Marcus & Millichap Secures $174 Million Financing for Multifamily Acquisition at Riverwalk Place

Marcus & Millichap Secures Major Financing for Multifamily Acquisition

Marcus & Millichap’s IPA Capital Markets division recently achieves a noteworthy milestone by securing $174 million in joint venture equity and debt financing for the acquisition of 55 Riverwalk Place, a multifamily property located in West New York, New Jersey. This property, which consists of 348 residential units and was built in 2006, boasts a prime location adjacent to the Hudson River and directly across from Manhattan, making it an attractive investment opportunity. The financing arrangement was orchestrated by a skilled team from IPA Capital Markets, including Marko Kazanjian, Max Herzog, Andrew Cohen, and Max Hulsh, in collaboration with Bank of America, and represents a new joint venture involving a New York City-based multifamily owner/operator and a global institutional investment manager.

Kazanjian emphasizes the strategic value of this acquisition, labeling it a significant value-add opportunity for the new investor. As the demand for multifamily housing continues to rise, particularly in urban areas like New York City, the potential for enhancing property value through effective management and renovations is substantial. The successful financing of this acquisition not only reflects the confidence investors have in the multifamily sector but also highlights IPA Capital Markets’ ability to facilitate complex financial arrangements that meet the needs of diverse stakeholders. This transaction is particularly timely as IPA Capital Markets has recently secured approximately $150 million in joint venture equity partnerships in the fourth quarter of 2024, with an additional $100 million in financing currently being negotiated.

Looking ahead, IPA Capital Markets is poised for continued growth into 2025, with over $1.5 billion in potential investment opportunities in the market. This robust pipeline underscores Marcus & Millichap's commitment to providing exceptional service and innovative financing solutions to its clients. The firm, recognized as a leading brokerage in commercial real estate, employs nearly 1,800 professionals across more than 80 offices in the U.S. and Canada. In 2023, Marcus & Millichap completed 7,546 transactions, achieving a sales volume of approximately $43.6 billion, further solidifying its position in the commercial real estate landscape.

In addition to this significant financing achievement, Marcus & Millichap continues to enhance its service offerings, adapting to the evolving needs of the real estate market. As the multifamily sector remains a focal point for investments, IPA Capital Markets is well-positioned to capitalize on emerging opportunities, providing clients with tailored strategies that leverage market insights and extensive industry experience. For further information about the company’s diverse services, stakeholders can visit www.MarcusMillichap.com.