Emerald Equity Group has refinanced an 850-unit Bronx portfolio with $129 million in Freddie Mac loans.
Sabal Capital Partners, a financial services company, announced the Freddie Mac Small Balance Loan deal as the largest single Small Balance Loan (SBL) transaction processed through the Freddie Mac SBL program since its inception in 2014.
“Completed on time, within an aggressive schedule, this closing is an enormous accomplishment for Sabal in one of the most competitive markets in the world,” said Pat Jackson, chairman and CEO of Sabal Capital Partners.
Rather than a bulk transaction, each of the 34 refinanced loans in the portfolio were independently analyzed, underwritten and closed. The process included site inspections conducted with five third parties, appraisals and environmental reports, review with the Freddie Mac credit division and commitment letters as well as legal review, title analysis and loan documents for each property.
All of this was enabled through SNAP, the company’s proprietary servicing 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.