WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announces $10.85 million in acquisition financing for 204 Grand Street, a six-story, 30-unit boutique apartment property in downtown Hoboken, New Jersey.
The HFF team worked exclusively on behalf of the borrower, Spirit Bascom Ventures (“SBV”), to arrange the four-year, floating-rate loan with a one-year extension option through Citizens Bank. Citizens’ Commercial Real Estate team provides project finance loans across various strategies and is focused on building long-term relationships with strong commercial real estate sponsors. Citizens provides loans for multi-housing, office, retail, industrial and hospitality properties and lends on acquisition and refinancing opportunities, development, stabilized and value-add strategies, and on a bridge and term basis. 204 Grand Street is SBV’s second acquisition in Hoboken in the last six months, including the closing of 1024 Clinton Street in July 2018.
204 Grand Street is located in the south end of Hoboken near numerous restaurants, bars and shops and less than half of a mile from the Hoboken PATH station, which has earned it a Walk Score® of 98. Originally constructed in 2000, the property consists of five one-bedroom and 25 two-bedroom units. Half of the homes have either a balcony or patio and the front facing units on the upper floors provide expansive views of New York City’s skyline. The property, which was fully occupied at closing, also includes a 24-space parking garage plus two motorcycle parking spaces.
The HFF debt placement team representing the borrower included senior director Jamie Leachman, director Drake Greer and managing director Michael Klein.
“This acquisition fits perfectly within SBV’s urban acquisition strategy of taking highly occupied, well-located properties that offer tenants a high-quality, boutique living experience in submarkets that offer attractive relative affordability,” Leachman said. “Citizens stood out in a competitive marketing process providing the borrower the necessary structure and flexibility to execute their business plan.”
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About Spirit Bascom Ventures: Spirit Bascom Ventures, LLC, a joint venture between Spirit Investment Partners, LLC (“Spirit”) and The Bascom Group, LLC (“Bascom”), was formed to acquire transitional multifamily assets in the eastern half of the United States. Spirit is a Stamford, Connecticut-based real estate investment company, owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner. Spirit has completed over $600 million in multifamily transactions since 2012 totaling nearly 4,000 units located in nine states.
Bascom is a private equity firm specializing in value-added multifamily, commercial and non-performing loans and real estate-related investments and operating companies. Bascom sources value-added and distressed properties, including many through foreclosure, bankruptcy or short sales, and repositions them by adding extensive capital improvements, improving revenue and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $15.5 billion in multifamily and commercial value-added transactions, including more than 321 multifamily properties containing over 83,986 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S.
For additional information, please visit spiritinvestors.com and bascomgroup.com.
About Citizens Financial Group, Inc. Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $160.5 billion in assets as of December 31, 2018. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.