Davean Holdings and Meadow Partners reeled in a $110 million loan to refinance 18 multifamily properties in Manhattan and Brooklyn.
Hudson Bay Capital provided the floating-rate bridge loan for the portfolio, which includes 112 apartments and 29 commercial units. The New York-based firms purchased some of the properties in 2021 for $58 million in separate, all-cash deals, then secured a $50.5 million loan from Fortress Investment Group.
They added more buildings to the portfolio and sold some, according to a spokesperson for Walker & Dunlop, which arranged the new financing and the 2021 loan. A New York capital markets team including Aaron Appel and Adam Schwartz brokered the latest deal.
The properties span several neighborhoods including the East Village and Park Slope. The spokesperson declined to comment on whether any include rent-stabilized units.
“Given the consistent demand from New York City renters to live in these preferred locations, we anticipate portfolio vacancy to remain significantly below the city’s average over the long term,” Schwartz said.
David Lloyd co-founded Davean Holdings with Sean Lefkovits in 2017. Meadow Partners, a real estate investment firm, is Davean’s equity partner in the portfolio.
With multifamily rents holding strong in New York and rent-stabilized buildings crippled by a 2019 state law, lenders have been putting big money into market-rate buildings. The asset class consistently accounts for some of the city’s biggest real estate loans.
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