IPA Capital Markets Arranges $27 Million Financing for Luxury Manhattan Multifamily Asset
May 04, 2026
NEW YORK, May 04, 2026 – IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged $27.5 million to refinance The Sophia, a newly built, 11-story, 60-unit luxury multifamily property with 1,700 square feet of ground-floor retail in the Inwood neighborhood of Manhattan in New York City.
Led by Max Hulsh in the firm’s Manhattan office, the IPA Capital Markets team arranged the financing with LaSalle Investment Management. The loan was secured on behalf of Timber Equities, a Manhattan-based private real estate development and management firm focused on residential, commercial, and mixed-use assets throughout New York City.
“Construction was completed in fall 2025 and the property is finalizing lease-up,” said Hulsh. “With 25% of units designated for households earning a blended average of 60% of area median income, the asset qualified for New York State’s 421-a program. We tapped the debt capital markets to deliver meaningful arbitrage for our client; more than 125 bps inside their construction loan’s interest rate, reducing the interest expense as the property seasons while sizing up the loan to repatriate investor equity at closing.”
The Sophia’s unit mix is 83% one-bedroom/one-bath units and the remainder have two- and three-bedroom layouts. Amenities include in-unit laundry, a fitness center, resident lounge, package room, and a fully appointed rooftop deck.
Led by Max Hulsh in the firm’s Manhattan office, the IPA Capital Markets team arranged the financing with LaSalle Investment Management. The loan was secured on behalf of Timber Equities, a Manhattan-based private real estate development and management firm focused on residential, commercial, and mixed-use assets throughout New York City.
“Construction was completed in fall 2025 and the property is finalizing lease-up,” said Hulsh. “With 25% of units designated for households earning a blended average of 60% of area median income, the asset qualified for New York State’s 421-a program. We tapped the debt capital markets to deliver meaningful arbitrage for our client; more than 125 bps inside their construction loan’s interest rate, reducing the interest expense as the property seasons while sizing up the loan to repatriate investor equity at closing.”
The Sophia’s unit mix is 83% one-bedroom/one-bath units and the remainder have two- and three-bedroom layouts. Amenities include in-unit laundry, a fitness center, resident lounge, package room, and a fully appointed rooftop deck.
# # #
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.