Firm raises $300M to finance condo purchases by foreign nationals

PYT Lending caters to foreign nationals and other investors seeking mortgage loans to finance condo purchases

TRD MIAMI /
Jan.January 21, 2018 10:00 AM

PYT Lending has started closing loans to buyers of about 20% of the condo units at Echo Brickell.

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


Related Articles

arrow_forward_ios
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

arrow_forward_ios
Loading...