Apollo Commercial closes two new deals

|About: Apollo Commercial Real E... (ARI)|By:, SA News Editor

One is $20M in floating-rate mezzanine funding secured by a 280-key hotel in the NoMad neighborhood of NYC. The note has a two-year initial term and three one-year extension options, and an appraised LTV of 61%. It is expected to generate an IRR for ARI of about 12%.

The other is a $34.5M floating-rate first mortgage secured by a newly built Class-A, 63-unit multifamily property in Brooklyn, which also includes about 7.3K square feet of retail space. The note has a 5-year initial term with three one-year extension options, and an appraised LTV of 63%. It too is expected to generate an IRR of about 12%.