Cushman & Wakefield on Wednesday announced the recent trade of Mountain View Crossing, a 465-unit multifamily property located at 650 State Route 23 in Wayne.
Cushman & Wakefield’s Niko Nicolaou, Ryan Dowd and Peter Welch, along with Brian Whitmer, represented the seller, UBS Realty Investors, and procured the buyer, the Pomeranc Group, in the transaction.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, T.J. Sullivan, Chuck Kohaut, John Spreitzer, Jason Blankfein and Mitch Rothstein served as the exclusive advisor to the Pomeranc Group in the procurement of $97.7 million in acquisition financing. The five-year Fannie Mae loan provided by Greystone was originated by Triloki Kaushal, Judah Rosenberg and Zane Teslik.
“Situated in the affluent northern New Jersey suburb of Wayne, this 465-unit apartment community represented a rare generational opportunity to purchase a premier multifamily complex in an area that has extremely high barriers to entry for any new development,” Dowd said.
Mountain View Crossing is a Class A multifamily complex comprised of eight studio units, 309 one-bedroom units, 141 two-bedroom units and 7 three-bedroom units. Units feature open floor plans with private patios or balconies, stainless steel appliances, hardwood flooring and stone countertops.
“This acquisition represents an exciting chapter in our family’s ongoing pursuit of excellence in real estate investment and development,” Michael Pomeranc of the Pomeranc Group said. “Drawing upon our expertise gained over decades in real estate development and acquisitions coupled with extensive background in leisure and hospitality, we bring a unique perspective to this asset. Our goal is to curate a living environment that not only provides exceptional amenities and comfort, but also fosters a sense of belonging, community and shared moments that will create lasting memories for residents who call this building home.”
“Mountain View Crossing was highly compelling to lenders, given the uniqueness of the opportunity. Sponsorship plans to continue the renovation strategy by upgrading the remaining 65 unrenovated units over the next three years as tenants roll, providing significant upside. We’re grateful for the opportunity to represent the Pomeranc Group on this exciting acquisition,” Kohaut said.
The community features an expansive outdoor swimming pool with a subdeck, barbecue area, tennis and basketball courts, clubroom, fitness center and dog park. The property is located adjacent to a nature preserve and has highway accessibility via Route 23 and 46 and Interstate 80, which offers residents convenient commutability to New York City and throughout the region.