Ocean Gate at 85 Cooper Ave. in Long Branch — Courtesy: Walker & Dunlop
By Joshua Burd
Lincoln Equities Group has acquired a new 170-unit luxury multifamily property in Long Branch with the help of $121.5 million in equity and financing secured by Walker & Dunlop and as part of an investment sale arranged by Cushman & Wakefield.
According to W&D, RWN Real Estate Partners and Avenue Realty Capital are providing $46.5 million in joint venture equity for the deal at 85 Cooper Ave. TPG Real Estate Credit originated the financing for what’s known as Ocean Gate, which was designed as a condominium property but currently operates as a rental community.
Cushman’s Niko Nicolaou, Ryan Dowd, JP Hohl and Alexandria Ebers represented the seller, Ocean Cooper Revitalization LLC, and the buyer in the $113 million sale. The Walker & Dunlop team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Mo Beler, Adam Schwartz, Ari Hirt, Jackson Irwin and Stanley Cayre advised LEG in securing the equity and financing, noting that the firm expects to begin preparing and marketing the units for sale.
“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 significant value in a unique New Jersey asset,” said Ari Shalam, managing partner at RWN Real Estate Partners. “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.”
Completed in December 2023, Ocean Gate includes a mix of upscale one-, two- and three-bedroom homes and amenities such as a 16,000-square-foot clubhouse, a heated pool, a tiki bar, a fitness center and others, according to a news release. The 11.63-acre property off Ocean Avenue also has direct beach access and is close to shops, services and restaurants at the popular Pier Village complex.
“The ability to deliver a brand new, Class A residential condominium community one block from the beach and without the need to take development risk is incredibly 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.”
Nicolaou added: “Ocean Gate is a highly amenitized property located in one of the fastest-growing areas of Monmouth County, which is what attracted Lincoln Equities to this asset. With the highly anticipated development of Netflix’s East Coast campus nearby, along with the recent and continued expansion of the Monmouth Medical Center, there is no doubt that the population of Monmouth County will continue to grow. And with a limited supply of single-family homes, a luxury multifamily asset like Ocean Gate can capitalize on the increasing demand for housing.”
Cushman noted that Ocean Gate is also minutes from mass transit options include NJ Transit’s Long Branch sation and multiple SeaStreak ferry terminals located along the coast, providing service to the east and west sides of Manhattan, as well as Jersey City.
“Ocean Gate is uniquely positioned 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.
