NewPoint Real Estate Capital –
NewPoint Real Estate Capital, a commercial real estate finance company, said Monday that it provided a $112.4 million Freddie Mac loan to facilitate the acquisition of Avalon Wesmont Station, a 406-unit multifamily community located in Wood-Ridge whose sale was announced Friday.
Ryan Koehler, NewPoint vice president of originations, arranged the financing, which features a 10-year term and interest-only payments for six years.
AvalonBay Communities, a publicly traded real estate investment trust, sold Avalon Wesmont Station for $161.5 million to New York-based Cammeby’s International Group. JLL Capital Markets represented Arlington County, Va.-based AvalonBay.
Cammeby’s International Group is a real estate company run by Rubin Schron, one of New York City’s largest residential landlords. In recent years, Cammeby’s has broadened its portfolio beyond New York City to investment in properties in areas such as suburban New Jersey.
Bergen County is an attractive market for multi-housing investments because of its proximity to New York City and affluence. JLL said the Wood-Ridge submarket has seen strong rent growth and low vacancy rates in recent years.
Avalon Wesmont Station is located at 100 Rosie Square, It is near major transportation routes such as Route 17, Route 3, and Interstates 80 and 95. The property is positioned as a convenient commuting option to New York City.
Avalon Wesmont Station was built about 13 years ago and has a mix of studios, one-, two- and three-bedroom apartments that average 959 square feet. Avalon Wesmont Station amenities include a swimming pool, sundeck with grills, resident clubroom with workstations, fitness center, and covered parking. The community also includes approximately 18,000 square feet of fully leased ground floor retail space.
AvalonBay Communities sells Wood-Ridge multi-housing community $161.5M
