A joint venture between Lincoln Property Company, Saber-Hightower and Waterfall Asset Management has sealed $177.25 million of acquisition financing for the purchase of two multifamily properties in the New York metropolitan area, Commercial Observer has learned.<\/p>\n
Affinus Capital provided the debt package for the sponsorship\u2019s purchase of the 262-unit Edgewater Harbor property in Edgewater, N.J., and the soon-to-be completed 147-unit Trilogy Lofts at Tuckahoe project in Yonkers, N.Y. The deal involved a $124 million loan for Edgewater Harbor and $53.4 million of acquisition debt for Trilogy Lofts.<\/p>\n
SEE ALSO: Principal Financial Group Loans $32M to Refi Queens Shopping Center<\/a><\/p>\n The joint venture of Lincoln Property Company, Saber-Hightower and Waterfall Asset Management acquired both properties from National Resources as part of a $450 million acquisition of four tri-state region properties encompassing more than 4 million square feet, CO previously first reported<\/a>.<\/p>\n \u201cEdgewater and Trilogy Lofts represent a compelling opportunity to invest in high-quality, well-located multifamily assets in supply-constrained, transit-oriented submarkets with durable renter demand,\u201d David Greenburg, managing director at Affinius Capital<\/a>, said in a statement. \u201cWaterfall Asset Management, Lincoln Property Company and Saber-Hightower bring institutional scale, local market expertise, and a proven track record of value-add execution that positions this portfolio for long-term performance.\u201d<\/p>\n