Amalgamated Bank in New York has reached an agreement with a real estate firm to provide construction loans for apartment and condo buildings in New York.
The $3.8 billion-asset Amalgamated Bank and Trimont Real Estate Advisors in Atlanta will partner make small and midsized construction loans to small and midsized commercial real estate construction loans. The financing is intended to be used for the construction of new and the rehabilitation of existing multifamily housing properties.
The partnership is intended to play off New York Mayor Bill de Blasio's goal of creating 200,000 units of affordable housing in the next decade.
Trimont will focus on making loans between $3 million and $20 million. Amalgamated will work on coordination with city agencies and will also approve the loans based on its own underwriting criteria. Amalgamated will also hold the loans on its balance sheet.
