Biggest-Ever Package of Small Loans, $129M for 850 Apartments
Emerald Equity Group has taken out a package of loans totaling $129 million for 34 small apartment properties, totaling 850 units in the Bronx. That works out to less than $4 million for each loan.
“We coordinated a marathon two days of individual loan closings,” said Pat Jackson, chairman and CEO of Sabal Capital Partners, which provided the loans through Freddie Mac’s Small Balance Loan program. Each property got its own, small-balance loan that was independently analyzed, underwritten and closed.
“This is the largest Small Balance Loan transaction in Freddie Mac SBL history,” said David Brickman, head of Freddie Mac Multifamily.
The properties includes a total of 850 apartments. Emerald plans to upgrade and rehabilitate the properties, while keeping the apartment rents relatively affordable.
“The properties in this portfolio, which are comprised of nearly 100 percent workforce housing, will provide families with a nice and affordable place to call home in an area with an extremely high cost of living,” said Isaac Kassirer, president at Emerald Equity Group.
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