204 Grand St. in Hoboken — Courtesy: Spirit Bascom Ventures LLC
(Editor’s note: This story has been updated with additional information about a $10.85 million acquisition loan secured by HFF.)
By Joshua Burd
A joint venture has closed on its second Hoboken apartment building in the last six months, acquiring a 30-unit property in the city for $15.5 million.
Spirit Bascom Ventures LLC, a partnership of Spirit Investment Partners LLC and The Bascom Group LLC, on Thursday announced their purchase of 204 Grand St. Built in 2000, the six-story brick building sits just north of 2nd Street and eight blocks from the Hoboken PATH station.
Nat Gambuzza and Manny Sanghera of CBRE represented the seller, Sprit Bascom said in a news release. HFF Senior Director Jamie Leachman, Director Drake Greer and Managing Director Michael Klein arranged acquisition financing with Citizens Bank.
“This deal fits perfectly with our strategy of acquiring properties in transit connected urban and suburban neighborhoods that offer greater relative affordability,” said Scott Zwilling, a principal of Spirit Investment Partners, which is based in Stamford, Connecticut. “We feel Hoboken will continue to flourish as renters seeking a high quality of life, short commutes and more reasonably priced housing options than Manhattan move into the neighborhood.”
The property includes a mix of one- and two-bedroom apartments, with most units containing either balconies or New York City skyline views, according to a news release. The building also features a 24-space parking garage.
“We’re excited to own this well maintained, boutique building in a great South Hoboken location,” said Ian Hafner, a principal with Spirit. “Given our reputation as dependable buyers who can move quickly, we were allowed to submit an offer before it hit the wider market and close quickly in a smooth transaction.”
HFF worked on behalf of Spirit Bascom to secure $10.85 million in acquisition financing. The four-year, floating-rate loan has a one-year extension option.
“This acquisition fits perfectly within SBV’s urban acquisition strategy of taking highly occupied, well-located properties that offer tenants a high-quality, boutique living experience in submarkets that offer attractive relative affordability,” Leachman said. “Citizens stood out in a competitive marketing process providing the borrower the necessary structure and flexibility to execute their business plan.”
The deal follows the joint venture’s purchase last summer of 1024 Clinton St., a 37-unit property between 10th and 11th streets, for $17.65 million.