East Elmhurst, NY According to Gates Capital Corp., it has successfully closed a $60.045 million financing/refinancing for the benefit of Vaughn College of Aeronautics and Technology, located at 8601 23rd Ave. The financing incorporated tax-exempt revenue bonds, issued through the Dormitory Authority of the State of New York as well as a taxable loan provided by Valley National Bank.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,