NEW YORK CITY—Quality Communities, a partnership between Taconic Investment Partners and a client of Clarion Partners, obtained $41.6 million in financing for the acquisition and renovation of 12 rent-stabilized, multifamily properties in the Bronx. Related Companies sold the 97% leased portfolio.
The borrower received the financing for the acquisition and renovation of the properties from Sterling National Bank.
The properties are located at 2608 Creston Ave., 2453-2567 Decatur Ave., 2353-2357 Crotona Ave., 1065 Jerome Ave. and 1098-1114 Gerard Ave. The properties listed in Real Capital Analytics consist of five and six-story buildings, with construction dates ranging from 1910 to 1929. The database indicates Taconic purchased these properties from a joint venture of Related Companies and NYC Pension Funds in February 2018, with sale prices totaling slightly more than $60 million.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
