Opportunistic private credit group Monroe Capital finances press in West Palm Beach | Business
CHICAGO – (BUSINESS WIRE) – April 29, 2021 –
Monroe Capital LLC (“Monroe”) today announced that its opportunistic private lending group has entered into a $ 50.75 million mortgage loan to Tricera Capital for the construction and redevelopment of a mixed-use project, The Press, in West Palm Beach.
Located on over 11 acres at 2751 S. Dixie Hwy. on the Palm Beach Post campus, The Press is an adaptive reuse project in which nearly all of the existing structures are preserved. It includes a 125,000 square foot retail component – Shops at the Press – and an adjacent 140,000 square foot office building under the Workspaces at the Press brand.
“We are delighted to complete this transaction and appreciate Monroe Capital’s belief in our company’s most ambitious project to date,” said Scott Sherman, Principal at Tricera Capital. “The tenant mix works well, with retailers that will complement the office tenants next door and in the surrounding neighborhood. The press is set to revitalize the Dixie Freeway corridor. “
“We are delighted to partner with Scott, Ben and the Tricera team on this asset. This represents Monroe’s continued interest and appreciation for opportunities in the South Florida real estate market, ”said Kyle Asher, co-director of Monroe Capital’s opportunistic private credit group. “Monroe continues to establish and grow its real estate business. While many competitors have been affected by COVID, we have identified opportunities and closed our seventh real estate transaction in the past 12 months. “
This transaction is representative of the Real Estate Finance vertical of Monroe Capital within the Opportunistic Private Credit group. The vertical sector focuses on structured debt and equity finance in complex and specific situations covering all types of assets and all geographies. The team has a broad investment mandate, flexible capital and pride themselves not only on their “bottom-up” real estate expertise, but also on their ability to act quickly and efficiently and provide certainty of execution. For over 17 years, the company has been investing in asset-backed transactions with attractive collateral, as well as cash flow and enterprise value based loans.
About Monroe Capital
Monroe Capital LLC (“Monroe”) is a leading asset management company specializing in the private credit markets through a variety of strategies including direct lending, asset lending, specialty finance, opportunistic lending and structured and actions. Since 2004, the company has successfully provided capital solutions to clients in the United States and Canada. Monroe prides itself on being a value-added and friendly partner for business owners, management, private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for institutional and high net worth investors, with a focus on generating high quality “alpha” returns, regardless of business or economic cycles. The company is headquartered in Chicago and has offices in Atlanta, Boston, Los Angeles, New York and San Francisco.
Monroe has been recognized by peers and investors with various awards including Private Debt Investor as 2020 Lower Mid Market Lender of the Year, 2020 Lender of the Year and 2020 CLO Manager of the Year, Americas; Creditflux as the best American direct lending fund 2020; Pension Bridge as the private credit strategy of the year 2020; and Global M&A Network as 2020 Lender of the Year in Small Intermediate Markets. For more information, please visit www.monroecap.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210429005113/en/
CONTACT: Theodore L. Koenig
Monroe Capital LLC
[email protected] Caroline Collins
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA ILLINOIS
INDUSTRY KEYWORD: COMMERCIAL BUILDING AND REAL ESTATE CONSTRUCTION AND FINANCING OF PROFESSIONAL REAL ESTATE SERVICES
SOURCE: Monroe Capital LLC
Copyright Business Wire 2021.
PUB: 04/29/2021 06:00 / DISC: 04/29/2021 06:00
Copyright Business Wire 2021.