NYCB Lends $M on Skylight's Latest NJ Multifamily Purchase
Skylight Real Estate Partners and its joint venture partner PCCP have secured $67.7 million in acquisition financing to purchase a multifamily prop...
Skylight Real Estate Partners and its joint venture partner PCCP have secured $67.7 million in acquisition financing to purchase a multifamily property in Northern New Jersey, Commercial Observer can first report. New York Community Bank (NYCB) supplied the loan for the JV's $116.5 million purchase of Hudson Lights, a 277-unit apartment community in Fort Lee, N.J., in a deal that closed Monday. Ares Real Estate was the seller of the 2016-built asset, sources told CO. The deal marks the fourth that Skylight has closed with PCCP on a New Jersey multifamily property just across the Hudson River from Manhattan since its debut last November with a $50 million-plus purchase of the 100-unit Infinity Edgewater.