681 Fifth Avenue
$150,000,000
7-year fixed rate first mortgage on an 82,573 SF Class A mixed use building located on Fifth Avenue in New York City. Subsequent to closing, Ladder securitized $125 million and sold a $25 million mezzanine note. The retail portion of the property serves as the Tommy Hilfiger flagship store. Loan proceeds were used to refinance and fund TI/LC reserves for future office leasing. In 2009, the property underwent an extensive renovation consisting of a complete modernization of retail and office space.
Chatham Bars Inn
$110,000,000
5-year fixed rate first mortgage loan to refinance the existing debt on an institutional grade luxury resort hotel located in Chatham, Massachusetts. Subsequent to closing, Ladder securitized $80 million and sold a $30 million mezzanine note. The property is considered the premier luxury resort on Cape Cod and one of the premier vacation destinations in the Northeast. The resort maintains an affiliation with The Leading Hotels of the World and has reportedly earned more awards than any other Cape Cod property. The resort has been awarded the AAA Four- Diamond Award since 2004.
Kinzie Design Center
$9,500,000
10-year fixed rate loan to refinance the existing debt on a 71,309 SF urban office/retail building located in the River North area of Chicago, IL. The Sponsor purchased the Property in 2007 and completed a significant capital improvement program including pointing and roof and elevator replacement. At closing, the property was 94% occupied and leased to 18 tenants.
Lighthouse Building
$45,000,000
10-year fixed rate loan to refinance the existing debt on the Lighthouse International Building. The 194,000 SF Class A property is located on 59th Street between Lexington and Park Avenues in New York. The Sponsor of the Loan is a 501(c)3 not-for-profit organization.
Village Walk
$46,300,000
5-year fixed rate loan to refinance the existing construction loan on a 156,552 SF retail shopping center located on 13.26 acres in Chula Vista, CA. The Sponsor purchased the site in 2005 and subsequently developed the Property. At closing, the property was 96% leased to a tenant roster including Henry's Farmers Market, PetCo, TJ Maxx, and Trader Joe's.
Marina Grande
$45,000,000
2-year floating rate first mortgage secured by 414 unsold condominium units and 13,000 SF of retail condominium units located in Daytona Beach, Florida. Loan proceeds were used to acquire the property and fund reserves for building improvements and debt service.
Skokie Boulevard Office Building
$17,500,000
5-year fixed rate loan to acquire a 195,326 SF Class A suburban office building located in Northbrook, IL. At closing, the property was 84.2% occupied and leased to 36 tenants.
Audubon Park Apartments
$21,600,000
5-year fixed rate first mortgage refinance the existing debt on a 344 unit class B/B+ apartment complex located in Daphne, Alabama, a suburb of Mobile. The loan was structured as an $18.4 million first mortgage and a $3.2 million mezzanine note.