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 …
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