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
Echo Brickell and PMG principal Ryan Shear

Construction of Echo Brickell allegedly damaged neighboring condo building: lawsuit

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

Echo Brickell and Steven Pasko

Miami investment manager buys penthouse at Echo Brickell

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Neiman Marcus CEO Geoffroy Van Raemdonck (Credit: Getty Images)

Struggling Neiman Marcus scores loan from Credit Suisse for Coral Gables store

Developers land $74.5M loan for condo construction project at Ocean Reef Club

Ceiba Groupe's Managing Principal Adam Bedzow and a rendering of Suede Downtown Davie

Ceiba Groupe nabs $46M loan for Downtown Davie project

JW Marriott Miami Turnberry Resort & Spa with Jeffrey Soffer, and a rendering of the Shore Club with Ziel Feldman

Jeffrey Soffer’s Turnberry Isle, HFZ’s Shore Club hotel close refinancings

arrow_forward_ios