Mark McClure, Managing Partner of GenX Capital Partners, has successfully secured $19.75 million in ground lease financing from Montgomery Street Partners as part of the $50 million recapitalization of Slip 12, an innovative mixed-use development in Albany’s historic Warehouse District. The remainder of the capital stack was provided by Key Bank/Freddie Mac and JP Morgan.

The Montgomery Street Partners team was led by Max Nipon, Max Bartman, and Matt Shermerhorn with the development team led by Tom Rossi, Tim Quinn, and Joe Perniciaro.

“Slip 12 is a project we’re deeply proud of,” said Tom Rossi. “It reflects our commitment to creating spaces that bring people together while honoring the character and history of Albany’s Warehouse District. This recapitalization positions Slip 12 for even greater success and impact.”

Slip 12 has transformed Albany’s Warehouse District into an exciting destination to live, shop, dine, and work out. The project includes 274 industrial-style apartments and a vibrant mix of commercial spaces, including a brewery, wellness gym, coffee shop/wine bar, and a furniture store. Residents enjoy a robust selection of amenities, including a game lounge, beach volleyball court, swimming pool, dog park, and pickleball courts, making Slip 12 a unique and attractive urban living experience just minutes from downtown Albany.

“This financing underscores the confidence in Slip 12’s vision and its pivotal role in the continued growth of Albany’s Warehouse District,” said Mark McClure, Managing Partner of GenX Capital Partners. “It’s an exciting example of how adaptive reuse projects can redefine urban living and drive economic revitalization. At GenX Capital Partners we only work with “best in class” sponsors and Tom Rossi and his team exemplify that to a T with not only this project, but by their track record in general,” McClure ended

Slip 12’s integration of industrial design with modern amenities and its strategic location just minutes from downtown Albany make it a standout example of urban redevelopment. The partnership between the sponsors, GenX Capital Partners, Montgomery Street Partners, Key Bank, Freddie Mac and JP Morgan highlights the power of collaboration in delivering transformative projects.

McClure stated that for 2025 and beyond GenX Capital is looking to capitalize on their extensive debt and equity partnerships and underwrite up to 95% of the cap stack for viable acquisition and development projects for seasoned sponsors in the 5 core classes of assets.

“We feel confident that we can be a one-stop-shop and not only underwrite competitive debt terms with aggressive leverage, but also plug the equity gap and drive LTC and LTV to 90-95% in almost all cases. We look forward to closing a lot more of those deals in 2025 and beyond”, McClure ended.