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.
JLL's managing director Jonathan Schwartz, vice chairman Aaron Appel, EVP Mark Fisher and associate Brian Buglione secured the financing for the borrower.
“The sponsors seized a great opportunity to acquire well-located multifamily product at scale with major upside potential through improvements,” says Schwartz. “This was a great lending opportunity that was competitively bid.”
“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,” says Chris Balestra, Taconic's chief investment officer.
The properties are close to public transit including subways, MTA MetroNorth stops and bus lines. They are also near Yankee Stadium, Fordham University, the Bronx County Courthouse and Lehman College.
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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.
