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CushWake Arranges JV Equity on 11-Building East Orange Portfolio
Cushman & Wakefield advised Spaxel and Atalaya Capital Management in arranging joint venture equity for the New Jersey Workforce Housing Portfolio, a 718-unit, 11-building multifamily portfolio in East Orange, NJ. The team of Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and TJ Sullivan represented Spaxel and Atalaya in structuring a JV with the Davis Companies.
“The portfolio’s best-in-class sponsorship, exceptional transit-oriented location and scale were extremely appealing to investors,” said Kohn. “The Davis Companies recognized this unique workforce housing opportunity and was ultimately able to provide the most attractive terms and a seamless execution for our client.”
The portfolio maintains more than 96% occupancy and features below-market rents. Davis Companies VP Rachel Edwards said it represents “an opportunity to work within a high growth market while, more importantly, directly addressing the needs of our society’s workforce without creating displacement.”
- ◦Sale/Acquisition
- ◦Financing
