The Capital Services Group for Ariel Property Advisors (Ariel) has arranged over $9 million in joint venture equity for the $39 million acquisition of Waldwick Station, a 111-unit, multifamily property in Northern New Jersey.
Located at 41 West Prospect Street in Waldwick, New Jersey, the property was built in 2017 and features 110 residential units and one commercial unit across 100,000/GSF. Waldwick Station features floorplans of studio to 2-bedroom and 1- to 2-bathroom options ranging in size from 600 to 1,130 square feet.
Ben Schlegel, a 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,” said Schlegel. “By running a thorough process our team is creating strategic partnerships between JV investors for the right transactions.”
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
