Skylight Real Estate Partners Makes Market Debut With NJ Multifamily Acquisition – Commercial Observer
Skylight real estate partner has officially closed its first deal, Commercial Observer has learned.
The company – run by industry veterans Bennat Berger, Gavin Evans, Benjamin Joseph and Andrew Miller – has acquired Infinity Edgewater, a 100 unit mixed use lot in Edgewater, NJ, in a joint venture with PCCP.
“We are very excited to complete our first investment as Skylight Real Estate Partners with the purchase of this premium apartment community,” said Miller, referring to Edgewater as a highly desirable submarket with high barriers to entry. “This acquisition is in direct line with our core investment thesis, which focuses on assets in limited supply markets that allow our team to add value through our team’s diverse experiences through improvements or development executions.”
The five-story apartment building, at 340 Old River Road, also includes 5,500 square feet of retail space and two levels of underground parking. The building’s amenities include a fitness center, landscaped pavilion and garden, and residents’ lounge.
While Skylight officials refused to comment on the purchase price, sources close to the deal said it was just over $ 50 million.
The traffic-friendly building is close to the Port Imperial / Weehawken ferry – with a direct connection to Hudson Yards across the Hudson River – and across the street from a New Jersey Transit Bus stop.
“Infinity Edgewater offered the opportunity to purchase condominium-quality property with a steel frame at an attractive return profile and a significant discount to replacement value.” Brian News, Vice President at PCCP said. “Edgewater has a mature retail profile, strong schools, and provides residents with quality products and an efficient ride to the West Side of Manhattan or to major employment hubs in northern New Jersey.”
PGIM provided a $ 34.5 million five-year loan for the acquisition. JLL‘S Michael Klein and Matthew Pizzolato arranged the financing on behalf of Skylight and PCCP while JLL’S Jose Cruz, Steve Simonelli, Michel Oliver and JB Bruno represented the seller in the store, Waterton partner.
“We were thrilled to continue our relationship with Skylight Real Estate Partners and to advise their new partnership with PCCP on acquisition financing,” said Pizzolato. “This deal generated a lot of interest from the lender community and PGIM endeavored to offer extremely attractive terms.”
CO first reported the news from Formation of the skylight March. Its four co-founders, who previously held top positions at Affiliates, Columbia Property Trust and Novel real estate company – have teamed up to focus on this Value creation, development, and distressed opportunities in the apartment and office sectors of the New York City Metro, Washington, DC, and Florida markets.
Cathy Cunningham can be reached at [email protected].