Isaac Kassirer refis part of Dawnay Day portfolio with $189M Freddie Mac loan

Sabal Capital Partners originated debt covering 880 rental units

New York /
Jan.January 24, 2019 01:15 PM

Clockwise from top left: 233 East 111th Street, 1567 Lexington Avenue, 112-116 East 103rd Street, and 291 Pleasant Avenue with Isaac Kassirer (Credit: Google Maps and Emerald Equity Group)

Isaac Kassirer’s Emerald Equity Group refinanced a portion of its huge Dawnay Day multifamily portfolio in East Harlem with a $189 million loan from Freddie Mac – the largest deal yet in the agency’s small loan program.

California-based multifamily lender Sabal Capital Partners originated the loan covering 39 of the 47 Dawnay Day buildings, Sabal announced Wednesday.

The deal comprises 39 small-balance loans and covers 880 apartment units, which Sabal in a statement called “the largest portfolio loan balance” for Freddie Mac’s Small Balance Loan program. About 52 percent of the units will be renovated, Sabal said in a statement.

The rate on the new five-year, fixed-term loan was under 4 percent, and the loan-to-value ratio was around 60 percent, sources told The Real Deal.

Freddie Mac’s SBL program, launched in 2014, offers loans ranging in size from $1 million to $7.5 million for multifamily properties. The deal comes at a time when the agency has been ramping up its multifamily lending in NYC, beating out smaller community banks.

And Kassirer’s been one of the program’s biggest borrowers.

In 2017, Emerald Equity Group refinanced another multifamily portfolio, located in the Bronx, with a $129 million Freddie Mac loan. At the time, that deal, which comprised 34 independent loans, was the largest in the SBL program. Platinum Capital Group’s Jack Miller helped to secure the debt for Kassirer in both deals.

Emerald Equity Group bought the 47-building Dawnay Day portfolio from Fairstead Capital and E&M Associates in 2016 for about $358 million, with a $300 million acquisition loan from Brookfield Asset Management.

Rich Bockmann contributed reporting.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)
New York’s multifamily market had its slowest first half of the year since 2011
New York’s multifamily market had its slowest first half of the year since 2011
198 Scholes Street, 65 Kent Avenue, 506 DeKalb Avenue and 11 Gunther Place (Illustration by the Real Deal with Getty, Google Maps)
Avi Philipson deal to acquire All Year portfolio is back on
Avi Philipson deal to acquire All Year portfolio is back on
186 North 6th Street and 165 North 5th Street in Brooklyn (Avison Young)
Co-living firm’s ex-flagship asks $65M
Co-living firm’s ex-flagship asks $65M
From left: McSam Hotel Group's Sam Chang and SL Green's Marc Holliday with 711 Seventh Avenue  (Getty, Google Mpas, SL Green)
Times Square hotel developer sues neighbors over delayed demolition
Times Square hotel developer sues neighbors over delayed demolition
7 DeKalb Avenue with Avanath Capital Management CEO Daryl Carter and Daniel Brodsky (Brodsky, Avanath Capital, Getty)
Brodsky selling DoBro apartments for $100M
Brodsky selling DoBro apartments for $100M
Meyer Orbach with One and Two Sutton Place North (CityRealty)
Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
arrow_forward_ios

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

Loading...