White Oak Real Estate Capital Executes Over $140 Million in Loans in Q4 2021

NEW YORK–(BUSINESS WIRE). in Q4 2021. These announcements follow the launch of WOREC in July 2021.

The deals within the transactions include:

  • A $52.5 million senior loan to The Aurora, a 126-unit residential high-rise at 554-556 Third Avenue in Murray Hill, New York.

  • A $30 million home loan to the Manhattan Building Company (“MBC”) and its 80-unit multifamily development at 40 Center Street in Jersey City, New Jersey.

  • Two separate loans of $41.35 million and $21.90 million for the development of Class A self-storage facilities in Los Angeles, California for 1784 Capital Holdings, a leading developer of self- Storage facilities in markets with high barriers to entry in the US

“Since launching last July, WOREC has significantly expanded its lending activity in the commercial real estate market by providing meaningful and customized solutions across the capital structure,” said Andre Hakkak, co-founder and CEO of WOGA. “The successes we have achieved in less than six months since launching WOREC are a testament to the innovative and efficient financing solutions we can offer to the market.”

The Aurora is owned by Townhouse Management Company, a New York-based real estate investment firm. The funds will be used to refinance existing debt and to refurbish and re-let units as traditional multi-family rentals upon the expiration of the current corporate housing master lease. Meanwhile, the 40 Center project, located in the Bates Street development in Jersey City, will use funds to finance the construction of a 6-story mixed-use condominium of approximately 150,000 GSF consisting of 80 rental units at market rates, 80 parking spaces and approx. 3,200 SF of commercial space on the ground floor.

The two self-storage development loans to 1784 Capital Holdings represent the second and third transactions WOREC has completed with the company, and upon completion both facilities will be operated by professional third-party self-storage brands.

“Certain segments of the commercial real estate industry have surged during the pandemic due to a combination of increasing household and business migration and new work-from-home lifestyles,” said Eric Tanjeloff, Managing Principal at WOREC. “As one of the best performing asset classes within the industry, we look forward to expanding our presence particularly in the self-storage space and look forward to further opportunities in the future.”

WOREC previously provided 1784 Capital Holdings with a $28.45 million loan in September 2021 for a project in Santa Barbara, California.

About White Oak Real Estate Capital, LLC

White Oak Real Estate Capital, LLC (“WOREC”), a subsidiary of White Oak Global Advisors, LLC, is a commercial real estate industry lender specializing in the creation of customized financing solutions secured by transitional assets. WOREC offers loans for the entire capital structure, from senior loans with first liens to special situation bridging loans. The company is headquartered in New York City.

About White Oak Global Advisors

White Oak Global Advisors, LLC (“WOGA”) is a leading alternative debt manager specializing in sourcing and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium-sized businesses. Together with its financing partners, WOGA offers the market over twenty lending products, including term, asset-based and equipment lending for all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have invested over $10 billion across its product lines, employing a disciplined investment process focused on delivering risk-adjusted investment returns to investors while building long-term partnerships with our borrowers. Visit www.whiteoaksf.com for more information.