🌴 🌞 🚐 Mind-Blowing Deals: Disney $750M, Scout Energy $100M, C3 Rentals $100M

Good Morning Everyone

This week in Deals:

$2.10 billion in top 10 CRE deals
$560 million in top 9 Growth Cap deals
$165 million in top 6 ABL deals

Top CRE Lenders
Wells Fargo, BoA, Goldman Sachs, JP Morgan, First Citizens Bank, Kennedy Wilson, Related Companies, Related Fund Management, Kennedy Wilson Capital and United Fire Insurance Company, BMO, Lincoln Financial Group PCCP, Integritas Capital, Barings, City National Bank of Florida

Top Growth Cap Lenders
Rabobank, TD Bank, Bank of America, HSBC, JP Morgan, Stifel Bank, Hercules Capital, Barings Bank, Key Bank, Comvest Credit Partners, Merchants Bank, Encina Lender Finance, Wells Fargo

Top ABL Lenders
WhiteHawk Capital Partners, Legacy Corporate Lending, SLR Business Credit, Hedaya, eCapital, Gateway Trade Funding

🌆Top Weekly CRE Deals

• Wells Fargo, BoA, Goldman Sachs secure $735M for Disney's resort refinancing Read

• JPMorgan grants $430M loan to Clipper Equity for Brooklyn’s Tower 77 Read

• First Citizens Bank orchestrates $260M financing for Skilled Nursing Facilities Read

• Kennedy Wilson and Related Companies extend $215M loan for Long Island City Apartments Read

• Related Group secures $142M for NoMad Condos completion in Wynwood Read

• BMO provides $70.6M in bridge financing for senior living assets in Wisconsin Read

• Bixby lands $64M refinance for Southern California warehouses Read

• Integritas Capital secures $53M refinance for vacant land in Red Hook Read

• Barings provides $52.7M loan for industrial site in Boston area Read

• City National Bank supplies $37M for Miami restaurant properties Read

Summary
Last week, we saw significant commercial real estate financing deals across various sectors and regions. The largest transaction was a $735 million SASB CMBS loan to refinance the iconic 2,619-key Swan & Dolphin Resort adjacent to Walt Disney World in Florida, arranged by JLL and provided by Wells Fargo, Bank of America, and Goldman Sachs. This deal was priced at the tightest levels for hotels since 2021, reflecting the resort's strong cash flows and competitive position. Other notable deals included a $430 million multifamily loan for Clipper Equity's Tower 77 in Brooklyn, a $260 million skilled nursing facility portfolio loan in Maryland arranged by First Citizens Bank, and a $214.5 million construction loan for Grubb Properties' Link Apartments project in Long Island City.

The market saw diverse property types securing financing, from hospitality and multifamily to industrial and senior living. Lenders ranged from major banks to credit funds and insurance companies, demonstrating a continued appetite for CRE lending despite the challenging environment. The top lender appears to be Kennedy Wilson, who was involved in two notable transactions. The first transaction was with Related Companies, which provided Grubb Properties a $214.5 million construction loan to develop the 26-story Link Apartments project in Long Island City, Queens. The second one was with Related Fund Management and United Fire Insurance Company, which provided a $141.5 million construction financing package to a joint venture led by Related Group for the NoMad Residences condominium development in Miami's Wynwood neighborhood.

The most prominent financing activity mentioned was refinancing, as seen in the Swan & Dolphin Resort, Tower 77 multifamily, and Red Hook development site deals. However, construction financing was also notable, with Grubb Properties securing a $214.5 million loan for its Link Apartments project in Long Island City. Multifamily, industrial, and skilled nursing facilities were the property types that attracted the most financing. The cities that saw the most financing activity were New York City, particularly Brooklyn and Long Island City, and Florida’s Lake Buena Vista and Miami.

Key Insights

• Lenders are prioritizing quality assets with stable cash flows and competitive market positioning.

• A diverse range of capital sources remain active in CRE lending, including banks, credit funds, and insurance companies.

Loan Structures
Last week, there was limited information on most loans' specific tenor, duration, and structure. However, the $735 million SASB CMBS loan for the Swan & Dolphin Resort refinancing was mentioned as a five-year, floating-rate term loan. Additionally, the $53 million loan provided by Integritas Capital for the Red Hook development site refinancing had a term of 18 months. The loan structures and financing activity suggest that while lenders remain cautious and selective, ample capital is still available for compelling opportunities backed by strong sponsors and assets. The market seems to gravitate towards shorter-term, floating-rate loans to manage risk while supporting transitional and value-add projects with higher-yield potential.


Winners:

• Real estate developers and investors with well-positioned assets and strong track records

• Healthcare REITs and operators with stable, cash-flowing portfolios

• Banks with strong CRE lending platforms and relationships with top-tier sponsors

• Credit funds and alternative lenders with flexible capital and a focus on value-add opportunities
  

Losers:

• Owners of older, less competitive assets in oversupplied markets

• Investors in niche or emerging asset classes that lack established track records

• Lenders with heavy exposure to struggling asset classes or markets experiencing oversupply

• Smaller, regional lenders with limited capital and resources

💡 Top Markets/Opportunities:

CRE Lenders Focus:
1) Experienced hospitality operators looking to acquire or refinance high-quality, well-located assets
2) Multifamily developers and owners in strong markets
3) Skilled nursing facility operators with stable, cash-flowing portfolios
4) Industrial property owners and developers in key distribution hubs

CRE Developers Focus:
1) High-quality multifamily projects in strong markets
2) Mixed-use projects that incorporate sought-after asset classes

