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 community in West New York, roughly nine miles north of New York City. The property is situated adjacent to the Hudson River and directly across from Manhattan.
Built in 2006, 55 Riverwalk Place offers amenities such as a pool, fitness center, yoga studio, business center and grilling stations. According to the property website, units come in studio, one-, two- and three-bedroom configurations. Monthly rents begin at approximately $2,900 for a studio apartment.
The borrower was 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.
Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of IPA arranged the financing through Bank of America on behalf of the borrower.