$42M to Buy 12 Apartment Properties from Related Companies

Related Companies continues to sell off its portfolio of apartments. Quality Communities, LP, borrowed $41.6 million from Sterling National Bank for the previously announced acquisition and renovation of 12 rent-stabilized apartment properties from Related at five locations in the Bronx.

“The sponsors seized a great opportunity to acquire well-located multifamily product at scale with major upside potential through improvements. This was a great lending opportunity that was competitively bid,” said Jonathan Schwartz of JLL, who with Aaron Appel, Mark Fisher and Brian Buglione secured the loan for Quality Communities, a partnership between Taconic Investment Partners and a client of Clarion Partners.

The apartments are 97% occupied. They are also close to several major employment centers, including Yankee Stadium, Fordham University, the Bronx County Courthouse and Lehman College.

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