Marcus & Millichap’s division, IPA Capital Markets, has successfully obtained $174 million in financing for the purchase of 55 Riverwalk Place. This multifamily property is located in West New York, NJ and consists of 348 units. Constructed in 2006, it sits right next to the Hudson River and offers stunning views of Manhattan.
The team at IPA Capital Markets based in New York – Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh – worked together to secure this acquisition financing with Bank of America on behalf of their client. The client is a new joint venture between a multifamily owner/operator from New York who specializes in acquiring value-add apartment properties within the Northeast region and a global institutional investment manager.
According to Kazanjian: “This acquisition presents an excellent opportunity for our sponsor to add value.” He also mentioned that their team has been able to secure around $150 million worth of JV equity partnerships during Q4 2024 alone with another $100 million currently being negotiated. They are eager about this positive momentum as they enter into Q1 2025 and are looking forward to expanding their business even further.
This news was originally published by Connect CRE.
