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The firm is looking to offer more HUD loans as an alternative to borrowers in today’s capital-constrained market.
Greystone-arranged financing will help build submarket’s tallest multifamily asset.
The financings will be used for projects in Miami and Brooklyn.
-80x80.jpg "Cain strikes deal to acquire $1.2bn New York-area loan portfolio from PacWest")
The sale comes after PacWest sold another substantial portfolio to Kennedy Wilson earlier this month.
The firm is using a tech-driven platform that allows it to more easily control how and when borrowers access capital.
PacWest attempts to add liquidity as regional banking turmoil persists.
JLL arranged the financing for Five Star Development to finish the $2bn project development.
The borrower in the deal is American Lions, a joint venture between Fetner Properties and the Lions Group.
New York Life Insurance Company and MetLife Investment Management funded the loan.
The New York-based lender has added exposure in Honolulu’s Ala Moana submarket with one of the largest deals signed so far in 2023.