D
avean Holdings and Meadow Partners secured a $110 million floating-rate bridge loan to refinance their multifamily portfolio in Manhattan and Brooklyn. The loan, provided by Hudson Bay Capital, covers 18 properties with 112 apartments and 29 commercial units. This marks the latest expansion of the portfolio, which was initially purchased for $58 million in separate deals in 2021.

    The New York-based firms have been actively managing their holdings, adding new buildings to the portfolio while selling others. A spokesperson for Walker & Dunlop, which arranged the financing, declined to comment on whether any properties include rent-stabilized units. The portfolio spans several neighborhoods, including the East Village and Park Slope.

    According to Adam Schwartz of Hudson Bay Capital, the consistent demand from New York City renters will keep vacancy rates low in the long term. With multifamily rents holding strong in New York, lenders have been investing heavily in market-rate buildings, particularly after a 2019 state law affected rent-stabilized properties.