Gortikov Capital arranged a $150-million bridge loan secured by The Grad, a 260-unit, 1,002-bed Class A student housing tower serving San Jose State University. A capital markets team led by Bryan Gortikov secured the new floating-rate senior bridge loan from ACORE Capital with favorable terms and limited structure on behalf of AMCAL Equities and its founder and CEO, Percy Vaz. 

“It is a rare pleasure to work with a partner of AMCAL’s caliber and on an asset as uniquely impressive as The Grad,” said Gortikov. “Despite an increasingly volatile economic climate and tightening credit, I am thrilled we were able to outperform on our assignment for Percy and the AMCAL team.”

Developed in 2020 by AMCAL Equities, The Grad sits just 400 feet from the SJSU campus in a market that continues to be underserved by student housing. Beds are available for less than 25% of the 36,000 students, and nearby market-rate apartments are among the most expensive in the country.

Faropoint, a Hoboken, NJ-based real estate investment firm focused on last-mile industrial properties, has secured a $150 million acquisition line with a leading U.S. financial institution for its Industrial Sale-Leaseback (ISLB) Fund. This marks the second loan facility provided to Faropoint by this institution, following a previous $130-million facility for Fund II.

The ISLB Fund was launched earlier this year with a $300-million target. It aims to capitalize on the debt gap created as local and regional U.S. banks reduce commercial real estate exposure.

“This $150-million acquisition line from our financial partner is a testament to the strength of our ISLB strategy and our ability to identify and execute on attractive opportunities in the last-mile industrial sector,” said CFO Idan Tzur. “We’re pleased to expand our relationship with a trusted institution, whose expertise and financial strength align perfectly with our growth objectives and empower us to navigate today’s challenging credit environment with confidence.”

Alexandria Real Estate Equities, Inc. announced the completion of the sale, through an affiliate, of 1165 Eastlake Avenue East in its Lake Union submarket of Seattle to longstanding tenant Fred Hutch Cancer Center.

Alexandria developed and delivered the fully leased 100,086-square-foot, single-tenant life science facility in 2021. It sold for $150.0 million at a strong capitalization rate of 4.9%. As part of the transaction, Alexandria, through an affiliate, entered into a strategic joint venture partnership with Fred Hutch with respect to each of 1201 and 1208 Eastlake Avenue East through a transfer of partial interests from the prior joint venture partner to Fred Hutch. Alexandria’s ownership interest in each of 1201 and 1208 Eastlake remains unchanged at 30%.

“This opportunity allows us to swiftly advance our research and expand our South Lake Union campus in the heart of Seattle’s life science and biotech community,” said Thomas J. Lynch Jr., MD, president and director of Fred Hutch. “We appreciated the collaborative relationship with Alexandria as we explored and finalized this important agreement that will support our mission to prevent, treat and cure cancer and infectious disease.”