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The managers are partnering to upgrade Eastchester Heights, a rent-stabilized property that is one of the largest residential communities in the Bronx.
A wave of venture capital investment, increased federal spending and tenant demand for high-quality space is putting the sector under the microscope.
Despite near-term concerns over rising property taxes and high crime rates, lenders see the Windy City as the Midwest’s once and future cultural, population and economic hub.
Jay Sugarman, chairman and chief executive of ground lease specialist Safehold, believes a new take on an old structure could lead to a $500bn industry.
The $103 million financing will spur about $40 million of cashflow savings over the next 10 years.
Charles Foschini, who arranged the loan via Berkadia, said rising rental rates at Enclave at Lake Ellenor meant the borrower was able to secure better terms.
The company signed up its first clients in December.
The platform initially enjoyed a boost from being active at a time when overall lending was down.
The awards encompass activity in the 2021 calendar year and aim to honor stand-out organizations and transactions in 12 categories.
The Toronto-based firm has attracted $4bn in commitments from more than 50 investors for Brookfield Real Estate Finance Fund VI, twice as much as the second-biggest debt fund.