JLL Capital Markets announced the firm secured $41.6 million in financing for the acquisition and renovation of 12 rent-stabilized multifamily properties located at five physical locations in the Bronx, New York.
JLL represented the borrower, Quality Communities, LP, a partnership between Taconic Investment Partners and a client of Clarion Partners, LLC. Sterling National Bank provided the loan.
Related Companies sold the 97 percent leased portfolio. According to The Real Deal, acquire the 12 rental buildings for just north of $70 million,.
JLL Managing Director Jonathan Schwartz, Vice Chairman Aaron Appel, Executive Vice President Mark Fisher and Associate Brian Buglione were the JLL team on the deal.
“The sponsors seized a great opportunity to acquire well-located multifamily product at scale with major upside potential through improvements,” said Schwartz. “This was a great lending opportunity that was competitively bid.”
Added Chris Balestra, Chief Investment Officer of Taconic, “This portfolio provides us an opportunity to maximize value and create distinguished properties throughout the Bronx. Multifamily demand throughout greater New York is consistently high, and our planned capital improvement program will position us to capture that momentum.”
The portfolio provides easy public transit access via several subway lines, bus lines, and/or MTA MetroNorth stops within easy walking distance of each property. They are also close to several major employment centers including Yankee Stadium, Fordham University, the Bronx County Courthouse and Lehman College.