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Recent Press Releases

GreenLake Funds $77,000,000 Construction Loan for Marriott Portfolio in Flagstaff, AZ; Tracy, CA; and Greeley, CO

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, AZTracy, 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 Upscale accommodations and modern amenities will give this hotel a competitive edge against outdated competitors in the region.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.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com  

Adam Frank
Vice President, Originations
646.766.0288
afrank@greenlakefund.com

Renee Volaric
Vice President, Originations
646.766.0286
rvolaric@greenlakefund.com

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $39,500,000 Loan for Hotel in Cape May, NJ, and Event Center in Randolph, NJ

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.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com  

Adam Frank
Vice President, Originations
646.766.0288
afrank@greenlakefund.com

Renee Volaric
Vice President, Originations
646.766.0286
rvolaric@greenlakefund.com

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $16,500,000 Refinance Loan for Medical Office Condos in the Chicago Metropolitan Area

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.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com  

Adam Frank
Vice President, Originations
646.766.0288
afrank@greenlakefund.com

Renee Volaric
Vice President, Originations
646.766.0286
rvolaric@greenlakefund.com

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $30,500,000 Loan for a Senior Living Campus in Powder Springs, GA

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.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com  

Adam Frank
Vice President, Originations
646.766.0288
afrank@greenlakefund.com

Renee Volaric
Vice President, Originations
646.766.0286
rvolaric@greenlakefund.com

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $18,500,000 Construction Loan for a 111-Room Independent Boutique Hotel in Atlanta, GA

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.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $32,600,000 Construction Loan for Portfolio of Marriott Hotels in Colorado and Wyoming

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.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $28,500,000 First Mortgage Loan for iMedia Brands, Inc.

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.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $15,900,000 Construction Loan for SpringHill Suites by Marriott in Columbia, SC

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.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $14,275,000 for Portfolio of 8 Gas Stations Located in New Jersey and Pennsylvania

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.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

GreenLake Funds $24,400,000 for Dual Branded Marriott Hotel Development in Barstow, California

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.

Contact:
Kamau Coleman
Director, Originations
626.529.1084
kcoleman@greenlakefund.com
www.greenlakefund.com

SOURCE GreenLake Asset Management LLC

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626.529.1080
info@greenlakefund.com