PARAMOUNT SPECIALTY FINANCE BUYS $35 MILLION STNL CONSTRUCTION LOAN PORTFOLIO
Paramount Specialty Finance closed on the purchase of a ~$35 million portfolio of 8 single tenant net lease (STNL) construction loans. The loan portfolio included loans from 5 different borrowers across five states, with projects in various stages of development. The build to suit corporate tenants in tow for the projects includes 7-Eleven, DaVita, WaWa, and Caliber Collision.
The successful portfolio purchase was effectuated through multiple entities managed by PSF, including Paramount Development Finance Partners (PDFP), The Company's joint venture investment vehicle with Guggenheim Investment Partners, formed in 2018.
"While we are primarily known as the market leader for our build-to-suit lending business, this transaction is a great example of how our STNL-focused investment platform can go after any opportunities in the space," said Joel Waxman, Managing Partner, and co-founder of PSF.
Brian Barrow, co-founder, and Managing Partner of PSF, added, "Despite the new reality we are all in, PSF will continue to originate new build to suit and stretch senior loans and be a solutions provider in the net lease space through loan purchases, STNL acquisitions, and providing rescue financings."
About Paramount Specialty Finance (PSF)
Austin, TX-based Paramount Specialty Finance was formed in 2015 to address dislocations in the single tenant net lease (STNL) market by offering capital structure solutions for build-to-suit projects across the country. PSF currently has ~$450 million in assets under management and has originated and invested over $700 million in net lease transactions across the U.S. The PSF platform operates three primary investment strategies within the net lease space: Lending, Acquisitions, and Special Situations.
About Paramount Development Finance Partners (PDFP)
PDFP is the net lease investment joint venture formed in 2018 between Paramount Specialty Finance and Guggenheim Investments. Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, with ~$250 billion in assets across fixed income, equity, and alternative strategies. Guggenheim focuses on insurance companies' return and risk needs, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors.