X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Llenrock Group LLC opened the doors to its real estate investment and advisory services platform slightly more than a month ago. Now the firm is, as it told GlobeSt.com it would, rolling out a debt platform through the launch of Llenrock Realty Partners.

Llenrock Realty Partners will offer bridge debt capital in the $3-million to $30-million range to developers in North American and the Caribbean. All asset types can be underwriting from the platform. Structures include interest only, interest reserve, flexible pre-pay, and terms from six to 36 months.

Joseph Cacciapaglia, director of investments at Llenrock, will be heading the initiative. He has worked as a financial analyst for both United Dominion Realty Trust and Brandywine Realty Trust, and as an associate at BlueStone Real Estate Capital.

The fund is partially capitalized by a partner company, whom Andrew Benioff, founder and senior managing partner of Llenrock Group, declines to name. However, he tells GlobeSt.com that the firm expects to provide $100 million in bridge financing this year “and if we want to do more we could, quite comfortably.” While the platform’s sweet spot is between $3 million to $30 million, beyond that number, he adds, debt would probably become too expensive for the firm to provide competitively. However Benioff says there is plenty of business to be done in this ballpark. Officially introduced on Tuesday, the platform is already receiving inquires and requests, he says.

The introduction of the bridge debt platform rounds out Llenrock’s services, Benioff notes. The firm came out of the gate offering structured finance and brokerage services. “We now offer a full spectrum of capital products to developers.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.