Sugar Hill co-founder raises $50M for new fund

David Schwartz's Fort Amsterdam Capital will deploy $100M over two years

New York /
Nov.November 24, 2017 01:00 PM

David Schwartz and Uanderson Benedetti

Fort Amsterdam Capital, a Manhattan-based lender founded by Sugar Hill Capital Partners’ David Schwartz, has raised a $50 million for its second fund.

Between direct investment and co-lender arrangements, Fund II has $100 million to deploy over the next 12 months, Schwartz told Commercial Observer. Schwartz, who founded Sugar Hill with Alex Friedman in 2009, launched Fort Amsterdam last year with a $22 million first fund.

Fort Amsterdam’s bridge lending platform focuses on loans between $2 million and $10 million, with a loan-to-value ratio of 75 percent.

Schwartz said the fund would consider larger deals on a case-by-case basis, and he foresees refinancing deals as traditional lenders pull back. “There are a lot of good landlords who made very aggressive assumptions. Now that their loans are due they’re trying to find alternatives,” he said.

Schwartz said Fort Amsterdam’s first lending vehicle was a proof-of-concept fund. The second fund will focus on multifamily, mixed-use and small office deals though it will consider retail plays in busy corridors in parts of Brooklyn and Harlem.

FAC’s Uanderson Benedetti will lead origination efforts. [CO]E.B. Solomont


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Sen. Mitt Romney and Sen. Kyrsten Sinema (Getty)
Developers, rejoice: Carried-interest loophole is saved again
Developers, rejoice: Carried-interest loophole is saved again
Stephen Schwarzman, Senator Joe Manchin, and Senate Majority Leader Charles Schumer (Illustration by The Real Deal with Getty Images)
Real estate scores loophole to save loophole
Real estate scores loophole to save loophole
Senator Chuck Schumer and Senator Joe Manchin (Illustration by Kevin Cifuentes for The Real Deal with Getty)
Manchin-Schumer deal closes real estate tax loophole
Manchin-Schumer deal closes real estate tax loophole
15 Hanover Place in Downtown Brooklyn (Lonicera Partners, Getty)
Lonicera scores $134M loan for DoBro tower
Lonicera scores $134M loan for DoBro tower
(Getty)
CMBS volume plunges 29% in second quarter
CMBS volume plunges 29% in second quarter
IPG's Andrew Chung with rendering 23-30 Borden Avenue (Innovo Property Group)
Andrew Chung lands major refi for LIC last-mile project
Andrew Chung lands major refi for LIC last-mile project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...