NEW YORK, June 22, 2021 /PRNewswire/ -- New York-based global investment firm Arena Investors, LP ("Arena") announces the closing of a deal to provide a 12-month, $6.6 million bridge loan to an independent investor in Texas to acquire and renovate a multi-family apartment unit in the area.
The property is a 228-unit apartment complex in Wichita Falls, Texas consisting of 35 buildings and swimming pools in each development. The site is excellently located off the main roads and is only 8 miles away from the Sheppard Air Force Base – the largest employer in the area.
John Bauer, a Senior Advisor for Arena's Stable Income Real Estate Credit strategy, was the originator for the loan. Arena's strategy seeks opportunistic situations where the firm can provide senior loans to bridge commercial properties across a variety of asset types and markets. John noted, "The loan needed to close in 30 days to meet the purchase closing date and we are pleased to announce Arena was able to meet the Borrower's deadline. Speed and reliability of delivery are some of the differentiators of Arena's, making the firm a preferred capital provider."
The firm is actively pursuing other investments in the space, having a strong base of committed capital to deploy, and with additional flexibility around product type, LTV, duration, and size.
About Arena Investors, LP
Arena Investors, LP ("Arena") is an institutional asset manager founded in partnership with The Westaim Corporation (TSXV: WED). With $2.2 billion of committed assets under management as of January 1, 2021, and a team of over 80 employees in offices globally, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions. See www.arenaco.com for more information.
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SOURCE Arena Investors