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Isaac Kassirer's Emerald Equity Group didn't go to a bank to complete one of the biggest multifamily deals of the year in NYC. Rather, it went to a Canadian source responsible for some of the biggest development projects in NYC.
Brookfield Asset Management closed on a $300M acquisition loan to Emerald this month so Kassirer could buy 1,130 units across 47 buildings and 713k SF, The Real Deal reports. The purchase, for a total of $357M, was made for about $500/SF for a portfolio that's largely rent-stabilized.
Fairstead Capital and Galil Management, an affiliate of E+M Associates, sold the portfolio, once owned by the now-defunct Dawnay Day, in a deal brokered by Ariel Property Advisors and Westwood Realty Associates, with a debt brokerage assist from Meridian Capital Group.
It's an interesting time in NYC's multifamily market. High-end rents are dropping, luxury condos are starting to falter and lending from traditional sources is drying up. Don't be surprised to read about more loans from Brookfield and other well-capitalized real estate firms looking to take advantage of an opening in the debt market. [TRD]
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