Skylight Real Estate Partners And PCCP Secure $109.5M Refinance For 226-Unit Multifamily In Edgewater

The asset involved in this transaction is a waterfront multifamily property located at 99 Gorge Road in Edgewater. This 17-story building features 226 units with square footage ranging from 780 to 2,750 SF. The property was acquired in 2022 for $130 million and has undergone upgrades to its amenities.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $109,500,000
• Loan Type: Refinance
• Loan Terms: three-year, floating-rate
• Lender: MF1 Capital
• Landlord: Gavin Evans, Benjamin Joseph & Andrew Miller - Skylight Real Estate Partners; Brian Haber - PCCP
• Broker: JLL

The refinancing was arranged by JLL Capital Markets, enabling Skylight Real Estate Partners and PCCP to recapitalize their investment in the property. The financing aims to leverage the asset's location along the Hudson River and enhance its market position.