Skylight Real Estate Partners acquires 100-unit mixed-use building in Edgewater

Beth McCandry

Skylight Real Estate Partners, a recently formed real estate investment firm led by industry veterans Bennat Berger, Gavin Evans, Benjamin Joseph and Andrew Miller, has completed its first deal under the acquisition of Infinity Edgewater, a 100-unit mixed-use property in Edgewater of the company’s brand, in a joint venture with PCCP LLC, according to a release on Monday.

The five-story building at 340 Old River Road includes a mix of one- and two-bedroom apartments with condo-level fixtures and fittings, plus a curated amenity suite. Directly below the building there is also 5,500 square meters of retail space, which is currently used by a nail spa and a frozen yoghurt shop.

“We are very pleased to have our first investment as Skylight Real Estate Partners with the
Purchase of this first class apartment complex in Edgewater, New Jersey, USA
extremely sought-after sub-market with a high barrier to entry, ”said Miller. “This acquisition is in direct line with our core investment thesis, which focuses on assets in restricted markets that allow our team to leverage our team’s diverse experience to add value through improvements or development executions. We are grateful to our partners at PCCP and look forward to working together to expand our presence in established and stable markets on the east coast. “

Infinity Edgewater is in close proximity to the Port Imperial / Weehawken Ferry, which has a direct route across the Hudson River straight into Hudson Yards. In addition, the New Jersey Transit Bus has a stop across the street from the building. Edgewater is located on the northern part of New Jersey’s Gold Coast, a densely populated area of ​​eleven cities with more than 685,000 residents along the Hudson River waterfront.

“Infinity Edgewater was an opportunity to acquire a steel-framed condominium-quality property with an attractive return profile and a significant discount on replacement costs,” said Brian Haber of PCCP. “We are excited to partner with Skylight Real Estate Partners, a company with a particularly strong track record in apartment buildings in New Jersey and other key markets.”

For the acquisition, JLL secured a five-year, variable-rate loan through PGIM Real Estate. the
The team that represented the seller was led by Senior Managing Director Jose Cruz, Managing. directed
Directors Steve Simonelli and Michael Oliver and Director JB Bruno; Senior Managing Director Michael Klein and Director Matthew Pizzolato represented Skylight Real Estate Partners and PCCP on the financing.