55 Riverwalk Place in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
An apartment owner has closed on $174 million in financing and joint venture equity to acquire a 348-unit property in West New York, in a deal arranged by Marcus & Millichap.
According to the debt placement team, the buyer is teaming with a global institutional investment manager for the transaction at 55 Riverwalk Place. Bank of America provided the acquisition financing for the property, which is steps from the Hudson River and is part of the acclaimed, master-planned Port Imperial district in northern Hudson County.
Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of Marcus & Millichap’s New York-based IPA Capital Markets team arranged the financing on the joint venture’s behalf. They noted that the property, which was built in 2006, is the latest addition for a New York-based operator that’s focused on buying value-add apartment assets in the Northeast.
“The acquisition represents a significant value-add opportunity for the sponsor,” Kazanjian said. “In Q4 2024 alone, our team secured approximately $150 million in JV equity partnerships with an additional $100 million in progress. We are excited about the continued momentum as we begin 2025 and look forward to further expanding our business. With over $1.5 billion currently in the market, we remain active and committed to delivering exceptional opportunities for our clients.”
