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Derby Copeland Provides $128M to Acquire East Village Portfolio
Derby Copeland Capital (DCC), a vertically integrated New York City-based real estate investment platform specializing in opportunistic real estate related debt financing and equity investments, recently closed a $128.2-million loan to provide acquisition financing and renovation funding for nine properties in Manhattan’s East Village neighborhood.
The loan was made in connection with Ryco Capital’s acquisition of a portfolio of multifamily buildings that are concentrated on Second Avenue in the East Village. The properties collateralizing the loan are comprised of nine buildings with 170 residential units and 23 retail units, including 127, 129, 141, 145-147, 149, 151-153, 156 and 157 Second Ave. and 26 Saint Marks Pl. The loan includes approximately $23,500,000 in connection with the borrower’s plans to renovate residential components of the buildings.
DCC was highly active in the Manhattan and Brooklyn markets in June and July, originating more than $180 million in loans secured by properties in the East Village, Upper West Side, Hell’s Kitchen, Park Slope and Brooklyn Heights.
- ◦Financing