Last Week's Staggering Loans: MSD Capital $1B, Qcells $1.45B, CDB Aviation $700M

Good Morning Everyone

This week in Deals:

$2.76 billion in top 10 CRE deals
$3.95 billion in top 10 Growth Cap deals
$595 million in top 10 ABL deals
$2.25 billion in top 10 International deals

Top CRE Lenders
Citigroup, Wells Fargo, ING, Société Générale, Industrial and Commercial Bank of China, US Bancorp Impact Finance, Capital One Bank, Deutsche Bank, JVP Management, Southern Realty Trust, Sunrise Realty Trust, iBorrow, Franklin BSP Realty Trust, Mesa West Capital, and Bridge Investment Holdings.

Top Growth Cap Lenders
U.S. Department of Energy, Sixth Street, Export-Import Bank of the United States, JPMorgan Chase, KeyBanc Capital Markets, Texas Capital Bank, Bank of America, Nomura Securities International, Prudential Private Capital, MetLife Investment Management, Deutsche Bank, Jefferies, Standard Chartered, Pathlight Capital, and CIT Northbridge.

Top ABL Lenders
Monroe Capital, Canadian Imperial Bank of Commerce, Aave DAO, Trident Digital, TokenLogic, IntoTheBlock, Eclipse Capital, Legalist, Great Rock Capital, Clarus Capital, Prestige Capital, XS Financial, Big Shoulders Capital, and Culain Capital.

Top International Lenders
Natixis, CACIB, BNP Paribas, Korean Development Bank, BMO Capital Markets, ING, The Bank of Nova Scotia, First Abu Dhabi Bank, Commercial Bank of Dubai, HSBC, JIBC, SMBC, Bank of Yokohama, Shiga Bank, Goldman Sachs, Davidson Kempner Capital Management, Notable Capital, BAI Capital, Asian Development Bank, OCBC, EIB, EBRD, and Hilltop Credit Partners.

🌆Top Weekly CRE Deals

• Michael Dell’s MSD Capital nears $1B CMBS refi for Boca Raton Resort & Club Read

• Bridge Industrial nabs $430M SoCal industrial refi package Read

• Aypa Power secures $323M Idaho energy storage financing Read

• Cypress West, TPG Angelo close $300M MOB credit facility Read

• Deutsche Bank, JVP Management lend $195M on Upper East Side condo building Read

• Centaur Holdings lands $160M loan for South Florida luxury community Read

• Hoteliers Ian Schrager and Ed Scheetz land $121M loan for West Hollywood hotel Read

• Developer Iadisernia lands $85M to finish first condo tower at Oasis Hallandale Read

• Dwight Mortgage Trust refis Michigan apartments with $51M loan Read

• Harrison Street JV lands $51M for Atlanta MOB portfolio Read

Summary

Here’s what we are seeing in the latest loans:

• MSD Capital secured a $1 billion CMBS loan from Citigroup for the Boca Raton Resort & Club refinancing, featuring a two-year term with three one-year extensions and an interest-only structure.

• Keystone Group inked a $44 million construction loan from Peachtree Group for an Indianapolis multifamily asset, featuring a 36-month term with a 12-month extension option.

• Yuba Water Agency approved an $8.3 million low-interest loan with a 20-year term at 3% interest rate for a biomass plant construction

• The Popacks secured an $18.2 million loan from Israel Discount Bank to fund the acquisition of an office complex in Oakland Park, Florida, featuring a fixed rate of 6.0 percent on a five-year term, with two years of interest-only payments, followed by a 30-year amortization schedule.

Winners

• CRE developers specializing in luxury hospitality and industrial warehouses

• CRE brokers and investment bankers focusing on medical office properties

• Large commercial banks like Citigroup and Wells Fargo

• Specialized lenders in the energy and infrastructure space

Losers

• Retail-focused CRE investors

• Small-scale office property developers

• Traditional office-focused lenders

• Small community banks specializing in local retail property lending

Tips For Borrowers

1. Consider a mix of senior and junior debt to optimize loan-to-value ratios, as seen in the Bridge Industrial warehouse refinancing

2. Explore government-backed programs like HUD loans for affordable housing developments to secure favorable terms

3. For hospitality assets, floating-rate loans with extension options can provide flexibility in uncertain market conditions

4. For medical office properties, consider portfolio-level financing to achieve economies of scale

💡Top Opportunities:
High-end resort communities, industrial warehouses near major transportation hubs, renewable energy projects, Medical office properties in the Sun Belt cities, energy storage facility construction, mixed-use developments that incorporate medical office spaces, Student housing near growing universities, and properties near major hospitals in growing suburban areas

Ease into investing

“Ease” being the key word. With automated tools like portfolio rebalancing and dividend reinvestment, Betterment makes investing easy for you, and a total grind for your money.

Get started

💸Top Weekly Growth Capital Deals

• Qcells secures $1.5B federal building loan for Georgia solar plant Read

• Arrowhead Pharmaceuticals secures $500M strategic financing facility with Sixth Street Read

• P10 expands credit agreement to $500M Read

• Allegro Microsystems secures $400M term loan deal Read

• US Strategic Metals tapped for $400M EXIM Bank loan Read

• Summit Ridge Energy secures $309M loan for 216MW of community solar Read

• Oportun announces $245M committed warehouse facility Read

• Standard Chartered announces $235M green loan financing for USA solar module manufacturing plant Read

• Pathlight Capital agents $45M senior secured term loan for Sportsman's Warehouse Read

• CIT Northbridge Credit provides $45M revolving credit facility to MacPherson’s Read

Top Weekly ABL Deals

• Monroe Capital leads ~$300M asset-based financing to Triad Financial Services Read

• Aave DAO and Trident launch first $100M fixed-yield loan Read

• Eclipse Business Capital provides $80M ABL credit facility to consumer products manufacturer Read

• Great Rock Capital provides a $50M DIP facility to Basic Fun! Read

• Legalist provides $50M credit facility to bring developer past Chapter 11 bankruptcy Read

• Clarus Capital closes $5M lease financing for sponsor-backed healthcare company Read

• Midwestern technology company strengthens business with a $3.5M facility from Prestige Capital Read

• XS Financial provides $2.4M CAPEX lease facility to Jushi Holdings Read

• Big Shoulders Capital refinances $2.1M in equipment for crane rental company, Allingham Corporation Read

• Culain Capital provides a $2M account receivable finance facility to fast-growing seafood importer Read

Summary
Here’s what we are seeing in the latest loans:

• Oportun secured a $245 million warehouse facility with a three-year revolving period.

