Fulton Realty Capital advised a private client on the acquisition of four contiguous multifamily buildings in Upper Manhattan, New York. The transaction was sourced and managed by Fulton's multifamily team.
Totaling over 50,000 SF, the portfolio includes 59 residential units, all of which participate in the Section 8 Project Based Voucher (PBV) program. Fulton's advisors secured a bridge loan and HUD 223(f) permanent financing to facilitate the transaction.
An Article XI tax abatement filing was also initiated by the Fulton team. Application approval is anticipated by 2023.