NEW YORK and MINNEAPOLIS, Oct. 27, 2021 /PRNewswire/ -- The Gryphon/CarVal Investors Multifamily Bridge Loan Program today announced that $265 million of multifamily loans have closed in the first six months since the joint venture commenced operations.
The program's initial loans ranged from $22.0 million to $87.0 million with loan-to-value ratios between 75% and 85% and all loans having three-year terms. Properties are located in the Westchase and Texas Medical Center submarkets of Houston; close to the University of Texas in Austin; the Metro Park section of New Jersey; and the Chapel Hill and Greensboro areas of North Carolina.
The Gryphon/CarVal Multifamily Loan Program is designed to advance up to 85% of the capital stack in a single execution facilitated by the Program's ability to close on balance sheet. Loan servicing and asset management will always be retained by the venture.
Gryphon/CarVal targets sponsors focused on either value-add or lease-up strategies. Value-add opportunities are cash-flowing properties that require time and capital to re-position, perform renovations, improve property operations and increase rents. Lease-up strategies are newly constructed properties that require time to stabilize and season cash flows prior to securing agency financing or selling the property.
"Our partnership with Gryphon is off to a great start," said Paul Mullaney, managing director for CarVal Investors' North American Real Estate business. "The program is well on its way to our goal of $1.0 billion in closed loans in the first two years of operations."
"The Gryphon/CarVal Program's initial success begins with the tremendous value we put on process and transparency," added Jim Hopkins, a managing Principal at Gryphon. "We pride ourselves on integrity as we strive to close all of our loans under the exact terms and conditions that we set forth in our initial Term Sheets."
About CarVal Investors
CarVal Investors is an established global alternative investment manager focused on credit-intensive assets and market inefficiencies. Since 1987, CarVal's team has navigated through ever-changing credit market cycles, opportunistically investing $131 billion in 5,580 transactions across 82 countries. Today, CarVal Investors has approximately $11 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. www.carvalinvestors.com
About Gryphon Real Estate Capital Partners
Gryphon is a relationship driven private lender with a primary focus on multifamily properties nationwide. Established in 2016, Gryphon has successfully leveraged its principal's respective 30-year careers in real estate operating, development and financial structuring to establish a highly respected platform within the multifamily lending niche. www.gryphonrecapital.com
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SOURCE CarVal Investors