JV Secures $110M Refi for NYC Multifamily Portfolio
The portfolio consists of 18 properties and 112 multifamily units.
A joint venture between Davean Holdings and Meadow Partners has secured $110 million to refinance a New York City multifamily portfolio that consists of18 properties and 112 multifamily units. Some of the neighborhood locations include Park Slope and East Village.
Walker & Dunlop arranged the financing for the JV, which first acquired the portfolio in 2021.
“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,” Adam Schwartz, senior managing director, and co-head of New York capital markets at Walker & Dunlop, said in a statement.
While high supply in the multifamily has been a headache for the most part this year for CRE firms, things look at least stabilized in NYC. In fact, the region along with other markets including Boston, and Chicago are receiving interest from investors in multifamily thanks to not getting overbuilt during the last cycle. NYC accounted for 9.7% of transaction volume for the three months through June, according to Berkadia’s quarterly market update. The Big Apple was followed by Phoenix, Dallas, Los Angeles, and Washington, D.C.
Even major public figures like Floyd Mayweather JR. have been attracted to NYC’s multifamily market. The boxing legend recently made a massive $402 million portfolio acquisition for an affordable housing portfolio, mostly focused on Upper Manhattan, The Real Deal reported last month, citing sources familiar with the situation. The deal size stands only second this year in the metro area to a $672 million transfer of a Brooklyn property from Michael Stern to Silverstein Capital Partners.
Since 2017, Davean founders David Lloyd and Sean Lefkovits have completed more than $2 billion in real estate transitions in NYC.