Walker & Dunlop, Inc. arranged $121.5 million in equity and debt financing for the acquisition of Ocean Gate, a recently built, luxury Class-A apartment community with 170 multifamily units located along Ocean Avenue in Long Branch, NJ. A Walker & Dunlop Capital Markets team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Mo Beler, Adam Schwartz, Ari Hirt, Jackson Irwin and Stanley Cayre advised Lincoln Equities Group and raised $46.5 million in joint venture equity from RWN Real Estate Partners and Avenue Realty Capital, along with $75 million of debt from TPG Real Estate Credit.
“We are pleased to partner with Walker & Dunlop, Avenue Realty Capital, and TPG Real Estate Credit on this strategic acquisition, which positions us to unlock significant value in a unique New Jersey asset,” said Ari Shalam, managing partner at RWN Real Estate Partners.
The property is a purpose-built condominium currently operating as a rental community. Lincoln Equities Group plans to begin preparing and marketing the units for sale.
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