Samantha Rowan
Barings is providing $75m in mezzanine financing for the development of 470 Kent Street.
Despite the slowdown in the lending market, the firm this month obtained a $36m loan for a Maine multifamily development.
A slowdown in lending activity has stalled an extremely active year for the multifamily specialist.
The apartment REIT has already lined up $350m to refinancing existing debt incurred as part of its 2012 acquisition of a 60% stake in Archstone.
Dekel brought in UBS to fund the loan after a previous lender was unable to finance the acquisition for sponsor DB Capital.
The company closed on an $11.5 million loan commitment for a Brooklyn multifamily development after sponsors locked in pricing over the summer.
It is difficult for a borrower to determine if now is a good time to move ahead with refinancing, Singer believes.
Higher interest rates are making it more difficult for sponsors to exit properties and refinance debt.
The developer is seeing the impact of the expiration of the 421a tax abatement program.
Despite a slowdown in transaction volume, debt managers are moving ahead with hiring.