WESTCHESTER NY, Oct. 31, 2023
CastleSquare’s Capital Markets group announced today that it has secured $5,250,000 in preferred equity for a $17,200,000 total cost acquisition of Birch Brook Manor. Our team advised on the procurement and structuring of the investment behind Fannie Mae for the acquisition of Birch Brook Manor. Located at 81 – 89 South Highland Avenue, Birch Brook Manor is a 79-unit market-rate multifamily property in Ossining, New York.
The sponsor who acquired the asset is a northeast based multifamily owner operator that has been a part of more than $500,000,000 in real estate deals and closed over 400 unique transactions since its inception.
“I am thrilled to have had the opportunity to work with Michael Khalilzad and the CastleSquare team. Their professionalism, financial expertise, and ability to deliver competitive preferred equity terms in a short time period with
certainty to close behind Fannie Mae is invaluable in the current market,” said the sponsor’s senior leadership.
“It has been a pleasure working with this sponsorship team to get this transaction completed during one of the most challenging real estate environments. We would like to thank them for also making this closing as smooth as possible by moving fast and being meticulous throughout the entire process. We look forward to collaborating with them on many more transactions to come,” said Michael Khalilzad, President, CastleSquare.
About CastleSquare
CastleSquare is a leading boutique capital markets firm and direct investor specialized in multifamily real estate. The firm’s capital markets group has a wealth of experience structuring and placing debt and equity in multifamily real estate acquisitions, ground up developments, and recapitalizations. CastleSquare has more than 200 capital sources, including private fund managers, family offices, REITs, pension funds, insurance companies, and national commercial banks, offering best in class solutions for financing needs. For further information, visit CastleSquare.com
