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New York & Tri-State  + New Jersey  + Finance  | 

Ariel Lines Up JV Equity for Northern NJ Apartment Acquisition

The Capital Services Group for Ariel Property Advisors has arranged more than $9 million in joint venture equity for the $39-million acquisition of Waldwick Station, a 111-unit multifamily property in Northern New Jersey. 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.”

Located at 41 W. Prospect St. in Waldwick, NJ, the property was built in 2017 and features 110 residential units and one commercial unit across 100,000 square feet. Situated just west of an NJ Transit Main/Bergen County Line stop, Waldwick Station offers convenient commuter rail access to Manhattan and is proximate to Waldwick’s downtown shopping district.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing