NEW YORK CITY — Canyon Partners Real Estate LLC, Tavros Holdings and Charney Companies have created a joint venture to develop 585 Union Street, a 224-unit project in the Gowanus neighborhood of Brooklyn. Located in a qualified opportunity zone, the project will be capitalized with $57.7 million of equity and a $107 million senior construction loan from Pacific Western Bank. 585 Union Street will offer a mix of studio, one-, two- and three-bedroom units along with parking, a fitness center and a rooftop pool among other amenities. Twenty-five percent of available …
New York
Largo Capital Arranges $30 Million Loan to Refinance 11-Property Portfolio in Buffalo, New York
BUFFALO, N.Y. — Locally-based Largo Capital, a commercial finance and advisory firm, has arranged a $30 million loan to refinance an 11-property portfolio located in Buffalo, N.Y. The portfolio has a total of 789 units. The portfolio was was 99 percent occupied at the time of the sale. Ned Perlman, vice president of originations at Largo Capital, secured the 10-year balance sheet loan, which features a 30-year amortization and a flexible prepayment option. The borrower and direct lender were not disclosed.
NEW YORK CITY — Hudson Realty Capital, a New York City-based commercial real estate investment management firm, has hired Brandon Eustace as Managing Director of FHA Originations. Eustace brings more than a decade of experience in FHA and HUD real estate finance. His addition comes as the firm’s FHA division continues to expand its capabilities in the market. In this role, Eustace is responsible for overseeing the origination of multifamily FHA/HUD and bridge loans. Hudson Realty Capital launched its FHA division in 2021. The company has continued to strategically grow …
NEW YORK CITY — California-based investment firm Avanath Capital Management has purchased 7 Dekalb, a 251-unit apartment building in Brooklyn, for $101.2 million. The 18-story building, which features mix of market-rate and affordable housing units, is located within the City Point mixed-use development. Amenities include a fitness center, rooftop deck, children’s play area, tenant lounge and a cinema room. Newmark represented the seller, The Brodsky Organization, in the transaction. Avanath plans to introduce new social services programs for residents, including afterschool care, professional development workshops and health classes.
NEW YORK CITY — Walker & Dunlop has arranged $120 million in financing for a portfolio of three affordable housing properties totaling 557 units in Harlem. The portfolio’s capital stack now includes agency debt originated by Freddie Mac and historic tax credit equity that was generated by The New York City Housing Authority (NYCHA) and was subsequently purchased by J.P. Morgan Chase. Proceeds will be used to rehabilitate and preserve the affordability status of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, which were built between 1962 and 1985. The …