Landlords Mendel Mendelowitz and Eugene Mendelowitz have landed a $324 million refinance for his or her 28-property New York Metropolis multifamily portfolio, Industrial Observer has realized.
CCRE and KeyBank co-originated the seven-year, fixed-rate mortgage to sponsorship entity Acuity Capital Companions LLC. The debt which can shortly be positioned in a single-asset, single-borrower CMBS deal and retired earlier financial institution financing on the portfolio.
The belongings are positioned in Manhattan except for one Brooklyn constructing. One supply near the deal stated the portfolio is break up roughly 50/50 between rent-stabilized and market-rate properties. It contains 201 West 92nd Road, 200 West 93rd Road, 78 Riverside Drive in Manhattan and 480 Humboldt Road in Brooklyn.
CCRE — headed up by Paul Vanderslice — has been busy originating loans from coast to coast. As CO reported final month, the non-bank lender offered $31 million in financing for 2 South California retail belongings; the Westlake Village Market in Westlake Village and the Aliso Viejo Plaza in Aliso Viejo.
In late 2018, CCRE and KeyBank additionally teamed as much as originate $152 million of debt on a portfolio of three multifamily complexes positioned in Northern Virginia, in response to Trepp. The 10-year financing, break up right into a $85 million senior mortgage and $67 million of subordinate debt, additionally landed within the CMBS market unfold throughout three offers.
Officers at CCRE and KeyBank declined to remark. Mendel Mendelowitz and Eugene Mendelowitz couldn’t instantly be reached.