
Manhattan, NY Joe Hach, chief revenue officer of Refined, has arranged a $3 million inventory loan for a repeat client for a commercial condo project on Bowery in Chinatown.
The borrower reached out to Refined to help pay off his maturing loan and fund excess loan proceeds for another project. The 18-month loan closed within three weeks from execution of term sheet at a competitive interest rate.
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,