InterVest Seals Bronx Multifamily Portfolio Buy With $45M Webster Bank Loan
A Bronx Tale.
By Cathy Cunningham April 10, 2023 12:17 pmreprints
InterVest Capital Partners is officially the new owner of a seven-property multifamily portfolio in the Bronx, Commercial Observer can first report.
Taconic Partners and Clarion Partners sold the buildings spread across the Concourse, Fordham Manor and Belmont neighborhoods of the borough for $65 million, sources said, while Webster Bank provided InterVest with roughly $45 million in acquisition financing for the deal.
Webster Bank’s five-year, fixed-rate loan —at approximately 70 percent loan-to-cost—was negotiated by Cushman & Wakefield (CWK)’s Gideon Gil, while Newmark (NMRK)’s Adam Spies and Adam Doneger and C&W’s Eric Roth and Jonathan Squires negotiated the sale. Spies and Doneger were previously at C&W, moving to Newmark in February.
CO first reported the seven properties were under contract to sell to InterVest — previously Wafra Capital Partners— in January.
Taconic and Clarion acquired the assets from Related Companies and NYC Pension Funds in 2018 for $71 million. The transaction marked the firms’ debut deal under its Quality Communities $400 million affordable housing partnership, which launched the same year. Since then, roughly $16 million in capital improvements has been funneled into the properties, which were constructed between 1900 and 1930.
Spanning 487,824 square feet across 16 buildings and 503 units, four of the portfolio properties are in the Bronx’s Concourse neighborhood at 1098-1114 Gerard Avenue, 1197 Grand Concourse, 1065 Jerome Avenue and 1534 Selwyn Avenue. Two properties are in the Fordham Manor neighborhood at 2543-2567 Decatur Avenue and 2608 Creston Avenue, and the seventh is in the borough’s Belmont area at 2353-3257 Crotona Avenue.
Officials at Newmark, C&W and Webster Bank didn’t immediately respond to requests for comment. InterVest officials weren’t immediately available for comment.
Cathy Cunningham can be reached at email@example.com.