We hope you had a great July 4th weekend! As of July 1, 2021, it has been 470 days since the pandemic started. Finally, the world seems to be opening back up. We hope everyone is healthy and ready to get back to a more normal tempo. It seems surreal to think about what the world has experienced over the last 470 days. In a strange way, the slower pace offered a chance to reflect on the most important parts of life: family, friends, health, laughter, tears, compassion, and so many other things we take for granted in our fast-paced world. I hope we will keep these in perspective as the world opens back up.
The Park at North Ridge
340-unit multifamily property located in an established submarket in north Raleigh. Financing provided by a life insurance company.
I hope everyone had a safe and productive start to 2021. After such a challenging 2020, it felt good to turn the page and embrace the hope and optimism that seemed widespread to start this year. With the historic March jobs report, a successful vaccine rollout thus far, a declining unemployment rate, and consumer confidence at a post-pandemic high, the country seems well-positioned for continued economic improvement and getting to the other side of the pandemic. Anecdotally, if you traveled for spring break recently, you likely saw America’s desire to get out of the house firsthand!
At the start of every year, we like to reflect on our accomplishments and growth as a company. We speak for all of us at Medalist Capital by saying that we hope this update finds you and your family healthy and safe. While last year was certainly an unexpected one, we are proud to say that Medalist Capital held strong. Take a look at one of the most unprecedented years in our 16-year history: medalist-update.com
2020 is OVER! DONE! FINISHED!
What a crazy year! While we are still battling Covid-19, working to improve race relations in our world, and navigating an uncertain political landscape, I am confident that 2021 will prove to be a healthier, more empathetic, and rejuvenating year.
I will speak for all of us here at Medalist Capital in saying that we hope this update finds you and your family healthy and safe. It goes without saying that Covid-19 has taken a massive toll on our nation’s overall health and economy this year. 2020 continued to pile on in the 3rd Quarter with historic storms in the Gulf and devastating wildfires out West. We all have family, friends and colleagues that have been impacted in one way or another. We send out prayers to all of those impacted and a heartfelt thanks to the healthcare workers, firefighters and first responders that continue to put themselves in harm’s way for others.
First and foremost, we sincerely hope that everyone and their families are safe and healthy. We want to extend our heartfelt thanks to all of those in the medical communities fighting COVID-19, as well as to all the workers who continue to provide services to those who have the luxury of staying at home. As I noted in quite a few social media posts, many of our parents and grandparents were sent off to war. It should not be too great a sacrifice to ask us to stay home for the short term and follow CDC guidelines regarding social distancing and proper sanitary practices.
Three deals totaling over $70 Million closed in the past eight business days
CHARLOTTE, NC and GREER, SC
Portfolio of three industrial buildings, two located in the Charlotte MSA and one in the Greenville/Spartanburg MSA, totaling over 657,000 SF. Financing provided by a life company lender.
The Medalist Team recently returned from San Diego having attended the annual CREF Conference where we met with over 50 lenders including most of our correspondent life insurance lenders. It was a busy three days and the best conference I’ve attended since joining the company.
Medalist Capital had its best year in 2019. What a great way to celebrate 15 years! We are most appreciative of our loyal client base and lender network that made it possible. Click here to read about some of this year’s accomplishments.
We hope everyone had a great holiday season being with family and friends. School starting back has been a positive in the Raleigh office – a little less parent Uber service has been welcomed!
To say the least, Medalist Capital is very thankful for 2019 as many records were broken! In our 3rd quarter newsletter, Howie “The Machine” Brooks was on target indicating that we were on track to close $1.7 billion in 2019. Due to a tremendous 4th quarter, closing 41 loans totaling $616 million, we clipped his prediction by closing $1.71 billion! Loans ranged in size from $1.5 million to $63 million ($15 million average) and included a wide variety of property types including retail, industrial, office, multifamily and self-storage. Borrowing rates during the quarter ranged from 3.20% to just over 5.00% depending on term, leverage and the timing of rate lock over treasuries. It is incredible how attractive these long terms rates continue to be. As always, we are very appreciative of our correspondent life insurance companies, which are the best in the industry in my humble opinion, as well as many other capital sources for providing the most competitive loans available in the market.
We were very busy at Medalist Capital in the 3rd Quarter. We closed 27 loans totaling $545 million and had one of our best months ever in October with 10 closings totaling $347 million. Medalist Capital is currently on track to close $1.7 billion dollars in 2019, our best year since inception in 2004! Our servicing portfolio had a 12% year-over-year increase and should reach $3 billion by year-end.
2019 has been a busy year thus far from both a production and hiring perspective. We recently hired a new producer in the Charlotte office, an analyst in the Charlotte office, and a new loan coordinator in the Atlanta office. Read more about the experience they bring to Medalist Capital below. We are excited to have them on the team!
Greetings from an unsurprisingly hot and humid Charleston, SC. Something tells me that had the Continental Congress met in the Carolinas rather than Philadelphia in 1776, our Founding Fathers might have delayed establishing our Nation’s independence until a little later in the fall. It’s hard to believe that we are already less than a week from the halfway mark of summer but time flies when liquidity in the debt capital markets is robust and the 10-year Treasury yield is within earshot of an all-time low.
Greetings from Medalist Capital! Masters week is here, signaling the beginning of spring, which is especially welcome after most of us in the Southeast have endured an unusually wet winter. The Masters always delivers, and this year should be especially exciting with Rory, Tiger, D.J., and many others in good form. I’m feeling a fifth green jacket for Tiger!
Now that the summer and its heat has passed, I hope everyone is excited about the cooler fall temperatures but can also look back on some memorable summer adventures. Obviously, the big event this past quarter for those of us in North Carolina was Hurricane Florence. Although the storm delivered a serious blow to the eastern region of our state, the strength and resiliency of our community has been remarkable. Also notable is the overwhelming desire of so many people not directly affected by Florence to help our eastern neighbors, either financially or by volunteering their time for cleanup efforts. We Carolinians are a tough bunch, and we are making that evident right now! Please continue to keep those affected in your thoughts and prayers.
Summer is here! Despite a cooler spring that seemed to linger much longer than usual, we certainly have jumped head first into the “dog days” of summer. Despite the recent heat wave that swept across much of the country (and certainly hit us here in the Southeast), we hope that everyone had a safe and fun-filled Fourth of July. Hopefully, you found a cool breeze while celebrating our country’s Independence in the presence of family and friends. With the 4th falling midweek this year, we certainly felt a pause before and after the holiday. It seems that both our clients and lenders are now back in the saddle and ready to continue what has already been an active 2018.
Despite the extended winter weather during the first quarter of 2018, business activity has been boiling at Medalist Capital, where we achieved record volume with 34 deals totaling $497 million! The current pipeline is also very robust and we want to thank our loyal clients and capital sources whose efforts also helped us surpass $10 Billion in loan volume since the inception of Medalist Capital in 2004!
Medalist Capital recently arranged life insurance company financing for The Gramercy in Raleigh, North Carolina and Solis Ninth in Durham, North Carolina. Both deals were led by Howard Brooks, Principal, in Medalist’s Raleigh office.
Medalist Capital Arranges $100 Million Debt Placement for The Pinnacle at Symphony Place in Nashville
Medalist Capital recently arranged financing for The Pinnacle at Symphony Place in Nashville on behalf of Highwoods Properties. The debt placement team was led by Bat Barber, Principal, in Medalist’s Raleigh, NC office with one of their correspondent lenders, Allianz Real Estate, who was the sole lender on the $100 million financing.