Cushman & Wakefield New York Metro Equity, Debt & Structured Finance

Cushman & Wakefield’s New York Metro Equity, Debt & Structured Finance team demonstrated exceptional expertise and innovation in 2023, executing several high-profile transactions that significantly impacted local real estate markets. Some of the team’s most notable transactions throughout the year include representing Turnbridge Equities and Manekin in securing $275 million in debt and equity for Phase I of National Capital Business Park, a five-building, 1.3-million-square-foot Class A industrial park located in Upper Marlboro, MD; representing Building & Land Technology in securing $257.2 million to refinance The Beacon, a 1,155-unit multifamily complex in Jersey City; representing GAIA Real Estate in procuring $223.9 million to refinance a four-building, 989-unit Class A multifamily portfolio located in Stamford, CT; and representing the joint venture of Claremont Development, Stanbery Development Group and PCCP to secure $146.6 million in construction financing for The District at 15Fifteen, a mixed-use project that will feature 498 apartments and nearly 60,000 square feet of retail space in Morristown, NJ.  

Led by vice chairman John Alascio, the team has consistently demonstrated expertise and innovation in the realm of real estate finance, significantly impacting local markets through their strategic transactions and innovative solutions. As a full-service advisor for debt, equity and other structured capital products, the team often arranged nearly 100% of the capital stack (between senior debt, subordinate debt and JV equity). This level of involvement required deep market knowledge and high-level negotiating skills, especially notable given the challenging climate for new developments during the year. 

Of particular note, the team was instrumental in capitalizing 10 construction projects in 2023 when development financing was especially hard to secure. These projects will bring approximately 2.0 million square feet of Class A industrial space and nearly 500 apartment units to the NY Metro, helping facilitate the continued growth of the communities where they live and work. 

Even with a volatile interest rate environment, the EDSF team worked hard to provide clients with flexibility and certainty, two factors they found to be essential for successful transactions and client relations in the current market. Through Cushman & Wakefield’s collaboration and alliance with Greystone, the team closed around $600 million in multifamily agency loans (2,800 units) across the NY Metro. They employed innovative strategies such as early rate locks, interest rate buydowns, underwriting waivers and creative reserves to structure financing solutions that met and exceeded client goals. Additionally, leveraging Cushman & Wakefield’s multifaceted platform, they offered comprehensive services that ensured a high level of certainty and success in an unpredictable market. 

These are some of the reasons we selected Cushman & Wakefield’s New York Metro Equity, Debt & Structured Finance team for inclusion in the 2024 Connect CRE Top Mortgage Brokers and Lenders Awards. These awards recognize industry professionals who have demonstrated the highest standards in commercial real estate finance.