Mountain View Crossing at 650 Route 23 in Wayne — Courtesy: Cushman & Wakefield
By Joshua Burd
The Pomeranc Group has acquired a 465-unit apartment complex in Wayne, having also secured nearly $98 million in Fannie Mae financing for the deal.
Brokers with Cushman & Wakefield represented the seller, UBS Realty Investors, in the trade of Mountain View Crossing at 650 Route 23. They also touted the deal as the largest multifamily sale in northern New Jersey since interest rates began to rise last year, while highlighting the value-add opportunity at the collection of homes ranging from studios to three-bedroom units.
Additionally, Cushman sourced the acquisition financing from Greystone, working on behalf of the buyer.
“Situated in the affluent northern New Jersey suburb of Wayne, this 465-unit apartment community represented a rare generational opportunity to purchase a premier multifamily complex in an area that has extremely high barriers to entry for any new development,” said C&W’s Ryan Dowd, who was part of the team representing UBS in the deal.
The team also included the firm’s Niko Nicolaou and Peter Welch, along with Brian Whitmer. Meantime, C&W’s equity, debt and structured finance team of John Alascio, TJ Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein represented the Pomeranc Group in procuring the $97.69 million debt package.
“This acquisition represents an exciting chapter in our family’s ongoing pursuit of excellence in real estate investment and development,” Michael Pomeranc said. “Drawing upon our expertise gained over decades in real estate development and acquisitions coupled with extensive background in leisure and hospitality, we bring a unique perspective to this asset.
“Our goal is to curate a living environment that not only provides exceptional amenities and comfort but also fosters a sense of belonging, community and shared moments that will create lasting memories for residents who call this building home.”
In a news release, the brokers said apartments at Mountain View Crossing boast upscale design, finishes and appliances. The property also has an outdoor swimming pool with a sundeck, a grilling area, tennis and basketball courts, a clubroom, a fitness center and a dog park, while the site is adjacent to a nature preserve and easily accessible from nearby highways.
Greystone’s Triloki Kaushal, Judah Rosenberg and Zane Teslik originated the five-year Fannie Mae loan.
“Mountain View Crossing was highly compelling to lenders given the uniqueness of the opportunity,” Kohaut said. Sponsorship plans to continue the renovation strategy by upgrading the remaining 65 unrenovated units over the next three years as tenants roll, providing significant upside. We’re grateful for the opportunity to represent the Pomeranc Group on this exciting acquisition.”
