Torchlight investing from its Torchlight Debt Opportunity Fund IV, its seventh opportunistic vehicle targeting commercial real estate debt investments.
The portfolio comprises the Crossroads Corporate Center and the Crossroads Executive Center, both of which are located in New York state. In total the 13 buildings cover more than 397,000 square feet.
The properties have been acquired by an unnamed “experienced New York-based real estate investment and development partnership”, and will undergo a renovation of their interiors and facades.
Steven Schwartz, managing director of acquisitions at Torchlight, commented in a statement: “The Crossroads portfolio is a good representation of target assets for Torchlight. The portfolio is located in a tight market with strong demand drivers and limited new product.”
The deal comes less than a month after Torchlight invested $9.4 million in an apartment complex in San Antonio, Texas, providing a $9.4 million first mortgage as part of a refinancing deal.