Palisades Financial, a commercial real estate direct lender and advisory firm, says that four loans totaling more than $50 million have been repaid by borrowers to Palisades Regional Investment Fund (PRIF) and Palisades Regional Investment Fund II (PRIF II).
‘These transactions reflect what we do best at Palisades Financial – invest strategically in transitional situations and generate strong returns for our investors,’ says Ira Bergstein, principal of Palisades Financial. ‘In the midst of a credit crisis, Palisades continues to monetize its investments.’
The monetized loans include a bridge loan for mixed-use construction at 180 Hester St. in New York; a 10% interest in a $95 million first mortgage for another New York property through PRIF II; a $6.5 million first mortgage for a South Bend, Ind., hotel condo project; and a B-piece of a $28 million bridge loan made to a New York City developer in 2006 and secured by a first mortgage lien on a property in Tribeca.
Source: Palisades Financial