New York & Tri-State + Uptown/Bronx + Finance | January 24, 2019

East Harlem MXU Portfolio Lands Biggest Freddie SBL to Date

Sabal Capital Partners has closed the largest portfolio by loan balance in the history of Freddie Mac’s Small Balance Loan program on behalf of Emerald Equity Group. The $189-million portfolio encompasses 39 small-balance debt transactions for properties located in East Harlem.

“Demand for affordable housing among lower income renters is strong in East Harlem, and the refinance of these properties will help ensure some of that demand is met,” said Isaac Kassirer, president of Emerald Equity.

Pat Jackson, CEO of Newport Beach-CA based Sabal, said his firm had engineered “precision, efficiency and speed into our loan process and that has allowed us to set this, and prior, Freddie Mac records.”

The portfolio comprises both traditional multifamily as well as mixed-use assets with a dominant multifamily component, with a total of 880 apartments. It’s expected that approximately 52% of the units will be enhanced with renovations.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).