Natixis Lends $158M on Post Brothers’ NJ Multifamily Asset
By Cathy Cunningham October 1, 2020 9:00 am
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Post Brothers has sealed a $158 million refinance for The Duchess, its luxury high-rise multifamily property in North Bergen, N.J., Commercial Observer has learned.
Natixis provided the five-year floater in a transaction arranged by Ackman-Ziff’s Russell Schildkraut. Michael Magner, Natixis’ head of U.S. originations, led the deal for the French bank.
“We are pleased to continue our long-term relationship with Natixis,” Matt Pestronk, President of Post Brothers, told CO. “They have financed many of our major projects and we look forward to the next closing with Mike Magner and his team.”
Post Brothers acquired The Duchess in 2017 for $166 million in a joint venture transaction, marking the firm’s first project outside of Philadelphia. Located at 7601 River Road, the 320-unit, three-building asset offers a mix of studio and one-, two- and three-bedroom residences overlooking the Hudson River and New York City.
Since the company’s founding in Philadelphia in 2006, Post Brothers has developed more than 30 properties and 4,000 apartments with a common theme: making a level of upscale state-of-the-art living accessible at a price point at which it wasn’t previously available.
In 2017, Natixis provided $103 million in financing to redevelop Post Brothers’ The Atlantic project, a 21-story historic office building in Philadelphia that would soon be transformed into a 268-unit luxury multifamily property. Schildkraut also negotiated the financing in that instance.
“We were very happy to work again with Post Brothers on another high quality class A project. Our long relationship with Matt Pestronk is a testament to our confidence in his ability to execute on his business plan,” Magner told CO.
