$174 million acquisition financing and capital of New Jersey multi-residential joint venture arranged by Marcus & Millichap’s IPA Capital Markets
WEST NEW YORK, NJ–( BUSINESS WIRE )–IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI) specializing in capital markets services for large private and institutional clients, has secured a $174 million equity and debt joint venture financing the purchase of 55 Riverwalk Place, a 348-unit multifamily property located in West New York, New Jersey. Built in 2006, the property is located along the Hudson River (NYSE: ), right across from Manhattan.
The New York-based IPA Capital Markets team of Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh arranged acquisition financing with Bank of America on behalf of their client, a new NYC-based owner/operator joint venture focused on to acquire value-added residential assets in the Northeast and a global institutional investment manager.
The acquisition represents a significant opportunity to increase value for the sponsor, Kazanjian said. In Q4 2024 alone, our team secured approximately $150 million in JV partnerships with an additional $100 million in pipeline. We are excited about the continued momentum going into 2025 and look forward to further expanding our business. With more than $1.5 billion currently in the market, we remain active and committed to providing exceptional opportunities for our clients.
About IPA capital markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital market financing solutions, including debt, mezzanine financing, preferred and joint venture capital, and sponsor capital. For more information visit institutionalpropertyadvisors.com/capital-markets.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in more than 80 offices providing investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with sales volume of approximately $43.6 billion. For additional information visit www.MarcusMillichap.com.
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Gina Relva, Vice President of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
