The Capital Services Group for Ariel Property Advisors announced on Wednesday that it arranged over $9 million in JV equity for the $39 million acquisition of Waldwick Station, a 111-unit, multifamily property in Waldwick.
Located at 41 West Prospect Street, the property was built in 2017 and features 110 residential units and one commercial unit across 100,000 square feet.
Ben Schlegel, director in the Capital Services Group at Ariel Property Advisors, and Paul McCormick, partner, sales management, represented the borrower.
“This transaction illustrates the strong appetite from JV Partners for new construction properties located in supply-constrained suburban areas surrounding New York City,” Schlegel said. “By running a thorough process our team is creating strategic partnerships between JV investors for the right transactions.”
Situated just west of an NJ Transit Main/Bergen County Line stop, Waldwick Station offers convenient commuter rail access to Manhattan and is only steps away from Waldwick’s vibrant downtown shopping district.
