Annaly Loans $592M For Blackstone/Fairstead Multifamily Purchase
Annaly Capital Management lent Blackstone and Fairstead $592M for acquisition of a New York 24-building multifamily portfolio from the Caiola family. The five-year loan, which was arranged by Meridian Capital Group's Drew Anderman, has a Libor-based floating rate and interest-only payments for the full term. Fairstead principal Will Blodgett calls the $690M deal "one of the larger purchases of multifamily assets in New York City this year."
The portfolio itself contains 979 units throughout Manhattan. For Maryland-based Annaly, the transaction—the first of its kind between the companies—acts as another step for its growth in the industry by building institutional relationships. "We will continue to utilize our balance sheet strength as a strategic advantage as we build out our commercial real estate platform," president Kevin Keyes says. [CO]