Institutional Property Advisors arranges $100m debt facility for Thomas James JV
IPA Capital Markets, a division of Marcus & Millichap, has arranged a $100 million facility from East West Bank for a joint venture between Angelo, Gordon & Co. and Thomas James Homes. The facility will refinance a portfolio of newly constructed, class A, primarily two- to four-unit single-family rental homes and enable the venture to aggregate, scale and expand the venture over time.
“This facility provides a cost-effective takeout of the construction loans as homes are completed and leased to allow for portfolio aggregation, which mitigates most of the risk of a scattered home portfolio,” said Steven Buchwald, IPA Capital Markets senior managing director, who closed the loan.
The joint venture formed a strategy to source, build, and operate new construction residential class A duplexes, triplexes and quadruplexes on single, non-contiguous lots for long-term consumer rentals.
“It's very hard to find land, acquire, entitle and build multifamily in