McKenna Leavens

A New York multifamily firm gave the keys back to Bridge Investment Group after owning the apartments for three years.

The Boston-based manager, in partnership with Brooksville, acquired the property in 2016 for $421.5m.

The New York-based manager assumed control of the asset from sponsor Somerset and Meadow Partners in 2023 before opting for its own exit.

Lenders and borrowers need to come to terms with more than $2trn of near-term maturities, according to attendees at this month’s CRE Finance Council conference in Miami. 

The investment manager rearranged the capital stack and secured a debt infusion on five multifamily properties in the Sun Belt region.

The New York-based manager has tapped veteran lender Steven Schwartz to head up its real estate credit platform.

The funding will be used as part of an $180m deal to buy a 1,326-unit portfolio in New York City.

The insurers financed two warehouse buys by the manager’s non-traded REIT.