• Arrowhead Pharmaceuticals obtained a $500 million senior secured credit facility from Sixth Street, maturing on August 7, 2031, with a 15% annual interest rate.

• US Strategic Metals received a $400 million loan package from the Export-Import Bank of the United States with a 15-year term.

• P10, Inc. announced an amended credit agreement expanding its total credit capacity, extending maturities for an additional four years.

Winners

• Biotech startups focusing on RNAi therapeutics

• Solar panel manufacturers and related supply chain companies

• Specialty lenders focusing on high-tech and emerging industries

• Large commercial banks with dedicated tech and innovation divisions

Losers

• Traditional energy companies, particularly those in fossil fuels

• Small to medium-sized businesses in non-tech sectors

• Lenders focused on the fossil fuel industry
  

Tips For Borrowers

1. Consider non-dilutive options with flexible repayment terms for pre-revenue companies

2. Leverage strong assets or recurring revenue streams for better terms

3. Consider longer-term facilities with flexible repayment structures to better align with projected cash flows

4. Explore multi-lender arrangements to potentially secure larger facilities and diversify lender relationships

💡Top Opportunities:
Smaller biotech firms working in RNAi therapeutics sector, companies in the solar supply chain, chip design firms or testing equipment manufacturers, smaller solar developers, startups working on AI-driven credit scoring or fraud detection systems, companies developing recycling technologies for rare earth metals used in high-tech manufacturing, and companies developing smart grid technologies.

Top International Deals

• CDB Aviation closes $700M loan for aircraft portfolio financing Read

• Lundin Mining announces closing of $350M term loan in connection with the Caserones option exercise Read

• Gulf Marine Services secures $300M loan facility Read

• Nagpur metro nets $200M loan from ADB Read

• Capitaland Ascott Trust secures $165M OCBC 1.5°C loan Read

• Mexico’s Stori lands $107M debt financing Read

• EIB signs €50M green loan with Matrix Renewables to deploy 5 new PV plants in Spain Read

• PFC secures JPY 25.5 billion loan from JBIC to finance wind project Read

• Allego secures €20M loan from EBRD Read

• Mitchian Alliance secures €15.3M loan from Hilltop Credit Partners (GB) Read
  

Summary
Here’s what we are seeing in the latest loans:

• Lundin Mining increased its term loan, maturing July 27, 2027, by $350 million. Interest rate: Term SOFR plus credit spread plus 1.60% to 2.65% margin, based on leverage ratio.

• Gulf Marine Services refinanced with a $250 million equivalent term loan and $50 million working capital facility, both five-year tenor. Term loan: 80% amortized quarterly, 20% balloon.

• Clear Blue Technologies received a 7-year, $500,000 loan from SOFII at 14% interest compounded annually.

• Bunker Hill Mining secured a three-year silver loan at 15% annual interest, payable quarterly in cash or silver.
  

Tips For Borrowers

1. Align projects with sustainability goals to potentially access green financing options with favorable terms

2. Explore multi-currency facilities to hedge against exchange rate fluctuations, as demonstrated by Gulf Marine Services' AED-denominated loans.

3. Leverage strong ESG credentials to potentially improve loan terms

4. For asset-heavy industries, consider amortizing structures with balloon payments to balance cash flow management and lender risk appetite.

New Loan Programs

• Texas Capital unveils new Capital Direct lending platform Read

• CredibleX and Fracxn partner on financing solutions for small businesses Read

• 1st Commercial Credit introduces freight broker non-recourse factoring Read

😲Didn’t see that one coming

• SunPower files for Chapter 11 bankruptcy Read

• World of Beer among latest casual chains to file Chapter 11 bankruptcy Read

• Buca di Beppo files for Chapter 11 bankruptcy to facilitate sale Read

• Rostraver trucking company files for Chapter 11 Read

ADVERTISE WITH US AND REACH OVER 6,650 SUBSCRIBERS

Our newsletter is read by hundreds of finance professionals, executives, brokers, agents, investment bankers, CPAs, lenders, and business owners worldwide.

🔄HELP SHARE OUR NEWSLETTER WITH YOUR FRIENDS AND NETWORK

If you found value in our newsletter today, please share it with your friends and colleagues. In return, we will enroll you in our monthly prize drawing for a two-day hotel accommodation or airfare for two to any 23 vacation destinations in the continental United States. Plus, you get a free entry for every subscriber who joins our newsletter using your unique link below.

We would love your feedback on what information you want more of. If you have anything interesting to share or a deal that we can help with, reach out to us by sending us an email at [email protected]. Thank you for reading, and enjoy the rest of your week.

Lastly, no content provided by Bridge Loan Guy or Time is Money should be considered tax, investing, or financial advice. This email and any other content we provide is for entertainment and education purposes only. We do not claim to provide tax, investment, financial, or other legal advice. Any content provided by Bridge Loan Guy or Time is Money is the personal opinion of our owners and/or staff – you should always conduct your own research.