Sabal Capital Partners Closes $189M Portfolio
- Jan 24, 2019
Sabal Capital Partners has closed the largest portfolio by loan balance in the history of Freddie Mac’s Small Balance Loan Program. This comprises 39 small balance debt transactions for communities located in East Harlem, N.Y. The properties include 880 units and the portfolio totals $189 million.
The assets include both traditional multifamily and mixed-use buildings. These apartments cater to low-income renters, providing affordable housing that is drastically needed in major regions such as New York. Around 52 percent of the units will undergo renovations.
“This portfolio will help ensure that critically needed affordable housing is available in one of the biggest metros in the U.S. where it is most needed,” Pat Jackson, CEO of Sabal Capital Partners, told MHN. “While a portfolio of this magnitude is an accomplishment and requires both efficiency and robust due diligence, our team is proud to support Freddie Mac’s focus on ensuring that affordable and workforce properties remain available to Americans, especially while housing remains critically challenged.”
Emerald Equity Group and Platinum Capital Group assisted in securing the debt financing for the deal. Sabal Capital Partners was one of Freddie Mac’s first lender partners in its Small Balance Loan Program, which offers financing ranging from $1 million to $7.5 million.
“Demand for affordable housing among lower income renters in strong in East Harlem and the refinance of these properties will help ensure some of that demand is met,” said Isaac Kassirer, president of Emerald Equity Group, in prepared remarks.
Image courtesy of Sabal Capital Partners