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Emerald Equity Gets $129M Loan Package For Bronx Workforce Housing

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Emerald Equity Gets $129M Loan Package For Bronx Workforce Housing
2224 Lyon Ave., part of a portfolio of workforce housing in the Bronx to be renovated by Emerald Equity Group

Emerald Equity Group has obtained an unprecedented source of funding for an 850-unit workforce housing portfolio in the Bronx.

To refinance, preserve and renovate the affordable units, Emerald Equity Group secured 34 separate Small Balance Loans from Freddie Mac, for a total of $129M. It is the largest amount of money Freddie Mac has granted through the SBL program since its inception in 2014. Sabal Capital Partners secured the loans, each of which were independently analyzed, underwritten and closed.

“The upgrade and rehabilitation of the properties in this portfolio, which are comprised of nearly 100% workforce housing, will provide families with a nice and affordable place to call home in an area with an extremely high cost of living,” Emerald Equity Group President Isaac Kassirer said. “We are extremely grateful and impressed with how efficient and seamless this monumental refinancing process has been with the teams at Sabal and Freddie Mac at the helm.”

Emerald is no stranger to blazing trails for loans, having used financing from Brookfield Asset Management to close one of New York's biggest multifamily portfolio purchases of 2016. Brookfield loaned Emerald $300M to acquire 47 buildings of primarily rent-stabilized units in Harlem.