Fulton Realty Capital advised a high-net-worth investor on the acquisition of 5 multifamily buildings in Bronx, New York. Fulton's team sourced the assets, negotiated the transaction, and secured bridge loan financing.
The portfolio features over 260 units across 155,000 gross rentable SF. All apartments participate in the Section 8 Project-Based Voucher (PBV) program. The properties are in close proximity to multiple subways, schools, retail options.
Fulton anticipates placing HUD 223(f) financing on the assets within 12 months of closing. The portfolio already benefits from in-place tax abatements that run through 2047.