Fulton Realty Capital advised a high-net-worth investor on the acquisition of three multifamily buildings in across New York City. The off-market transaction was sourced and managed by Fulton's multifamily team.
The portfolio has over 300 apartments across over 500,000 rentable SF. Almost all units participate in the Section 8 Project Based Voucher (PBV) program, and the remainder are rent regulated.
Fulton's advisors secured bridge loan financing to facilitate the transaction, and a process to secure HUD 223(f) financing is underway. A new 420-C tax abatement was also secured by the Fulton team