TPG Real Estate Finance Trust Lends $70M on Suburban Buffalo Apartments Project
Tony Cutaia’s Rane Property Management has nabbed $70 million of bridge financing to build a luxury multifamily community in suburban Buffalo, N.Y., Commercial Observer can first report.
TPG Real Estate Finance Trust supplied the three-year non-recourse loan, which Rane will use to pay off a previous construction loan on its 376-unit Heron Pointe Apartments project in Grand Island, N.Y. Rane has completed 232 of the units and is slated to finish the remaining 144 in the third quarter of 2022.
Concord Summit Capital arranged the transaction with a team of Kevin O’Grady, David Larson, Keegan Burger and Daniel Rojo.
“Tony builds to an exceptional standard of quality and demonstrates a deep knowledge of his markets and products,” O’Grady said in a statement. “It was also great to close another transaction with TPG, as we have enjoyed working with them over the years and will always consider them to be a knowledgeable and reasonable source of capital.”
Located at 70 Blue Point Lane, Heron Pointe Apartments is situated by the Niagara River between Buffalo and Niagara Falls. The property’s amenities include clubhouse with coffee room, fitness center, heated saltwater pool, dog park, playground and cabana with barbecue grills.
Representatives for Rane did not immediately return a request for comment. TPG declined to comment.
–Andrew Coen can be reached at firstname.lastname@example.org.