NewPoint Lends $17M on Upstate New York Apartments Buy
By Andrew Coen July 5, 2023 10:57 am
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Greyhill Group has sealed $16.7 million of acquisition financing for the purchase of a multifamily property in Upstate New York, Commercial Observer has learned.
NewPoint Real Estate Capital supplied the loan for Greyhill Group’s $22.5 million acquisition of Mill Hollow Apartments in Altamont, N.Y., from developer Steve Buck.
“The strategic acquisition of this Class A asset came as a rare opportunity during a period of significant disconnect on price between buyers and sellers,” Moshe Bloorian, managing partner at Greyhill Group, said in a statement. “We acquired the building at a cap rate significantly below market levels.”
Located at 48 Bavarian Way about 20 miles northwest of Albany, the 84-unit complex was constructed in late 2016. The property’s amenities include a heated pool, a gym, a movie theater, and gas grills.
The Mill Hollow Apartments acquisition adds to Greyhill Group’s multifamily portfolio of more than 600 units. The real estate investment firm also owns and manages 1.3 million square feet of industrial warehouse space.
“Our investment in Mill Hollow Apartments aligns with our corporate strategy of acquiring well-located properties that carry the potential for creating long-term value,” Bloorian said.
NewPoint Real Estate Capital did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
