Harbor Group International and Azure Partners landed $110 million in financing for their purchase of Eaves Nanuet, a 504-unit multifamily community located in the town of Nanuet in Rockland County, N.Y., Commercial Observer can first report. The five-year acquisition loan was provided by New York Community Bank.
Meridian Capital Group’s Moshe Majeski, Abe Hirsche and Zev Karpel of the brokerage’s New York office negotiated the debt, which carries carries a fixed-rate of 3.13 percent, with two years of interest-only payments and a five-year extension option.
“We are excited to once again form a 50-50 joint venture with Harbor Group International to acquire Eaves Nanuet,” said Arthur Rosenberg, the chief executive officer of Azure Partners. “The property has an irreplaceable location in an extremely high barrier to entry market, with significant value-add potential. Azure and Harbor Group have now joint ventured to purchase $275 million in assets over the last 12 months and look forward to continue partnering on future deals together.”
Eaves Nanuet, which is located at 100 Avalon Gardens Drive, spans 54-acres and contains 64 buildings. The partnership between Harbor Group and Azure purchased the property from AvalonBay Communities, a source told CO. The apartment community was constructed in 1998 and amenities include a fitness center, a yoga room, indoor basketball and squash courts, a sundeck, two tennis courts, two playgrounds and barbeque and picnic areas.
Monthly rents range from $1,690 for a one-bedroom start and $2,655 for a two-bedroom, according to Rent.com. A spokesman for NYCB did not immediately reply to a request for comment.