Boston, MA, March 31, 2005 - NewStar Financial, Inc. ("NewStar"), a Boston-based commercial finance company, provided, as sole lender, an $8,750,000 non-recourse first mortgage loan to an affiliate of Bayview Financial. This loan was arranged and will be serviced by Holliday Fenoglio Fowler to finance the renovation and condominium conversion of Oregon Place Apartments, a 206-unit apartment project in Dayton, Ohio.
The 14-story Oregon Place project includes large units located in a park-like setting, with a pool and tennis court. Bayview Financial, based in Miami, Florida plans a substantial renovation and upgrade of the property's common areas and amenities including the addition of a fitness area, a business center and an entertainment room. Bayview also plans residential unit renovations including new kitchens and bathrooms.
"We understood the opportunity our client identified when they acquired this remarkable property," said Dan Adkinson, head of real estate for NewStar. "Working closely with our partners at Bayview Financial, we saw their vision for Oregon Place and delivered a flexible capital structure to unlock its full potential."
NewStar's deal team for the transaction included Jim Korinek, Gregg Delany and Gabe Pozo.
About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations