Institutional investors advised by JP Morgan Asset Management provided $112 million
acquisition loan that will enable the joint venture to execute its business plan.
“We continue to build an attractive portfolio of value-added multi-family properties in our core markets,” said Andrew Miller, founding partner of Skylight Real Estate Partners. “With our longstanding relationships with partners such as PCCP and our current development pipeline, we believe we are well positioned for continued growth and expansion in 2022.”
Located at 99 George Road, the 20-story building consists of one-, two-, and three-bedroom units with generous layouts and ample space averaging 1,200 square feet per unit. Other features include granite counter tops, stainless steel appliances, hardwood floors, open concept kitchens and walk-in closets. The building also has amenities such as an outdoor swimming pool, 24-hour fitness center, sauna and steam room, covered garage, children’s playroom, business center, storage bicycles, a pet park and a barbecue area.
“We are pleased to extend our relationship with Skylight Real Estate Partners across the
acquisition of Riello,” said Brian Haber of PCCP. “This agreement reflects our continued confidence in the Edgewater region, which remains a strong market with growing demand.”
The building overlooks the Hudson River and provides residents with panoramic views of the New York skyline. Located less than 2 miles from the New York Waterway and 3 miles from the George Washington Bridge and the Lincoln Tunnel, residents enjoy convenient access to New York City and close access to surrounding freeways.
The JLL Capital Markets sales and investment advisory team representing the seller and buyer was led by Jose Cruz, Michael Oliver, JB Bruno, Steve Simonelli, Kevin O’Hearn and Mark Belenky. Additionally, Michael Klein, Matthew Pizzolato, Gerard Quinn and Jake Moore led JLL Capital Markets’ debt advisory team representing the buyer in its acquisition financing.
“We were thrilled to be a part of it and help the team at Skylight Real Estate Partners and PCCP continue to expand their portfolio in this area,” Pizzolato said. “This deal has generated tremendous interest from the lending community given the institutional sponsorship, their knowledge and proven track record of executing this type of asset in this submarket.”
Skylight Real Estate Partners acquired a 100-unit mixed-use building in Edgewater in November.