Arbor Commercial Mortgage has funded an $81 million loan for Spaxel’s acquisition of a 701-unit New Jersey multifamily portfolio.
Brad Domenico, partner at Progress Capital, arranged the New Year’s Eve closing on behalf of the real estate investment firm run by former Colony Northstar boss David Hamamoto and ex-WeWork executive Granit Gjonbalaj .
Spaxel paid $92 million for two New Jersey apartment properties known as the North Jersey Commuter Portfolio, a 390-unit collection in East Orange, and the North Jersey Garden Portfolio, a 312-apartment portfolio in Irvington.
Marcus & Millichap brokered the sale on behalf of the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America.
“It was a momentous undertaking which required many teams to come together – seller, buyer, Marcus & Millichap, Progress Capital and Arbor,” said Domenico. “All parties involved knew that a year-end close was critical and worked very hard to make it happen for their respective clients. It was truly a collaborative effort.”