Lantern RE Secures Acquisition Loan on Port Chester Apartments
Lantern Real Estate secured a $24.2-million loan for the acquisition of The Mariner, a 100-unit residential property at 21 Willett Ave. in the village of Port Chester within New York’s Westchester County. Blackstone Real Estate Debt Strategies provided financing for the purchase of the property.
“Lantern set in motion a fast-paced and competitive process for this trophy asset,” said Tal Bar-Or, principal and co-founder of Lantern. “The Blackstone debt strategies group quickly emerged as the ideal partner for this transaction.
“Given the strength of the asset, the sponsorship, and the market, we succeeded in securing highly competitive financing within a matter of weeks,” he continued.
At nearly full occupancy, The Mariner has yielded almost 100% collections through the COVID-19 period.
The loan was closed by Bar-Or, partner David Strongwater and associate Harris Brown. The Mariner’s new and prior owners weren’t disclosed.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).