Friday, May 5, 2017

Grandbridge Vice President Adam Lipkin Arranges New Loan for Republic of Nauru, World’s Smallest Island Nation

Adam Lipkin
MIAMI, FL and HOUSTON, TX  Adam Lipkin, Vice President of Grandbridge Real Estate Capital's Miami team, has secured a $7.8 million refinancing for a Houston-area office building owned by a sovereign wealth fund operated by the Republic of Nauru, a South Pacific island nation

The 18-month loan was provided by a U.S-based crowdfunding real estate platform. With just under 10,000 inhabitants, Nauru is the world’s smallest island nation. Its government developed the Nauru Phosphate Royalties Trust to invest proceeds from a state-owned mining company.

In late 2015, Lipkin arranged a $6.2 million bridge loan for the trust, which has invested in numerous U.S. real estate assets over the years. The financing was secured by a 6-story, 138,633-square-foot single-tenant office building in the Clear Lake submarket of Houston.

The new loan facilitated by Lipkin provides a short-term financing solution for the property, which is mostly occupied by Jacobs Technology, a wholly owned subsidiary of publicly traded NASA contractor Jacobs Engineering Group (NYSE: JEC). Jacobs provides technical, professional and construction services to various industrial, commercial and governmental clients.

“While conventional lenders are understandably challenged and conservative with terms these days, there are viable and creative lending options out there,” Lipkin said. “With lenders that are more focused on the underlying collateral value, there is flexibility with rates, terms and structures.”

Lipkin worked with the Trust’s experienced asset manager, Ben Jacobson, founder of Blackstone Consulting, a Miami-based asset management firm. Jacobson’s firm was hired by the Trust to assist with numerous challenges and improve the overall returns and marketability of the asset.  Within the last 18 months, Jacobson solved prior management issues, renegotiated and extended the lease term, improved operations and returns before securing the financing through Grandbride.

“There aren’t many creative, outside the box commercial financing options, especially not for foreign-based borrowers,” Jacobson said. “We worked together to ensure the eventual lender would be thrilled to underwrite this asset in a strong office submarket.”

For a complete copy of the company’s news release, please contact:

Eric Kalis
Account Director, BoardroomPR

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