10A — August 14 - 27, 2020 — Financial Digest — Investment/Multifamily Financing — M id A tlantic Real Estate Journal
www.marej.com
I nvestment /M ultifamily F inancing Land and air rights aquired from the New York City Housing Authority Progress Capital’s Domenico arranges $22 Million loan for DoBro Air Rights
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nent, is now shaping up to be over 400,000 s/f after acquir- ing $25 million of land and air rights from the NewYork City Housing Authority (NYCHA) . The new project will still fuel their passion of providing affordable hous- ing to New York residents while also providing Ingersoll House funds for necessary repairs. Brad Domenico of Prog- ress Capital arranged a $30 million loan from Natixis (se- nior) and Libremax Capital (mezz) for the acquisition of 202 Tillary St. in 2018. When Jorge Madruga and Eli
Weiss had the ability to pur- chase the additional acreage and air rights from NYCHA, Domenico went back to Libre- max, who upsized their mezz position by advancing an ad- ditional $22 million. “I always tell my clients that relationships are often more important than rate shopping, especially when it comes to development. This is a perfect example of how the Maddd Equities and Joy Construction relationship with Natixis and Libremax allowed for this acquisition during COVID.” MAREJ Walker & Dunlop adds Sobel to its multifamily small loans origination team in NY BETHESDA, MD — Walker & Dunlop, Inc. has hired Jared Sobel as managing
ROOKLYN, NY — In August 2018, Maddd Equities and Joy
Construc - t i o n p u r - chased 202 Tillary St. in Down t own Brooklyn for $30 million wh i ch was (and still is) a 115,000 s/f
Brad Domenico
American Self Storage. As ex- pected, they had bigger plans for the site. What was origi- nally going to be a 235,000 s/f residential building with a significant affordable compo -
202 Tillary St.
director in its New York of- fice. Sobel will play a lead- ing role in the growth of the c o m p a n y ’ s multi fami ly smal l loans group, which provides sus-
Jared Sobel
tainable and affordable financ - ing solutions for smaller apart- ment properties. Don King , executive VP and chief production officer for Walker & Dunlop’s multifam- ily finance team, commented, “The addition of Jared will be transformational to our small loans team. He has a proven track record of success originat- ing loans under the Freddie Mac Optigo Small Balance Loan Program and the Fannie Mae Multifamily Small Loan Program, a deep understand- ing of this niche business, and has thus been a top originator in the space for several years.” He continued, “We are pleased to welcome Jared to the team, and to continue growing our presence in the multifamily small loans space.” Sobel said, “I am looking forward to helping drive fur- ther growth inWalker &Dun- lop’s multifamily business. The company’s brand, busi- ness results, and multifamily thought leadership bring an incredibly powerful value proposition for my current and future clients.” MAREJ
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