Multifamily giant Irving Langer pays off defaulted loan after selling properties

E&M Management founder negotiated for time to retire debt

New York /
Mar.March 30, 2021 03:14 PM
E&M Management Founder Irving Langer. (E&M, Getty)

E&M Management Founder Irving Langer. (E&M, Getty)

Irving Langer is breathing easier these days.

The multifamily giant, who has been selling off properties outside New York City, has paid off a defaulted loan he used to leverage his 3,000-unit multifamily portfolio.

Langer’s E&M Management recently retired the last $16 million of a $42 million loan from Churchill Real Estate that the investor had used to finance his equity stake in the 42-building portfolio.

E&M defaulted on the loan last year, which left Langer vulnerable to a UCC foreclosure on his ownership stake in the portfolio. But after negotiating with the lender for more time and restructuring the loan, Langer sold properties in upstate New York, Miami and Texas and retired the debt.

“We were able to work with him to give him more time to repay us,” Churchill founding partner Sorabh Maheshwari said.

Langer did not immediately respond to a request for comment. The multifamily owner was in the market last spring looking for a preferred equity investor to help refinance his position, but it appears that financing never materialized.

Earlier this year E&M sold a portfolio of about 500 rental units in Kingston, New York, a modest city in the Hudson Valley where the company has a large presence.

Langer also sold his Miami penthouse condo earlier this year at a loss.





    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
    Multifamily player Tides Equities faces $6.5B dilemma in the Sun Belt
    Multifamily player Tides Equities faces $6.5B dilemma in the Sun Belt
    Multifamily player Tides Equities faces $6.5B dilemma in the Sun Belt
    From left: Joseph Chetrit, Barry Sternlicht, David Rubenstein, Michael Dell, and Marc Holliday, along with 305 East 86th Street and 1540 Broadway (Getty, Carlyle, Google Maps)
    New York City’s biggest borrowers of 2022
    New York City’s biggest borrowers of 2022
    New York Community Bank CEO Thomas Cangemi
    NYCB slashes 10% of staff as resi mortgages slump
    NYCB slashes 10% of staff as resi mortgages slump
    A photo illustration of 8 Spruce Street and 616 First Avenue (Getty, Google Maps)
    NYC multifamily sales boomed, but party could be over
    NYC multifamily sales boomed, but party could be over
    From left: MetLife's Michel A. Khalaf and Clarion's David Gilbert along with with 44 Berry Street and 139 North 10th Street in Williamsburg (Getty, LoopNet, Clarion, MetLife)
    MetLife pays $68M cash for Williamsburg apartments
    MetLife pays $68M cash for Williamsburg 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...