Yieldstreet Commercial Real Estate provided a $4.2M mezzanine loan to a Washington, D.C. based real estate developer and manager. The Loan is secured by the pledge of the Borrower’s equity interest in its subsidiary, which owns the leasehold interest in a 99-unit limited service hotel in Downtown Washington, D.C. The Sponsor used the Loan proceeds, alongside an $18M senior bank loan, to acquire the Property and fund the renovation costs to convert the Property into 99 furnished short-term rental studio apartments.
Since the launch of the deal, the project has reached several milestones:
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