Three New lenders to New York City

PincusCo is spotlighting three new lenders to the New York City market, based on our criteria that they are making their first loans in at least three years, and the loan is for $5 million and up.

UNIFY Financial Credit Union: UNIFY, based in Allen, Texas, provided its first New York City loan to the Chabad of Midtown Manhattan in June 3, 2022. The $16.5 million loan was secured by 11 office condominium units that compose most of the 509 Fifth Avenue in Grand Central. A 12th condo unit in the building, which is not part of this loan, is unit 1012 and is a retail unit including portions of the ground floor that Jeff Sutton owns.

Sound Point Capital Management: Sound Point Capital did not make its first New York City loan in the last few weeks, but PincusCo first became aware of the company through a deal recorded in March. The firm, according to PincusCo’s analysis of city records, made its first loan in the city in October 2021 to the Lightstone Group. The loan was made in partnership with insurance company Aflac. Aflac and Sound Point announced in February 2021 a deal in which Alfac would invest $1.5 billion in Sound Point Commercial Real Estate Finance, LLC. The most recent loan Sound Point made in the city was $55.3 million given to Lightstone for 2481 Broadway, which Lightstone bought in March for $60 million.

Lincoln Benefit Life Company: Lincoln Benefit Life, which in 2019 was acquired by life company Kuvare, made its first loan in New York City on May 27, when it provided a $30.2 million loan secured by the fee owned by Eliahu Nahman. The property is ground leased to Joseph Banda who built and operates a rental property.