A South Florida-based joint venture called PYT Lending has raised a $300 million fund to finance condo purchases by foreign nationals and other investors.
For example, PYT has started closing mortgage loans to finance investors under contract to buy about 20 percent of the units at the Echo Brickell condominium development in Miami, a 180-unit project that developer Property Markets Group and JDS Development Group completed in November.
“We are well aware of the challenges foreign nationals encounter when financing their investment purchases,” said Jonathan Ghitis, a partner of GPC Truss, whose family is South American.
GPC Truss and two other firms, Pebb Capital and Yale Mortgage Funding LLC, formed Pebb Yale Trust (PYT) Lending, a joint venture to work directly with condo developers and offer loans to investors under contract to buy condos and to prospective buyers as well.
PYT Lending offers non-recourse loans with one-, three- and five-year terms. Its current interest rate on a three-year loan is 6.95 percent.
Pebb Capital, founded in 2014, is a real estate and private equity investment firm.
Yale Mortgage Funding LLC is a licensed mortgage lender based in Miami Beach that has originated and serviced more than $1.2 billion in mortgage loans since 1992.
GPC Truss is a commercial real estate partnership led by former Trammel Crow Company partner Leo Ghitis. – Mike Seemuth