Newark, NJ: Stacey’s Funding LLC, originated and funded 7 Real Estate projects totaling $144.8 million in the capital within April and May 2021, reporting the busiest fourth quarter in the private lender’s history. Michael Patton, Stacey’s Funding Vice President, emphasized that the firm “pivoted” its sourcing strategies in April 2021 to identify special situation lending opportunities that typically surface amid capital markets volatility. “We identified several options that emerged during this period of market dislocation, which was primarily spurred by COVID-19, the government enacted lockdowns, and the ensuing global health crisis,” Patton said.
Stacey’s Funding activity included financing more than 1.5 million square feet of industrial assets, counting e-commerce distribution facilities in the Inland Empire, east of Los Angeles and in Savannah, GA, which serves the fast-growing Garden City Terminal, in addition to refrigerated warehouse space in Navarre, Ohio leased to North America’s largest temperature-controlled logistics provider. In concert with the soaring demand from equity and debt investors for industrial properties as the global pandemic continues to impact consumer trends, the asset class gained the majority of Stacey’s Funding loan origination activity followed by multifamily and office.
“Given our portfolio composition and credit performance of existing positions prior to March, we were well-equipped to traverse the post-COVID lending environment and swiftly add new positions at attractive metrics and accretive pricing,” added Brendan Miller, Stacey’s Funding Chief Investment Officer.
Stacey’s Funding activity included various asset classes, and since the onset of COVID-19 has provided financing across California, Washington, Ohio, Georgia, South Carolina, Nevada and Florida, with the following representative transactions:
- $40 million acquisition loan for 192nd West Lofts, a 163-unit, three building apartment complex in the Fisher’s Landing East sub-market of Vancouver, Washington
- $26 million post-acquisition financing for 650-700 Pacific Coast Highway, an R&D facility in El Segundo, California
- $23.8 million acquisition loan for 415 N. Camden Drive in the Golden Triangle and 152-160 S. Lasky Drive, a medical office portfolio in Beverly Hills, California near The Peninsula Hotel
- $23.7 million acquisition loan for Pellisier Logistics Center, a 232,588-square-foot industrial warehouse and distribution facility in Southern California’s rapidly expanding Inland Empire
- $21 million recapitalization financing for Aspire at James Island, a newly built 127-unit luxury multifamily community in Charleston, South Carolina
- $18 million refinance of 301 Arthur Godfrey, a mixed-use asset consisting of an office building and entitled residential development site in Miami Beach, Florida
- $16 million loan for the acquisition, gut renovation and upgrading of a 30-unit midrise apartment building in West Los Angeles’ supply-constrained Brentwood neighborhood
About Stacey’s Funding Capital
Stacey’s Funding Capital, Inc. (Staceys Funding LLC) is a private money lending company. The New Jersey-based firm focuses on $10 million to $800 million financing transactions, targeting value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties. Stacey’s Funding LLC is also an investment adviser specializing in alternative fixed-income opportunities through US commercial real estate investments. With a national presence, Stacey’s Funding has originated more than $1.3 billion since firm inception.
Company Name: Stacey’s Funding LLC
Contact Person: Michael Patton
Phone: 609 933 3622
Email: [email protected]
Address: 1085 Raymond Blvd suite 241, Newark, NJ 07102