Emerald Equity Lands $129M for Bronx Portfolio
- Oct 05, 2017
Sabal Capital Partners, a diversified financial services firm, closed a $129 million multifamily portfolio of Freddie Mac Small Business Loans in the Bronx, N.Y., on behalf of Emerald Equity Group. Comprising more than 850 units, this marks the largest single Small Balance Loan transaction through the Freddie Mac SBL program since it was created in 2014.
“As the largest transaction processed through Freddie Mac’s Small Balance Loan Program to date, the completion of this loan portfolio is an important milestone accomplishment for Sabal Capital Partners,” CEO Pat Jackson told Multi-Housing News. “Freddie Mac continues to be an important partner for us and we are pleased to have been able to close all of the refinance loans in this portfolio on such an aggressive timeline.”
Each of the 34 refinance loans in the portfolio were independently analyzed, underwritten and closed. The process included site inspections conducted with five third party companies, appraisals and environmental reports, review with the Freddie Mac credit division and commitment letters, legal review, title analysis and loan documents for each property. This was all completed through Sabal’s SNAP portal.
“The upgrade and rehabilitation of the properties in this portfolio, which are comprised of nearly 100 percent workforce housing, will provide families with a nice and affordable place to call home in an area with an extremely high cost of living,” said Isaac Kassirer, president at Emerald Equity Group. “We are extremely grateful and impressed with how efficient and seamless this monumental refinancing process has been with the teams at Sabal and Freddie Mac at the helm.”
Image courtesy of Sabal Capital Partners