Bold move: NY broker becomes LA lender
Jordan Sachs is cofounder of multifamily specialist
Jordan Sachs, the founder of residential brokerage Bold New York, has launched a boutique lending venture in Santa Monica, The Real Deal has learned.
Sachs is one of founders of Sunday Capital, which specializes in multifamily loans ranging from $1 million to $20 million. Sachs’ involvement in the venture was outlined in an announcement regarding the firm’s latest transaction, a $19 million loan for Northern Terminus of Four Gee Road North, a 297-acre San Diego site with plans for a redevelopment into luxury single-family homes.
Sunday Capital is targeting a multifamily market that is one of the best performers in the country. According to a recent report from CBRE, the Greater Los Angeles, San Diego and San Francisco regions each ranked in the top 20 in terms of multifamily investments in 2021. The best performing area in California was Greater Los Angeles, which registered the third-highest level of investment at nearly $18 billion in activity. Meanwhile, US multifamily investments reached a record of $335.3 billion in 2021. The figure is nearly double the previous record of $193.1 billion set in 2019.
Bold New York was bought by rival Compass in February of last year. At the time of the acquisition, the firm, which specialized in rental developments, had around 120 agents. The acquisition further grew Compass’ headcount. The venture-backed brokerage, which was founded in 2012, had 2,100 agents in New York City and about 18,000 agents across the country at the time of the merger.
Sachs declined to comment further on his involvement in the firm. However, a representative for Sunday Capital said that he would continue his work at Compass.