on its growth plans.
Peter Chang, Managing Principal at GreenLake stated, “This was a complex transaction that required extensive coordination between iMedia and two lenders, and was closed under a tight deadline driven by a pending acquisition. Tim Peterman’s leadership was pivotal to completing the transaction. GreenLake is excited to work with iMedia as we have great confidence in their team and vision.”
About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company that owns a growing portfolio of television networks, consumer brands and digital services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.
About GreenLake
Founded in 2008, GreenLake Asset Management LLC and its affiliates (“GreenLake”) provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
COLUMBIA, S.C., Aug. 10, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) announced it has funded a $15,900,000 construction loan in Columbia, SC. The property will be a SpringHill Suites by Marriott hotel on Garners Ferry Road, due to open in late 2022.
GreenLake provided funds that will enable the borrower to build a 104 all-suite hotel and serve the local market as well as business from the University of South Carolina and Fort Jackson, one of the largest army training bases in the United States.
Peter Chang, Managing Principal at GreenLake stated, “We are excited to back a proven team with strong roots in the region, where they own and manage eight successful hotels. While traditional lenders remain hesitant to make new hospitality loans, GreenLake sees the opportunity to position a great product in a growing market.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates (“GreenLake”) provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
PHILADELPHIA, July 7, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) announces it has closed a $14,275,000 loan on eight gas stations located in New Jersey and Pennsylvania. GreenLake’s funding allows the borrower to re-acquire a key location lost to foreclosure and will facilitate a major re-brand and significant upgrades.
An experienced real estate investor approached GreenLake to refinance a portfolio of distressed gas stations due to an absentee tenant and complicated title issues. The borrower was in default with their existing lender and the bank had already foreclosed on one location. GreenLake provided funds enabling the borrower to re-acquire that key location, as well as to refinance and move away from a challenging lender relationship. Additionally, the funds will allow the borrower to re-brand with a major international brand, and rehabilitate and upgrade the properties.
Peter Chang, Managing Principal at GreenLake stated, “While distressed properties pose complex challenges that lenders often shy away from, special situations are what GreenLake excels at. Our underwriting hinges on the underlying real estate asset and the sponsor’s ability to execute. Our view across multiple sectors gives us the insight, experience and resources necessary to navigate and execute on these types of loans.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates (“GreenLake”) provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self storage and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
BARSTOW, Calif., June 3, 2021 /PRNewswire/ — Los Angeles based GreenLake Asset Management LLC (“GreenLake”) announced it has funded a $24,400,000 development project to build a 181 room Marriott hotel on 3.3 acres of land in Barstow, CA. The property will be a dual branded hotel: TownePlace Suites by Marriott and Fairfield Inn & Suites by Marriott, due to open in early 2023.
San Diego based Hotel Investment Group (“HIG”) saw the opportunity to bring the Marriott brand into the Barstow market, where Marriott has no presence. GreenLake provided funds that will enable HIG to develop the project and capitalize on contract business from the US government and large utility operators in a largely untapped market.
“Hotel Investment Group is excited to partner with a lender like GreenLake who has the vision to see beyond the short-term economic climate and realize the future value of this project,” said Darshan Patel, CEO of Hotel Investment Group.
Peter Chang, Managing Principal at GreenLake stated, “After the pandemic devastated the hospitality market, so many lenders pulled back or stopped lending in the space altogether. Our background in hospitality and view across multiple sectors gives us the insight and comfort in the future of the hospitality sector and the economy overall. We believe in both the opportunity in the Barstow market and in the management team at Hotel Investment Group, and we expect strong performance from these two amazing brands by Marriott.”
Founded in 2008, GreenLake Asset Management LLC and its affiliates (“GreenLake”) provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self storage and retail.
Contacts:
Media:
Mike Geller
Prosek Partners
mgeller@prosek.com
Originations:
GreenLake Originations
deals@greenlakefund.com
SOURCE GreenLake Asset Management LLC
1416 El Centro Street, Suite 200
South Pasadena, CA 91030
626.529.1080
info@greenlakefund.com
