"This was a complicated transaction with many moving parts and Helios was able to control the process," says Thomas Guinan, EVP of Oritani Bank, in a statement. "They did a great job and understand the intricate differences between selling debt and selling property."

The 60,000-square-foot project was intended as a Class A condominium project, but the new owner will operate it as a rental. The building also contains five ground-level commercial spaces, which were disposed of in a separate transaction. "It’s a strong residential market," says Jonathan B. Horn, Helios senior managing director.

The entire transaction was completed in approximately 100 days. Similar deals should continue as more loans come. "It will be pretty active,” Schultz says. “We’re finding a lot of activity, as a lot of regional banks will be cleaning up their balance sheet."