Patriot Group Provides $39 Million in Structured Loans for Prime Real Estate in New York City.

Developers Using Patriot Financing to Acquire and Reposition Chelsea and Meatpacking District Properties

DARIEN, Conn. -- The Patriot Group, an emerging leader in providing innovative debt facilities for the real estate and finance industries, today announced that it has provided acquisition

"During the past nine months the lending environment has dramatically shifted away from loans originated for securitization and toward balance sheet lenders. Consequently this has created increased demand for financing from groups like Patriot," said Dan Harrington, Managing Partner of Patriot's Real Estate division. "These transactions contained key positive elements that Patriot has historically focused on for repositioning lending situations, including an improving location, acquisition financing, a seasoned development team, and a thorough and well-defined business plan."

The first loan is a $17 million Senior Mortgage to Real Estate Equities Corp. for the acquisition and repositioning of a 24-unit apartment building located on 14th Street in the heart of Manhattan's Meatpacking District. Patriot provided Real Estate Equities Corp. with the financing to acquire the property, as well as an additional funding commitment to reposition and upgrade the building. In addition to planned improvements for the underutilized street level space, the building also includes approximately 10,000 square feet of air rights. This is Patriot's second acquisition and repositioning loan to this developer.

The second loan is a $12 million Senior Mortgage to Peter Moore Associates for the acquisition and redevelopment of a site on 10th Avenue in the rapidly emerging West Chelsea neighborhood in Manhattan. Patriot recognized that recent zoning changes which allow a change of use from manufacturing to residential, along with the opening of the Hudson River Park, have spurred economic development in this Manhattan sub-market. The developer is pursuing a redevelopment plan that will include a newly constructed residential building while preserving a fully occupied office building.

"Patriot rapidly closed a highly structured loan for us in a short time frame so that urgent timelines set by the sellers could be met. Patriot's streamlined infrastructure and decision-making process enabled it to function as a true partner and respond quickly to our needs, particularly during this challenging credit environment," said Peter Moore, CEO of Peter Moore Associates.

About The Patriot Group, LLC

Founded in 2002, the Patriot Group is a leading specialty finance, investment, and asset management company that provides funding solutions to clients across a wide variety of asset types. With its streamlined infrastructure, Patriot provides flexible, custom-tailored capital that benefits clients that are underserved by traditional financing sources. Patriot serves clients with a broad range of products across the capital structure, including senior and mezzanine financing, asset purchase facilities, repurchase financing, working capital loans and equity financing. For more information on Patriot, please visit www.patriotgp.com.