Lincoln Equities Group Acquires Ocean Gate Multifamily Community In Long Branch For $121.5M

The asset involved in this transaction is a multifamily property located at 30 Ocean Avenue North in Long Branch, New Jersey. The property comprises 170 units and spans approximately 11.63 acres. The total loan amount secured is $121,500,000, which supports the acquisition of this luxury apartment community.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $121,500,000
• Units: 170
• Acres: 11.63
• Lender: Ari Shalam - RWN Real Estate Partners; Avenue Realty Capital; TPG Real Estate Credit
• Landlord: Lance Bergstein & Joel Bergstein - Lincoln Equities Group
• Brokers: Aaron Appel, Adam Schwartz, Ari Hirt, Jackson Irwin, Jonathan Schwartz, Keith Kurland, Mo Beler & Stanley Cayre - Walker & Dunlop

Walker & Dunlop arranged the financing for this transaction, which consists of $46.5 million in joint venture equity from RWN Real Estate Partners and Avenue Realty Capital, alongside $75 million in debt from TPG Real Estate Credit. The intention behind this acquisition includes plans to convert the rental property into for-sale condominiums.