Commercial Observer

The proptech world has gained a fintech partner now that Maybern has emerged from stealth mode with a $14 million Series A round. Primary Venture Partners, Camber Creek, HUMAN CAPITAL and MetaProp participated in the round for the Manhattan-based startup that seeks to unify financial and operational data on a single platform for private equity firms, including those focused on real estate. Read more: https://lnkd.in/euXNWwsp Pictured: Ross Mechanic, Co-founder & CEO of Maybern

Starwood Property Trust has provided a $63.5 million bridge loan for Neology Development Group’s multifamily building, which is nearing completion in Miami’s Allapattah neighborhood. The financing will pay off a $57.5 million construction loan that Churchill provided in 2022 for the Fourteen Main Street Residences. Read more: https://lnkd.in/eQeavuYY Pictured: Lissette Calderon, CEO of Neology

Apollo Global Management, Inc., along with co-owners SL Green Realty Corp. and RXR, have officially filed plans to convert the office building at 5 Times Square into a mixed-use residential and commercial building with a new address, 592 Seventh Avenue. Read more: https://lnkd.in/ecCyybBe Pictured (t-b): Scott Rechler, Chairman & CEO of RXR; Marc Holliday, Chairman & CEO of SL Green

Bank of America has bought an approximately $990 million multifamily loan portfolio from HomeStreet. It’s one of the largest such trades of 2024. Also for today: A ground lease for a Class A office building in Manhattan sells for a lot less than it sold for pre-pandemic.

Sioni Group has secured a $96.1 million loan to refinance a newly completed mixed-use property in the Bronx. Starwood Property Trust supplied the bridge loan on The Arabella, a 165-unit multifamily property with 82,800 square feet of retail space anchored by German grocery chain Aldi. Arrow Real Estate Advisors arranged the transaction with a team led by Morris Betesh (pictured), Morris Dabbah, CFA and Louis Halperin in conjunction with Meridian Capital Group’s David Hayum. Read more: https://lnkd.in/ek7te5u9

Financial services company HomeStreet Bank is set to sell roughly $990 million worth of multifamily commercial real estate loans to Bank of America. Read more: https://lnkd.in/ejCKvwMe Pictured: Brian Moynihan, CEO of Bank of America

Invesco US has offloaded a Class A office property in Manhattan’s Meatpacking District for a significant loss, selling 430 West 15th Street to Savanna Real Estate Fund for $85 million — substantially less than the $150 million Invesco paid the Teachers Insurance and Annuity Association for the property in 2018. Gary Phillips (pictured, top), Will Silverman (pictured, bottom) and Jeff Organisciak of Eastdil Secured negotiated the transaction. Read more: https://lnkd.in/eMGmEq-u

Gateway Studios & Production Services has landed $35 million of commercial property assessment clean energy (C-PACE) financing from PACE Lane Group for its planned 32-acre production campus in suburban St. Louis. Read more: https://lnkd.in/eBrrJuVQ Pictured: Robbie Pinkas (Robbie P.), SVP at PACE Loan Group

Bridge Investment Group has purchased the Frito-Lay distribution center in Brooklyn for $105.3 million. Bridge CEO Jonathan Slager (pictured) signed for the buyer, while PepsiCo’s James Keeley signed for the seller. Read more: https://lnkd.in/etEczyqJ

TYKO Capital has provided a $285 million construction loan for Terra and One Thousand Group’s Major Food Group-branded condo project in Miami. Called Villa, the 56-story project will house 70 units at 710 NE 29th Street in the Edgewater neighborhood, facing Biscayne Bay. Major Food Group, the hospitality company behind celebrity hot spot Carbone, will operate Copper Club, the residents-only amenity suite. Read more: https://lnkd.in/e_htPUHX Pictured (T-B): Jeff Zalaznik, Mario Carbone, and Rich Torrisi of Major Food Group