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New York Mortgage Trust Pivots Away from Multifamily JVs
New York Mortgage Trust, Inc. (NYMT) said it would reposition its business by opportunistically disposing of the company’s joint venture equity interests in multifamily properties over time and reallocating its capital away from such assets to its targeted sectors. The REIT held $265.0 million in JV equity interests in multifamily properties as of June 30.
“Beginning in 2020, we saw an exciting opportunity within the multifamily property sector to utilize our sourcing network and add equity exposure to over 20 properties through joint ventures,” said Jason Serrano, NYMT’s CEO and president. “Due to various factors, the multifamily property sector recorded historical increases in per unit rent in several targeted markets resulting in opportunities that we believe will unlock value for our stockholders on an accelerated timeline.
“Thus, we are considering various opportunities to monetize what we believe is appreciated value within our portfolio of multi-family joint venture equity investments.”
- ◦Sale/Acquisition
