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The deal is the largest year-to-date construction loan originated in the US.
A key driver of activity in the multifamily sector is support from Fannie Mae and Freddie Mac for stabilized and pre-stabilized assets.
Goldman Sachs, US Bank, Franklin BSP executives anticipate more stress and higher debt costs.
The New York-based agency saw a loss severity of 48.4% in 2022, versus a loss severity of 56% in 2021.
-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.
Carlos Slim’s Banco Inbursa funded the senior mortgage.
The firm compared the leverage and yields on the B-piece with similar metrics for preferred equity or mezzanine debt investments.
As the US commercial real estate market faces a wall of loan maturities – over $1.5trn over the next three years – taking a creative approach is highly important, says ArrowMark Partners’ Rob Brown.
Lone Star founder John Grayken sees a limited window for distressed investing while most people wait for private real estate market conditions to settle. He discusses it with Jonathan Brasse.
Greystone arranged the financing package for 1057 Atlantic Avenue.