New Jersey Community Trades for $159M
IPA Capital Markets secured joint venture equity and debt financing.
PGIM Real Estate has sold 55 Riverwalk Place, a 348-unit multifamily community in West New York, N.J., for $158.5 million to a new joint venture between a global institutional investment manager and Aker Cos., a NYC-based multifamily owner and operator, public records show.
IPA Capital Markets, a division of Marcus & Millichap, has secured $174 million in joint venture equity and debt financing for the acquisition. The financing was secured through Bank of America, which provided a $118.9 million loan, according to the same source.
In 2019, an undisclosed sale recapitalized 55 Riverwalk Place, adding PGIM to the ownership group as the operating partner, according to Yardi Matrix data. Veris Residential subsequently left the deal.
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Senior Managing Director Marko Kazanjian, Executive Managing Director Max Herzog, Senior Directors Andrew Cohen and Max Hulsh from IPA’s Capital Markets team arranged the financing on behalf of the joint venture.
IPA Capital Markets also recently arranged $75 million in acquisition bridge financing for the office-to-residential conversion of the former Pfizer headquarters building in Manhattan. The developers, David Werner Real Estate Investments and Metro Loft Management, are planning to transform the building into a free-market, Class A luxury multifamily development.
Riverfront amenities
Completed in 2006, 55 Riverwalk Place comprises studio, one-, two- and three-bedroom floorplans ranging between 515 and 1,500 square feet. Common-area amenities include a swimming pool, a fitness center, a business center, a spa, a media room, a clubhouse, controlled access and approximately 300 parking spaces. Units feature washers and dryers, stainless steel appliances and private balconies. The building also includes 8,000 square feet of retail space.
Located in the Hudson County, in New Jersey’s West New York submarket. Fronting the Hudson River, 55 Riverwalk Place is situated directly across Manhattan. The community is near Interstate 9 and Highway 450, which allow easy access across the New York City metropolitan area. James J. Braddock County Park and HMH Palisades Medical Center are within a 2-mile radius from the property.
