W&F Issue 3 2018

Wealth & Finance International - Issue 3 - 2018 5 HALL Structured Finance (HSF) announced that the company has closed a new first lien loan totalling $35.5 million to finance the construction of The Vantage multifamily high-rise in St. Petersburg, Florida HALL Structured Finance Closes $35.5 Million Construction Loan On the 20th March, HALL Structured Finance (HSF) announced that the company has closed a new first lien loan totalling $35.5 million to finance the construction of The Vantage multifamily high-rise in St. Petersburg, Florida. The property developer is Michigan-based DevMar Develop- ment and the project is expected to be completed in September 2019. “Diversification is a big focus of ours this year, as we have primarily focused on hotel financing over the past several years, and The Vantage presented us with the opportunity to finance the construction of a high-quality multifamily project in a growing market,” said Mike Jaynes, president of HALL Structured Finance. “As institutional banks continue to pull back, we anticipate more asset allocation in 2018.” The Vantage will consist of 211 Class-A, high-rise rental homes throughout 11 stories. The homes will average approximately 631 square feet and will be modern in design with excellent finishes and open floor plans. Residents will also be able to take advantage of the views and beautiful Florida weather with balco- nies that average over 100 square feet. Amenities at the property will include a rooftop pool, terrace and ve- randa, fitness centre and yoga room. The property is located one mile from Downtown St. Petersburg within the “EDGE” district, an area defined by its walkability and boutique shopping, restaurants, nightlife and art galleries. “The HALL Structured Finance team went above and beyond to provide us with a uniquely tailored, flexible ap- proach to finance the construction of The Vantage, and we are thrilled to be getting started,” said Jason Fracassa, Vice President of Finance of DevMar Development. Mike Lemon and Matt Shane with Q10 Lutz Financial Services arranged the financing. HSF has now closed eight construction loans in Florida, and this is the third residential project the company has financed in Florida, preceded by the Gale Residences in Ft. Lauderdale, which closed in August 2016, and the Millennium at Citrus Ridge in Kissimmee, which closed in February 2017. HSF has closed more than $67 million in construction loans in 2018, and plans to surpass $500 million by 2019. The company has also opened an 8 percent, Reg. A public offering for $50 million in order to further expand its lending capacity to meet the growing demand for construction financing. Fidante Partners, an international investment management business, and Latigo Partners, L.P., a fund manager specialising in event-driven investing, announced that Fidante has acquired a minority stake in Latigo. Fidante Establishes Strategic Partnership and Acquires Minority Stake in Investment Manager Latigo Partners On the 15th March, Fidante Partners, an international investment manage- ment business, and Latigo Partners, L.P., a fund manager specialising in event-driven investing, announced that Fidante has acquired a minority stake in Latigo. As part of the transaction, the Life division of Fidante’s parent company, Challenger Limited, has made an investment in Latigo’s funds. Founded in 2005 by David Ford and David Sabath, Latigo has focused on building a unique offering in event-driven investing. Latigo’s strat- egies include distressed securities, special situations and long/short credit and equity investing. Partnering with Latigo is consistent with Fidante’s strategy of expanding alternatives offerings. Fidante invests in specialist investment managers with differentiated strategies where active investment management skills can deliver attractive results for investors. Fidante’s specialist distribution and business development expertise will provide Latigo with access to well-suited, long-term global institu- tional investors including sovereign wealth funds, national pensions and superannuation funds. Cathy Hales, Global Head, Fidante Partners, commented: “Latigo’s event-driven investment strategy is highly relevant in today’s investment climate. We are excited by the oppor- tunity to partner with a high-quality team and bring their active investment management skills to the attention of institutional investors in the UK and Europe, in addition to other key mar- kets such as Australia and Japan. We believe we have found in Latigo a very positive business culture fit with the Fidante team. Also, we admire Latigo’s focus on delivering invest- ment results to their clients and their passion for their investment craft. This investment and partnership with Latigo is part of Fidante Partners’ global growth plans. We are always striving to offer our clients access to innovative strategies from best of breed boutique managers around the world.” David Ford, Co-founder of Latigo, added: “This strategic partnership with Fidante and long-term investment from Challenger allow us to better focus on what we do best - identifying needle-in-a-haystack investment opportunities. Additionally, access to Fidante’s distribution and business development capabilities will help expand our reach to a global base of investors.” David Sabath, Co-founder of Latigo, said: “Fidante is a great cultural match for Latigo and we look forward to part- nering with them as we position the firm for our next phase of growth.” News