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Urban Standard Capital expands $200M credit facility with Western Alliance
The transitional commercial real estate lending capacity with Western Alliance Bank has grown from $40 million to $125 million over six years and targets $15 million to $20 million projects.
Urban Standard Capital, a New York based commercial real estate private credit firm, has expanded its relationship with Phoenix based Western Alliance Bank by increasing its aggregate financing capacity for transitional commercial real estate loans to $200 million through three separate funds, Commercial Observer reports.
Commercial Observer notes that Urban Standard Capital founder and managing partner Seth Weissman said the coordinated lending capacity has risen from $40 million to $125 million over the last six years, and the credit line is intended to support loan originations for tailored financing projects that typically range from $15 million to $20 million.
Weissman said the facility is designed to recycle capital as prior loans are paid off, meaning the firm can re draw the same funds multiple times. He estimated that investing $200 million could translate into roughly $800 million of lending power over the life of the arrangement if the money turns about four times.
Western Alliance Bank market manager Ian Hawk said in a statement that the parties have built a strong relationship over several years, calling the arrangement mutually beneficial and supportive of Urban Standard Capital’s lending platform expansion across the country. Commercial Observer also reports that since starting in 2014, Urban Standard Capital has originated $2.3 billion in loans for more than 260 real estate projects.