The Bluestone Group has completed the acquisition of a 218-unit, three-building apartment complex located at 3138, 3150 and 3300 Bailey Ave. The $17.4 million purchase was completed in a joint venture partnership with Lantower Realty LLC, a subsidiary of Toronto-based Lanterra Developments. Amit Doshi of Besen & Associates represented both the buyer and the seller.
"Our reputation for closing deals quickly and with certainty enables us to co-invest with joint venture partners," said Marc Mendelsohn, principal of The Bluestone Group. "There are many investors who are looking to take advantage of the NYC distressed multifamily market, but are lacking experience in the local market or asset type."
Bluestone also acquired four loans with a total value of $7 million. The purchase includes three loans from Dime Savings Bank secured by three apartment buildings in The Bronx owned by Calif.-based Millbank Real Estate totaling approximately 100 units; and one note from Sovereign Bank secured by a 30-unit building located in the Soundview section.
"By acquiring assets below the debt levels rather than at market prices, it allows us to properly address the needs of the property and tenants," said Eli Tabak, principal of the Bluestone Group. "It is also consistent with our business model of purchasing distressed debt secured by assets acquired at the height of the market in overleveraged pro-forma based transactions." Tags: