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GFP Real Estate, Metro Loft Management and Rockwood Capital have secured a $536m loan from MSD Capital and Apollo to finance what will be the largest-ever office-to-residential conversion in the US.
Shoreham Capital focuses on multifamily, single family resi and build-to-rent for its housing portfolio.
The financing was arranged on behalf of Royal Palm Companies, with a loan term of 36 months.
The financing was provided by Enhanced Capital, a New York-based impact investor.
The move marks PGIM’s largest transaction of the year.
Ackman-Ziff arranged the loan on behalf of reAlpha, a specialist in the growing multifamily niche.
The national commercial real estate lender was part of a capital stack that includes Fannie Mae and Freddie Mac.
The multifamily sector has consistently been a stable performer, and lenders and investors think this will not change anytime soon. By Rob Murray
Hudson Valley Property Group continues to see liquidity from a wide range of lenders for its assets.
The firm’s total construction lending this year tops $1.6bn.