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Partners move fast on Hoboken apartment deal

Spirit Bascom Ventures, a partnership between Stamford, CT based Spirit Investment Partners and Irvine, California based The Bascom Group, has acquired a 30-unit apartment building at 204 Grand Street in Hoboken, New Jersey.

The $15.5 million acquisition  marks the second building acquired by the partnership in Hoboken during the last six months after having acquired 1024 Clinton Street in July 2018.

Nat Gambuzza and Manny Sanghera of CBRE represented the seller.  HFF arranged $10.85 million acquisition financing with Citizens Bank. The four-year, floating-rate loan has a one-year extension .

The HFF debt placement team representing the borrower included senior director Jamie Leachman, director Drake Greer and managing director Michael Klein.

Originally constructed in 2000, 204 Grand (pictured top)  consists of five one-bedroom and 25 two-bedroom units.  Half of the homes have either a balcony or patio and the front-facing units on the upper floors provide views of New York City’s skyline.  The property, which was fully occupied at closing, also includes a 24-space parking garage plus two motorcycle parking spaces.

Ian Hafner, a principal with Spirit, further comments, “We’re excited to own this well maintained, boutique building in a great South Hoboken location. Given our reputation as dependable buyers who can move quickly, we were allowed to submit an offer before it hit the wider market and close quickly in a smooth transaction.”

Spirit Bascom has been focusing on acquiring urban and suburban value add multifamily properties along the eastern half of the country, acquiring over $600 million in assets in the partnership. The partnership also recently acquired a property in Manhattan’s West Village.

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