Walker & Dunlop Inc., a Maryland-based commercial real estate finance and advisory services firm, said Wednesday that it arranged $121.5 million in equity and debt financing for the acquisition of Ocean Gate, a recently built, luxury Class-A apartment community with 170 multifamily units in Long Branch.
Walker & Dunlop Capital Markets, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Mo Beler, Adam Schwartz, Ari Hirt, Jackson Irwin, and Stanley Cayre, acted as an exclusive adviser to Lincoln Equities Group and raised $46.5 million in joint venture equity from RWN Real Estate Partners and Avenue Realty Capital, as well as $75 million of debt from TPG Real Estate Credit.
“We are pleased to partner with Walker & Dunlop, Avenue Realty Capital, and TPG Real Estate Credit on this strategic acquisition, which positions us to unlock significant value in a unique New Jersey asset,” said Ari Shalam, managing partner at RWN Real Estate Partners.
The property is a purpose-built condominium operating as a rental community that has potential through conversion to for-sale units. Lincoln Equities Group, led by Joel and Lance Bergstein, plans to begin preparing and marketing the units for sale.
“The ability to deliver a brand new, Class-A residential condominium community one block from the beach and without the need to take development risk is incredibly unique,” said Lance Bergstein, president of Lincoln Equities Group.
Ocean Gate was completed in December 2023, and features one-, two-, and three-bedroom units with luxury finishes, including 9-foot ceilings, plank flooring, custom closets, and modern kitchens. Located on 11.63 acres along Ocean Avenue, the property provides direct beach access and is close to retail amenities, and Pier Village, a recently renovated shopping and dining destination. Resort-style amenities include a 16,000 square-foot clubhouse, heated pool, fitness center, pickleball courts, and beach volleyball.
