DERBY COPELAND CAPITAL PROVIDES $13.85M IN ACQUISITION AND RENOVATION FUNDING FOR PROPERTIES IN KIPS BAY, PARK SLOPE, AND CHELSEA
Derby’s Investment Platform Expands Coverage of
New York City Middle-Market Properties with Latest Loans
NEW YORK, NY, October 1, 2024 – Derby Copeland Capital (DCC), a vertically integrated New York City-based real estate investment platform specializing in opportunistic debt financing and equity investments, has closed three loans totaling $13.85 million to support the acquisition and renovation of four properties in Manhattan’s Chelsea and Kips Bay neighborhoods, as well as Brooklyn’s Park Slope.
DCC provided a $4.305 million loan to Lockhill Properties for the acquisition of 243 and 245 East 31st Street in Kips Bay. The two multifamily buildings will be repositioned as affordable luxury residences. This was the third loan that DCC has provided to Lockhill.
DCC also funded two loans to Peak Capital (“Peak”) for separate acquisitions and related renovations. The first, a $5.7 million loan, is designated for 212 Eighth Avenue in Chelsea. The property comprises 9,891 square feet across 17 residential units and one retail space. The senior loan includes an initial tranche of $5.325 million and an additional $375,000 for renovation to be funded post closing in order to enable Peak to upgrade the apartments into high-end rentals.
The second transaction with Peak involved a $3.8 million loan for 819 Eighth Avenue in Park Slope. The property, which spans 6,388 square feet, features six multifamily units and two retail spaces across four stories. The loan comprises $3.525 million in senior debt and $275,000 for renovations. The building’s prime location offers easy access to Prospect Park and the Prospect Park subway station, connecting it to Manhattan, Queens, and other Brooklyn neighborhoods. DCC has been particularly active in Park Slope having completed five other transactions in the enclave.
“Derby Copeland Capital remains steadfast in our commitment to supporting New York City’s middle market multifamily investors with a reliable lending product. Our investment strategy is grounded in the belief that the underlying fundamentals of New York City’s multifamily real estate remain among the strongest in the world,” said Jesse Hutcher, Founding Principal and Chief Investment Officer of Derby Copeland Capital.
About Derby Copeland Capital
Derby Copeland Capital [1] is a vertically integrated New York City-based real estate investment platform specializing in opportunistic real estate related debt financing and equity investments. The firm is a private middle-market investor in New York City, having invested in over $1.6 billion [2] of New York City real estate since inception in 2015.
[1] Derby Copeland Management Group, LLC (d/b/a Derby Copeland Capital) is a registered investment adviser. Information presented is for marketing purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. All persons should first consult with a qualified financial adviser and/or tax professional before implementing any strategy. Past performance is not indicative of future performance.[2] The $1,600,000,000 is an aggregate amount measured from May 2015 through August 31, 2024 across all strategies and a variety of Derby Copeland Capital vehicles.