IPA Capital Markets arranges $27.5 million financing for The Sophia, 60-unit multifamily

Manhattan, NY IPA Capital Markets, a division of Marcus & Millichap, has arranged $27.5 million to refinance The Sophia, a newly built, 11-story, 60-unit luxury multifamily property with 1,700 s/f of ground-floor retail in the Inwood neighborhood of the city.

Led by Max Hulsh in the firm’s local office, the IPA Capital Markets team arranged the financing with LaSalle Investment Management. The loan was secured on behalf of Timber Equities, a private real estate development and management firm

The Sophia’s unit mix is 83% one-bedroom/one-bath units and the remainder have two- and three-bedroom layouts. Amenities include in-unit laundry, a fitness center, resident lounge, package room, and a fully appointed rooftop deck.

“Construction was completed in fall 2025 and the property is finalizing lease-up,” said Hulsh. “With 25% of units designated for households earning a blended average of 60% of area median income, the asset qualified for New York State’s 421-a program. We tapped the debt capital markets to deliver meaningful arbitrage for our client; more than 125 bps inside their construction loan’s interest rate, reducing the interest expense as the property seasons while sizing up the loan to repatriate investor equity at closing.”