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Emerald Equity Group lands refi for East Harlem portfolio

Isaac Kassirer (Credit: Emerald Equity Group)

Isaac Kassirer’s Emerald Equity Group has secured an $189 million loan from Freddie Mac to refinance 39 of the 47 Dawnay Day buildings in East Harlem. Sabal Capital Partners originated the debt, which covers 880 apartment units of which 448 will be renovated, according to REW.

Financing details: With an LTV ratio of around 60 percent, the new five-year, fixed-term loan has a rate under 4 percent. The deal consists of 39 small-balance loans.

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