Fulton Realty Capital advised a private client on the acquisition of a 80-unit apartment building in Bronx, New York. The 97,000 SF property was sourced by Fulton's multifamily team, who also led all negotiations and financing activities.
The property features studio, one and two-bedroom, rent stabilized units, as well as two commercial spaces. A major commercial district and multiple subway stations are nearby.
To finance the transaction, Fulton secured an interest-only Government Sponsored Enterprise (GSE) Mortgage and a subordinate Housing Trust Fund (HTF) loan. The property has a 420-c tax abatement in place through 2031.