WEST NEW YORK, N.J. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a 348-unit multifamily property in West New York.
Built in 2006, the community is situated adjacent to the Hudson River and directly across from Manhattan. Amenities include onsite retail, a heated swimming pool, fitness center, yoga studio, business center and grilling stations.
Monthly rents at 55 Riverwalk Place start around $2,900, according to the property’s website.
Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of IPA arranged the financing through Bank of America on behalf of the borrower, a joint venture between a New York City-based multifamily owner/operator focused on acquiring value-add apartment assets in the Northeast and a global institutional investment manager. Both parties requested anonymity.
Kazanjian says that the acquisition represents a significant value-add opportunity for the sponsor.
— Kristin Harlow