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LEG BUYS 170-UNIT LONG BRANCH
RENTAL PROJECT FOR $113 MILLION
Courtesy: Walker & Dunlop
Lincoln Equities Group has acquired
Cooper Revitalization LLC, and the
a new 170-unit luxury multifamily
buyer in the $113 million sale. The
unique,” said Lance Bergstein,
Lincoln Equities Group’s CEO. “We
are glad to work with the teams at
Walker & Dunlop, RWN Real Estate
Partners, Avenue Realty Capital and
TPG Real Estate Credit to close this
successful transaction.”
East Coast campus nearby, along
with the recent
and continued
expansion of
the Monmouth
Medical Center,
there is no
property in Long Branch with the
Walker & Dunlop team led by Aaron
doubt that the
help of $121.5 million in equity
Appel, Jonathan Schwartz, Keith
Completed in December 2023,
population of
and fi nancing secured by Walker &
Kurland, Mo Beler, Adam Schwartz,
Ocean Gate includes a mix of
Monmouth
Dunlop and as part of an investment
Ari Hirt, Jackson Irwin and Stanley
upscale one-, two- and three-
County will
sale arranged by Cushman &
Cayre advised LEG in securing the
bedroom homes and amenities such
continue to grow. And with a limited
Wakefi eld.
equity and fi nancing, noting that the
as a 16,000-square-foot clubhouse,
supply of single-family homes,
fi rm expects to begin preparing and
a heated pool, a tiki bar, a fi tness
According to W&D, RWN Real
a luxury multifamily asset like
marketing the units for sale.
center and others, according to
Estate Partners and Avenue Realty
Ocean Gate can capitalize on the
a news release. The 11.63-acre
Capital are providing $46.5 million
“The ability to
increasing demand for housing.”
property off Ocean Avenue also has
in joint venture equity for the deal
deliver a brand
direct beach access and is close to
Cushman noted that Ocean Gate
at 85 Cooper Ave. TPG Real Estate
new, Class A
shops, services and restaurants at
is also minutes from mass transit
Credit originated the fi nancing for
residential
the popular Pier Village complex.
options including NJ Transit’s
what’s known as Ocean Gate, which
condominium
Long Branch station and multiple
was designed as a condominium
community
“Ocean Gate is a highly amenitized
SeaStreak ferry terminals located
property but currently operates as a
one block from
property located in one of the
along the coast, providing service
rental community.
the beach and
fastest-growing areas of Monmouth
to the east and west sides of
without the
County, which is what attracted
Cushman’s Niko Nicolaou, Ryan
Lance Bergstein
Manhattan, as well as Jersey City.
need to take
Lincoln Equities to this asset,”
Dowd, JP Hohl and Alexandria
development risk is incredibly
Nicolaou said. “With the highly
“Ocean Gate is uniquely positioned
Ebers represented the seller, Ocean
anticipated development of Netfl ix’s
to capitalize on the market’s supply
and demand imbalance, driven by
strong local demand and limited
for-sale inventory, as seen in the
impressive sales velocity of existing
condominium projects,” said Beler,
a senior managing director of New
York capital markets at Walker &
Dunlop.
Ari Shalam, managing partner at
RWN Real Estate Partners, added:
Ocean Gate at 85 Cooper Ave. in Long Branch
Niko Nicolaou“We are pleased to partner with
Walker & Dunlop, Avenue Realty
Capital and TPG Real Estate Credit
on this strategic acquisition, which
positions us to unlock signifi cant
value in a unique New Jersey asset.
W&D Capital Markets brought
deep expertise and seamless
execution to a complex transaction
involving both equity and debt.
We’re excited about the potential of
this conversion and look forward
to working together on future
opportunities.”