NEW YORK CITY—Kushner Companies, a diversified real estate organization headquartered here, experienced what it called a brisk first quarter, with $395.8 million in financing activities completed in the multifamily sector.
The activity involved more than 3,800 apartment units and nearly fifty buildings—affirming that 2015 is expected to be a strong year for financing in the multifamily space, said Kushner Companies' CEO Jared Kushner.
“Our financing activity for the first quarter of 2015 approached $400 million—all of that for multifamily properties, which we think speaks to both the strength of this asset class and our ability to execute on business plans to make improvements and build long term value at these properties,” says Kushner. “With a significant amount already in the pipeline for the coming months and the rest of this year, we're grateful to the diverse group of lenders that we work with on a daily basis.”
The deals included the following:
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Bank United provided $84 million in loans to finance 16 buildings containing 291 apartment units and five retail properties located throughout Manhattan's Upper East Side, Murray Hill, East Village and Greenwich Village, as well as the Boerum Hill neighborhood in Brooklyn. The loan closed March 25th and covered a total of sixteen buildings.
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New York Community Bank refinanced seven Manhattan multifamily buildings in Soho, Greenwich Village and the East Village totaling $46.2 million. The seven buildings contain a total of 118 apartment units.
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Signature Bank provided $97.7 million in loans to refinance nine apartment buildings containing 182 units in the East Village.
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MC-Five Mile Commercial Mortgage Finance provided $89.2 million of 10-year, fixed rate loans that closed March 13th for a portfolio of 2,457 apartment units located in Ohio.
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PNC Bank and Freddie Mac led $42.8 million in financing for 2 properties containing 338 apartment units located in Hasbrouck Heights and Lodi, NJ. The loan closed March 17th.
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Bank United provided $35.9 million January 9th to finance 4 buildings containing 143 multifamily units in Astoria, Queens.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
