Loci Capital Secures $25 Million Subscription Line

Rhea-AI Summary

Loci Fund II GP, LLC announced the closing of a $25 million capital call facility with SouthState Bank. The facility will provide surety of financing for off-market investments and additional flexibility to syndicate investments. Loci's inaugural real estate fund fully allocated its $47 million commitments and raised $176 million of joint venture and co-investment capital. The relationship with SouthState allowed for the concurrent closing of the facility and the first close of Fund II.

Positive

• Loci secured a $25 million capital call facility, providing surety of financing for off-market investments and flexibility to syndicate investments.
• The inaugural real estate fund fully allocated its $47 million commitments and raised $176 million of joint venture and co-investment capital.

Negative

• None.

TAMPA, Fla.--(BUSINESS WIRE)-- Loci Fund II GP, LLC, an affiliate of Loci Capital Group, LLC (“Loci”), a leading private real estate fund manager, announced the closing of a $25 million capital call facility, with SouthState Bank (“SouthState”) as the sole lender. This represents the continuation of a relationship Loci developed with SouthState who provided a smaller facility for Loci’s inaugural opportunistic fund, which had its final close in October 2021.

“This facility will allow us to provide surety of financing for investments which are off-market and relationship driven at this point in the cycle,” noted Michael Phillips, CEO and co-founder of Loci Capital. “In addition to helping to manage liquidity for the fund and its underlying investors, the facility will also provide us with additional flexibility to syndicate our investments, building on our track record of providing our investors with significant co-investment opportunities alongside their fund commitment.”

Loci’s inaugural opportunistic real estate fund began investing in October 2020 and fully allocated its $47 million of commitments earlier this year. Alongside Fund I, Loci raised and deployed an additional $176 million of joint venture and co-investment capital, demonstrating the firm’s ability to leverage its hybrid GP-Fund structure to deploy and manage capital in scale.

Loci’s ability to close on the capital call facility concurrent with the first close of Loci Capital Opportunistic Fund II, LP (“Fund II”) was due to its established relationship with the lender. “We couldn’t have been more impressed with the team at SouthState and how they operated on what was an extremely compressed timeline,” commented David Workman, Managing Principal and Chief Operating Officer of Loci Capital. “We look forward to continuing our relationship with their team as we grow our fund commitments and execute on our proprietary pipeline of opportunities in our target markets.”

“We have enjoyed our solid relationship with Loci and appreciate the opportunity to work with them on Fund II,” noted John Seeds, Senior Vice President and Line of Business Manager for SouthState’s Private Capital Solutions group. “Our relationship history spans several years, having worked with them on the inaugural credit line for Fund I. We have appreciated their keen insight into real estate investing from the fund level and find the team great to work with. SouthState looks forward to working with this experienced team and supporting the banking needs of the group into the future.”

Loci pursues a diversified strategy consistent with the track record of its senior leadership team focused on making investments in the Southeastern U.S. The firm invests across asset classes and throughout the capital stack, targeting opportunistic returns consistent with those demonstrated by the firm’s 13-year attributable track record.

About Loci Capital

Loci Capital is a leading middle market private real estate investment firm based in Florida and focused on investments throughout the Southeastern United States. Loci’s senior leadership is experienced in the development, redevelopment, repositioning, and conversion of assets across all real estate sectors. Since its inception in 2019, the firm has invested more than US $240 million of equity in over $1.0bn worth of real estate on behalf of its investors throughout its target markets, including in the multifamily, hospitality, office, vacation rental, student housing and medical office sectors. For additional information, visit locicapital.com.

About SouthState Bank

SouthState Corporation (NASDAQ: SSB) is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company’s nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast to coast through its correspondent banking division. Additional information is available at SouthStateBank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230821729185/en/

Loci Capital

Casey Wilson

cwilson@locicapital.com

+1.808.221.0074

Source: Loci Capital