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Alternative lenders
The move marks PGIM’s largest transaction of the year.
The New York-based firm is targeting $1bn-$2bn in originations in the region next year amid a 'super-interesting time' for non-bank lenders.
Ackman-Ziff arranged the loan on behalf of reAlpha, a specialist in the growing multifamily niche.
Dekel brought in UBS to fund the loan after a previous lender was unable to finance the acquisition for sponsor DB Capital.
The lender funded the loan on behalf of Extell Development, with additional financing from Rexmark and Pacific Western Bank.
The company closed on an $11.5 million loan commitment for a Brooklyn multifamily development after sponsors locked in pricing over the summer.
It is difficult for a borrower to determine if now is a good time to move ahead with refinancing, Singer believes.
The financing demonstrates a belief in the return of business travel as the US emerges from the covid-19 pandemic.
The New York-based mega manager expects deployment activity to become muted but more creative dealmaking to emerge in the near term.
The developer is seeing the impact of the expiration of the 421a tax abatement program.