NEW YORK—Eastern Union Funding has arranged approximately $47.5 million in financing on behalf of Bonjour Capital for the acquisition of the Westbourne apartment complex, a five-building portfolio of multifamily properties located along West 137th Street between Broadway and Riverside Drive Avenue in Manhattan. Eastern Union’s Shaya Ackerman arranged the loan on behalf of Bonjour, which obtained the complex from Extell.
The 182-unit portfolio also includes a new Duane Reade store with a 20-year lease.
The transaction involved three separate 1031 exchange vehicles that each had to be structured into the financing and acquisition process. The ten-year loan was provided through Investors Bank.
“Time was of the essence because we had to move very swiftly to meet year-end tax deadlines, as well as a multitude of 1031 exchange deadlines,” Ackerman said.