D
alan Real Estate has acquired approximately $140 million in loans backing properties owned by Steve Croman, who has faced challenges throughout his portfolio. The debt covers 25 mixed-use apartment buildings in Manhattan with around 350 apartments. It's unclear what Dalan plans to do with the debt, but the loans are currently performing despite some issues with certain properties.

    Croman recently lost a court order allowing Maverick Real Estate to foreclose on four of his multifamily buildings in Kips Bay, and he is appealing the decision. When asked about the Dalan purchase, Croman stated that he's current on the loans and hasn't spoken with Dalan yet. A representative for Dalan declined to comment.

    Croman's portfolio has faced difficulties due to the pandemic and rising interest rates, but he has also made some rare sales in recent years. He sold eight walkups for $61 million in 2022 and a Hell's Kitchen building for $20 million earlier this year. Croman is also looking to acquire new properties, citing lower prices as an opportunity.