🅿️ 💸 $750M Carlyle Parking Spot Loan

Good Morning TIM Enthusiasts

Last week in debt financing saw robust activities in CRE, ABL, and Growth Capital, highlighting a market adept at balancing growth with prudence. Mast Capital's $600M Brickell condo project loan reflects strong CRE confidence, while Post Road Equipment Finance's $50M manufacturing loan and NGL's $2.9 billion refinancing exemplify strategic ABL and Growth Capital moves. The market also faced defaults, with businesses reevaluating ties with insurers Madison and Riverside, and NanoString entering Chapter 11 restructuring. Innovations like Clean Energy Credit Union's and Sunstone Credit's eco-friendly loan programs underscore a shift towards sustainable financing. This recap captures the week's pivotal developments, showcasing the sector's adaptability and strategic foresight. Let's dive into the week's key transactions and trends, offering a concise overview of finance's evolving landscape........in just 4 minutes!

Let’s get into it.

Top Weekly CRE Deals

• Mast Capital's $600M loan for a new Brickell condo tower from Ascendant Capital and Banco Inbursa.

• Walker & Dunlop orchestrates a $380M credit facility refinance for a student housing portfolio.

• MCR Hotels secures a $333M CMBS loan refi for its hotel portfolio through BMO.

• Barings refinances a Milwaukee luxury apartment tower with a $98M loan.

• Banco Inbursa provides a $95M construction loan for the Miami Worldcenter condo project.

• Continuum boosts its construction loan to $90M for a Bay Harbor Islands condo with financing from Fortress.

• An Orange County apartment complex locks in an $82M refinance deal with Western & Southern Life.

• HH Fund achieves a $65M refinancing for Baltimore student housing through Lument.

• Värde Partners issues a $61M construction takeout loan for Miami apartments.

• KeyBank commits $41.6M for a 325-unit apartment community construction in Austin.

• First Citizens Bank refinances an on-campus medical office building with $37M.

• Peachtree Group funds a $35M multifamily acquisition near the University of Florida.

• Thorofare Capital injects $26M in bridge financing for a San Diego apartment building.

• State Farm Insurance supplies a $25M takeout loan for a West LA apartment complex.

• First Citizens Bank facilitates a $22.5M deal for an Orlando ambulatory surgery center.

• KeyBank secures $18.1M for affordable home construction in Cleveland.

• Kennedy Funding advances $5.1M for the purchase of a vineyard and catering facility.

Summary
Last week, we witnessed a seismic shift in the CRE financing landscape, marked by unprecedented transactions that underscored the robust demand for luxury and multifamily developments. Topping the chart was Mast Capital's $600M deal for the Cipriani Residences in Miami, FL, a record-breaker that surpassed Florida's previous construction loan record. Following closely was Scion Student Communities, securing a $380M credit facility to refinance its student housing portfolio, demonstrating the resilience of the student housing market. MCR Hotels' $333M refinancing for its Hilton and Marriott portfolio across multiple states highlighted the ongoing recovery in the hospitality sector.

These transactions reveal a lender's appetite for premium, well-positioned properties amidst a challenging economic backdrop. Miami, FL, Texas, and California emerged as hotbeds of activity, with lenders focusing on borrower profiles that boast strong pre-sale activities or operational excellence in niche markets. The flourishing sectors include luxury condominiums, student housing, and hospitality, each attracting substantial financing due to their unique market positions and growth prospects.

Key Insights

🔑 Top Strategies:
CRE Lenders:
1) Target luxury residential developments with accelerated presales.
2) Explore student housing demand drivers near major universities.
3) Lean into select-service hotel refis where sponsors achieved upside and innovate hospitality projects in strategic locations.

CRE Investors:
1) Target value-add multifamily near major universities.
2) Pursue select-service hotels where experienced operators achieved upside.
3) Evaluate mixed-use potential in the distressed lodging and retail sector.

CRE Developers:
1) Target luxury condos that are still drawing heavy foreign interest.
2) Pursue value-add multifamily projects around major university growth to upgrade outdated student properties to Class A ones.
3) Look into distressed hotels for adaptive reuse potential.

