Anika principals and investors invested $14.2 million in LP equity for 21W20, a NYC condo development in the Flatiron district of Manhattan. The deal was structured as a hybrid pref equity transaction where approximately 85% of the equity was invested in a priority position in the waterfall with a pref and a portion of the upside giving substantial consideration for the priority positioning.
Anika Equities Case Studies
NYC Condo Development LP Equity
NYC Condo Development GP Equity
Anika invested $8.9 million in a GP Equity financing with a fixed return for 21W20, a NYC condo development in the Flatiron district of Manhattan, midway through construction. The financing took into consideration existing pre-sales and the expected return to the GP on the remaining inventory and advanced a considerable portion of such anticipated earnings.
Sacramento Office/Retail Value Add JV Equity
Anika invested $2.7 million in LP Equity for the Regis Building, an office/retail property in Sacramento. Cash flow is distributed pari passu and Anika takes a priority position in the waterfall in a capital event and a pref, then the sponsor earns the same pref, after which it is allowed to promote on Anika’s capital.
Suburban Office Ground Lease
Anika principals bought the ground under the Campus at Greenhill, a LEED certified 287K SF class A office property in Wallingford, CT anchored by Anthem Blue Cross Blue Shield. The ground was purchased for $22.8 million at a 5.5% cap rate and the leaseholder was able to get $26.4 million in leasehold debt, effectively achieving over 92% leverage between the two financing vehicles.