Lenders Cut Nine-Figure Deals Outside of New York City

Real estate finance heads would be wise to train their eyes beyond New York City, where a pair of nine-figure debt deals unfolded in recent days.

Closer to the Big Apple, Rose Associates and Battery Global Advisors refinanced their 440-unit Alexander Crossing multifamily complex in Yonkers, the Commercial Observer reported. Walker & Dunlop provided the $116 million, five-year, fixed-rate Fannie Mae loan.

The seven-story apartment complex opened roughly 10 months ago. It sits on a four-acre parcel and is approximately three miles from the New York City border.

A Walker & Dunlop team including Aaron Appel, Jonathan Schwartz and Keith Kurland arranged the debt for the property, which also includes 44 affordable housing units. Neither of the landlords responded to requests for comment from the publication.

Rose, Amy Rose’s company that specializes in the luxury multifamily sector, recently revealed that it would help facilitate the conversion of a 48-story tower at 30 Broad Street in New York City’s Financial District, a 571-unit project led by InterVest Capital Partners.

Getting further outside the city, Lincoln Equities Group refinanced a recently completed industrial property in the Hudson Valley with $106 million in debt, according to the Observer.

Affiliates of Apollo and CenterSquare Investment Management came forward with the bridge loan for Building B at Interstate Crossings in Brewster. The debt contains a future funding component that ownership will be able to pull from while leasing and stabilizing the asset, which sits at the intersection of Interstate 84 and Interstate 684.

Lincoln delivered the 618,000-square-foot warehouse last year, a potentially advantageous facility considering its accessibility to several major markets, including the New York City metro area, New England and the mid-Atlantic corridor. Minimal industrial supply is coming online in the Westchester-Putnam County market, according to JLL, due to a lack of available land for the sector.

JLL’s Peter Rotchford and Christopher Pratt negotiated the Brewster debt deal.

— Holden Walter-Warner