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MLK Financing for Acquisition of South Orange Multifamily

SOUTH ORANGE, NJ—The property is located at 9 West South Orange Avenue in South Orange, and includes 57 luxury residential apartments and three commercial units encompassing more than 9,000 square feet of prime retail space. The property was acquired for $32.775 million.

By Steve Lubetkin | stevelubetkin | | Updated on August 09, 2016
The Gateway, 9 West South Orange Avenue, South Orange, NJ The Gateway, 9 West South Orange Avenue, South Orange, NJ
SOUTH ORANGE, NJ—MLK Real Estate Capital has arranged the equity financing for the acquisition of   The Gateway , a 60-unit multifamily residential and retail property in South Orange, NJ, for its client, Shamah Properties, an experienced multifamily operator that owns more than 1,700 units in New York and New Jersey. MLK secured the financing from what it described as “a prominent institutional partner,” which it did not name. The property is located at 9 West South Orange Avenue in South Orange, NJ, and includes 57 luxury residential apartments and three commercial units encompassing more than 9,000 square feet of prime retail space. The property was acquired for $32.775 million. “ MLK Real Estate Capital worked closely with the sponsor, capital partner, and third parties to consummate this challenging transaction,” says Solomon Kinraich , managing principal of MLK Real Estate Capital. “The residential market in South Orange, NJ, has benefited from young families and millennials, migrating from the NYC metropolitan area and represents further potential investment upside, as a direct commuter, NJ Transit access point to NYC.” “The opportunity to acquire a recently developed luxury residential property in a prime location within the suburban transient NJ gateway, was compelling,” says Eddie Setton , managing partner of Shamah Properties . Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.  

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