Arrow Real Estate Advisors announced the arrangement of $40.5 million in acquisition financing from Chase Bank on behalf of Benevel Management for the purchase of a three-building multifamily portfolio in the Bronx. The portfolio, located at 950 Underhill Ave., 2010–2040 Bruckner Blvd. and 801 Neill Ave., comprises 772 units across 828,606 square feet of residential space. The deal was arranged by Arrow’s Jacob Schmuckler, senior director, and Meir Schlusselberg, vice president.
“This acquisition represents confidence in the long-term strength of New York’s housing market,” Schmuckler said. “Benevel Management recognized the unique opportunity this portfolio offered, and we’re proud to have structured a financing solution that aligned with their vision. This transaction will undoubtedly turn heads and draw attention across the multifamily investment landscape.”
The properties were acquired for $54 million, representing an average of $69,000 per unit, one of the largest rent-stabilized multifamily purchases in New York City this year. The buyer plans to make significant investments in the buildings.