CRE Brokers:
1) Target sophisticated developers planning high-end condo projects.
2) Pursue investors acquiring student housing near top universities experiencing increased enrollments.
3) Dig into fix-and-flip multifamily listings and prepare OMs for motivated owners planning capital upgrades and operational changes.

Top Weekly ABL and Growth Capital Deals

• NGL finalizes a $2.9B debt refinancing and revamps its asset-based revolving credit facility with JPMorgan.

• Bank of America and partner banks boost FLEETCOR’s credit line to $1.775B.

• Carlyle arranges $750M in debt financing for The Parking Spot.

• DMC Global secures a $300M senior secured credit facility through KeyBank.

• BlackRock and JPMorgan among others, extend a $280M credit facility to Pagaya Technologies.

• Recurrent Energy nets $160M in project finance from MUFG for a 127 MW solar project in Louisiana.

• Post Road Equipment Finance grants a manufacturing entity a $50M equipment loan.

• Spearmint Energy obtains a $47.5M project finance term loan from Manulife for an energy storage project in ERCOT.

• First National Capital earmarks $32M for a food manufacturer's production lines.

• Aemetis Biogas locks in construction funding via a $25M USDA loan.

• Aequum Capital delivers $21.6M in credit facilities to a freight management and logistics firm.

• Trinity Capital disburses $20M in equipment financing to Formlogic.

• Republic Business Credit extends a $12.5M asset-based loan to an Illinois-based food manufacturer and distributor.

• First Business Bank's Asset-Based Lending Team activates an $8M credit facility for restructuring purposes.

• LSQ sets up a $6M AR finance facility for a Pennsylvania IT services company.

• Clarus Capital finalizes a $5M lease financing for a sponsor-backed manufacturer.

• Culain Capital Funding wraps up a $3.5M deal for a Texas-based mechanical services company.

• Iron Horse Credit offers a $1M inventory line of credit to a men's designer shoe wholesaler.

Insight Summary
Last week, we saw a surge of activity across various financing sectors. Over $6 billion in loans were announced, indicating strong demand for capital. The largest deals included a $2.9 billion refinancing for NGL Energy Partners in multiple states, a $750 million senior debt financing for The Parking Spot's airport parking facilities portfolio across 18 major US airports, and a $700 million credit facility for FLEETCOR Technologies.

The top states by deal flow were Texas, California, Illinois, and Louisiana. The energy, financial services, and transportation sectors saw significant activity as companies sought to refinance debt, fund growth initiatives, and acquire assets. Lenders are focusing more on creditworthy mid-market companies that can withstand economic uncertainty. Strong sponsors and resilient business models are key even for distressed situations.

Key Insights

💡 Top Strategies:
ABL/GC Lenders:
1) Pursue midstream operators, power producers, and renewable developers in the energy sector as potential borrowers.
2) Target high-volume trucking firms, freight brokers, auto-servicers, and transportation facility owners.
3) Target specialty food companies, ingredient suppliers, and consumer packaged goods firms.

Family Office Firms:
1) Invest in or acquire companies within sectors focusing on sustainable and renewable energy sources.
2) Target companies offering innovative logistics solutions, especially in urban centers or major transport hubs.
3) Consider adding Fintech firms that streamline business payments or leverage blockchain for financial services to your investment portfolio.

Private Equity Firms:
1) Target fragmented transportation industries that are ripe for roll-up strategies.
2) Seek out innovative business services firms struggling with rapid growth.
3) Explore defensive food production companies to gain recession resilience.

New Lenders & Mergers

• Clean Energy Credit Union introduces the “Clean Energy For All” program. Read

• Sunstone Credit revolutionizes solar financing for small businesses with its innovative loan product. Read

😲 Didn’t see that one coming

• Businesses are halting transactions with title insurers Madison and Riverside amid the DOJ investigation. Read

• NanoString advances its strategic Chapter 11 restructuring, securing $40MM to support noteholders. Read

• West Virginia's ex-billionaire governor fights to prevent a bank auction of his $300M resort debt. Read

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