The Real Deal New York

Sherwood expands new debt platform with Yoel Goldman loan

Lender partners with Centennial on $46M Gowanus deal
By Konrad Putzier | July 24, 2018 02:00PM

313-331 Bond Street and Jonathan Snider (Credit: Google Maps)

Yoel Goldman’s All Year Management secured a $46 million financing package for a development site at 313-331 Bond Street from Centennial Bank and Sherwood Equities.

Centennial is providing a $30 million senior loan and Sherwood is chipping in a $16 million mezzanine loan.

The mortgage marks the second Gowanus deal for Sherwood’s new mezzanine lending platform within the past six months. In February, it partnered with CIT Bank on a $38 million package to finance the Domain Companies’ acquisition of 420 Carroll Street. The platform, which quietly launched in January, specializes in pre-construction land loans.

Jonathan Snider, who joined Sherwood from Moinian Group in 2016, heads the debt platform.

Sherwood’s expansion into lending comes as a growing number of New York developers launch their own debt funds. In February, Slate Property Group launched a lending vehicle with a $500 million target.

Goldman bought 313-331 Bond Street in March for an undisclosed sum, property records show. The 2-acre site sits next to the Gowanus canal and could benefit from a potential rezoning of the neighborhood.

Goldman, who did not respond to a request for comment, is currently developing a 325-unit mixed-use complex in Greenpoint.