Derby Copeland Capital (DCC), a real estate investment firm based in New York City, recently closed a $128.2-million loan to fund the acquisition and renovation of nine properties in Manhattan’s East Village neighborhood. The loan was made to Ryco Capital for their purchase of a portfolio of multifamily buildings on Second Avenue.
The properties used as collateral for the loan consist of nine buildings with 170 residential units and 23 retail units, including addresses such as 127-157 Second Ave and 26 Saint Marks Pl. DCC also provided approximately $23.5 million specifically for renovations to the residential components of these buildings.
In addition to this transaction, DCC has been actively involved in the Manhattan and Brooklyn markets during June and July, originating over $180 million worth of loans secured by properties located in various neighborhoods such as East Village, Upper West Side, Hell’s Kitchen,Park Slope,and Brooklyn Heights.This recent deal is just one example showcasing Derby Copeland’s expertise in opportunistic real estate financing within these highly sought-after areas.
