Arrow Real Estate Advisors arranges $40.5m in acquisition financing for Benevel Management

Bronx, NY Arrow Real Estate Advisors has arranged $40.5 million in acquisition financing from Chase Bank on behalf of Benevel Management for the purchase of a three-building multifamily portfolio. The portfolio, located at 950 Underhill Ave., 2010–2040 Bruckner Blvd., and 801 Neill Ave., comprises 772 units across 828,606 s/f of residential space. The deal was arranged by Jacob Schmuckler, senior director, and Meir Schlusselberg, vice president, of Arrow Real Estate Advisors.

“This acquisition represents confidence in the long-term strength of New York’s housing market,” said Jacob Schmuckler, senior director at Arrow Real Estate Advisors. “Benevel Management recognized the unique opportunity this portfolio offered, and we’re proud to have structured a financing solution that aligned with their vision. This transaction will undoubtedly turn heads and draw attention across the multifamily investment landscape.”

The properties were acquired for $54 million, representing an average of $69,000 per unit, one of the largest rent-stabilized multifamily purchases in New York City this year. The transaction marks a significant reset moment for the market, and at $65 per s/f, the buyer plans to make significant investments in the buildings benefiting the residents.

The portfolio strengthens Benevel Management’s footprint in the Bronx and reinforces the firm’s strategic focus on maintaining long-term, stable residential assets in high-demand submarkets.