CRE Investors Focus:
1) Well-located, high-quality hospitality assets with strong flags and experienced operators
2) Senior living facilities with stable occupancy and strong operators

CRE Brokers Focus:
1) Multifamily developers and owners in strong markets
2) Experienced restaurant operators with high-quality concepts and strong locations

💸Top Weekly Growth Capital Deals

• Scout Clean Energy closes $100M equipment supply loan Read

• Bowman finalizes $100M revolving credit agreement Read

• HSBC leads $100M credit facility for Electric Hydrogen Read

• Coherus completes repayment of a $75M term loan from Pharmakon Advisors Read

• Ramaco Resources increases and extends terms of its revolving credit facility Read

• Comvest Credit Partners extends $70M senior credit facility to Nationwide Energy Partners Read

• AELF completes $40M credit facility with Merchants Bank Read

• Encina Lender Finance provides $20M senior credit facility to an auto finance platform Read

• P97 Networks secures $10M line of credit from Wells Fargo Read

Top Weekly ABL Deals

• WhiteHawk Capital Partners provides $100M credit facility to C3 Rentals Read

• Legacy Corporate Lending offers $30M asset-based credit facility to The Barton Group Read

• SLR Business Credit invests $28M in senior debt for an equipment distribution company Read

• Hedaya provides $5M factoring line to a home textiles company Read

• LSQ creates $2M invoice finance facilities for NY-based software companies Read

• Gateway Trade Funding offers a $500K purchase order facility to a thermal insulation company Read

Summary

Last week, we saw a diverse range of financing deals across various industries, with a focus on renewable energy, infrastructure, and technology. The top three highest dollar loans were: $100 million equipment supply loan to Scout Clean Energy from Rabobank, $100 million revolving credit agreement for Bowman Consulting Group from Bank of America and TD Bank, and $100 million in corporate credit financing for Electric Hydrogen led by HSBC.

The lenders with the most sizable loans were Rabobank, Bank of America, TD Bank, and HSBC, each with $100 million in transactions. The most prominent financing activities were supporting growth initiatives, including equipment purchases, capacity expansion, and strategic development plans. Colorado, Virginia, and Massachusetts saw the most activity. Key sectors flourishing include renewable energy, infrastructure engineering, and green hydrogen production.

Key Insights

• Renewable energy, infrastructure, and clean technology were key sectors of focus for lenders.

• Lenders provided financing for growth, equipment purchases, and expansion of manufacturing capacity.

• Credit facilities were structured to provide immediate funding as well as the ability to increase size over time to support future growth.
  

Loan Structures

The most common loan structures and terms involve revolving credit facilities with 5-year terms, as seen in the cases of Bowman Consulting Group and Ramaco Resources, and term loans with 5-year maturities, such as the one provided to Coherus BioSciences. The loan structures varied, including revolving credit facilities for working capital and growth (Bowman Consulting Group, Ramaco Resources, C3 Rentals), equipment financing and term loans for capital expenditures (Scout Clean Energy, Coherus BioSciences), corporate credit facilities for general corporate purposes and expansion (Electric Hydrogen), and factoring and accounts receivable financing for liquidity (Hedaya Capital Group's $5M factoring line).

Winners:

• Renewable energy developers and operators

• Infrastructure engineering firms

• Banks with dedicated renewable energy and clean technology practices

• Capital providers that can structure flexible corporate credit facilities

Losers:

• Fossil fuel power generator distributors or manufacturers

• Hydrogen producers using conventional methods

• Regional and community banks lacking scale to provide sizable revolving credit facilities

• Financing providers without dedicated clean technology sector

💡 Top Markets/Opportunities:
Asset-Based/Growth Cap Lenders Focus 
1) Renewable energy developers and operators
2) Infrastructure engineering firms
3) Clean technology manufacturers
4) Businesses in the trailer rental industry

Family Offices Focus
1) Biopharmaceutical sector
2) The metallurgical coal mining industry
3) Utility management service providers

Private Equity Firms Focus
1) Thermal insulation companies that are attracting financing to expand their presence in key markets
2) Home textiles and bedding market that are well-positioned to capitalize on the growing demand for home goods
3) SaaS providers in the access management space

Brokers Focus
1) Businesses in the mobile air compressors, generators, and air tools space
2) The aircraft engine leasing industry
3) Businesses in the mining and abrasives sector

New Loan Programs

• Panorama Mortgage Group launches a 1% down payment loan program Read

😲 Didn’t see that one coming

• rue21 files for third bankruptcy, plans to close all stores Read

• Steward Health Care files for bankruptcy with financing support from Medical Properties Trust Read

• Bankruptcy law firm files for Chapter 11 following an advertising dispute Read

• JP Morgan Chase agrees to a $100M penalty with US regulator over trade surveillance failures Read

• FINRA fines SoFi $1.1M due to flaws in consumer identification leading to a multi-million dollar loss Read

• UIP faces foreclosure on a 99-unit NoMa apartment building Read

• Sam Ash repositions through bankruptcy protection Read

• Allegations of fraud reported against Arbor Realty by a short seller Read

• Fat Brands stock plunges, company and chair charged in a $47M loan scheme Read

• D.C. health club Byndfit ordered to pay $8.2M for overdue rent Read

• CFPB fines Chime $3.25M for delayed customer refunds Read

• Upstart faces SEC scrutiny over its AI and loan practices Read

• Lender sues landlord of migrant shelter over alleged fraudulent scheme Read

ADVERTISE WITH US AND REACH OVER 6,030 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 us with your friends and colleagues. In return, we enroll you in our April prize drawing of 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.