Bonjour Gets $47.5M in Financing for Five Building Portfolio
Eastern Union Funding has arranged $47.494 million in financing for the acquisition of the Westbourne apartment complex, a five-building portfolio of multifamily properties on a full city block along West 137th Street between Broadway and Riverside Drive Avenue in Manhattan.
The 182-unit portfolio -- covering addresses ranging from 601 to 611 West 137th St. -- also includes a new Duane Reade store with a 20-year lease.
Shaya Ackerman of Eastern Union arranged the acquisition loan on behalf of Bonjour Capital, a privately held real estate investment and development firm that owns a diverse portfolio of properties chiefly located in the five boroughs.
Bonjour Capital obtained the apartment complex from Extell.
The transaction involved three separate 1031 exchange vehicles that each had to be structured into the financing and acquisition process. The transaction was further complicated by the need to close and refinance other deals to facilitate its closure.
The ten-year loan -- provided through Investors Bank -- includes a two-year interest-only period. The interest rate was 3.75 percent.