(Updated with additional information)

Walker & Dunlop, Inc. arranged $121.5 million in equity and debt financing for the acquisition of Ocean Gate, a recently built, luxury Class-A apartment community with 170 multifamily units located at 30 Ocean Blvd. in Long Branch, NJ. A Walker & Dunlop Capital Markets team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Mo Beler, Adam Schwartz, Ari Hirt, Jackson Irwin and Stanley Cayre advised Lincoln Equities Group and raised $46.5 million in joint venture equity from RWN Real Estate Partners and Avenue Realty Capital, along with $75 million of debt from TPG Real Estate Credit.

“We are pleased to partner with Walker & Dunlop, Avenue Realty Capital, and TPG Real Estate Credit on this strategic acquisition, which positions us to unlock significant value in a unique New Jersey asset,” said Ari Shalam, managing partner at RWN Real Estate Partners.

The property is a purpose-built condominium currently operating as a rental community. Lincoln Equities Group plans to begin preparing and marketing the units for sale.

A Cushman & Wakefield team of Niko Nicolaou, Ryan Dowd, JP Hohl and Alexandria Ebers represented Lincoln Equities in the $113-million acquisition of Ocean Gate, along with the seller, Ocean Cooper Revitalization LLC.

“Ocean Gate is a highly amenitized property located in one of the fastest-growing areas of Monmouth County, which is what attracted Lincoln Equities to this asset,” said Nicolaou. “With the highly anticipated development of Netflix’s East Coast campus nearby, along with the recent and continued expansion of the Monmouth Medical Center, there is no doubt that the population of Monmouth County will continue to grow. And with a limited supply of single-family homes, a luxury multifamily asset like Ocean Gate can capitalize on the increasing demand for housing.”