Marcus & Millichap’s IPA Capital Markets Arranges $110 Million in Agency Financing and Joint Venture Partnership for Connecticut Multifamily Acquisition
Marcus & Millichap's IPA Capital Markets division has secured $110 million in joint venture equity and agency financing for the acquisition of Canfield Park at Fairfield Metro in Bridgeport, Connecticut. The newly built properties, completed in 2023, comprise 300 units located near Bridgeport's Black Rock neighborhood transit station. The deal represents a partnership between an institutional investment management firm and a NYC-based multifamily owner/operator focused on value-add apartment assets in the Northeast. The company's strong market position is evidenced by its closure of 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
La divisione IPA Capital Markets di Marcus & Millichap ha assicurato 110 milioni di dollari in equità di joint venture e finanziamenti tramite agenzia per l'acquisizione di Canfield Park a Fairfield Metro, a Bridgeport, Connecticut. Le proprietà di recente costruzione, completate nel 2023, comprendono 300 unità situate vicino alla stazione dei trasporti del quartiere Black Rock di Bridgeport. L'accordo rappresenta una partnership tra una società di gestione immobiliare istituzionale e un operatore/proprietario multifamigliare con sede a New York, focalizzato su immobili abitativi valorizzati nel Nordest. La forte posizione di mercato dell'azienda è dimostrata dalla chiusura di 7.546 transazioni nel 2023, con un volume di vendite di circa 43,6 miliardi di dollari.
La división IPA Capital Markets de Marcus & Millichap ha asegurado 110 millones de dólares en capital privado de joint venture y financiamiento de agencia para la adquisición de Canfield Park en Fairfield Metro, en Bridgeport, Connecticut. Las propiedades recién construidas, completadas en 2023, comprenden 300 unidades ubicadas cerca de la estación de transporte del vecindario Black Rock de Bridgeport. El acuerdo representa una asociación entre una firma de gestión de inversiones institucional y un operador/propietario multifamiliar basado en Nueva York, enfocado en activos de apartamentos de valor añadido en el noreste. La sólida posición de mercado de la empresa se evidencia por el cierre de 7,546 transacciones en 2023, con un volumen de ventas de aproximadamente 43.6 mil millones de dólares.
Marcus & Millichap의 IPA 자본 시장 부문은 코네티컷 브리지포트의 페어필드 메트로에 있는 칸필드 파크의 인수를 위해 1억 1천만 달러의 조인트 벤처 자본 및 에이전시 자금을 확보했습니다. 2023년에 완공된 이 신규 건물들은 브리지포트의 블랙 록 지역 대중교통역 근처에 위치한 300개 유닛으로 구성되어 있습니다. 이 거래는 북동부의 가치 증대 아파트 자산에 주력하는 뉴욕에 본사를 둔 다중가족 소유주/운영자와의 파트너십을 나타냅니다. 회사의 강력한 시장 지위는 2023년에 7,546건의 거래를 성사시켰고, 대략 436억 달러의 판매량을 기록한 것에서 입증됩니다.
La division IPA Capital Markets de Marcus & Millichap a sécurisé 110 millions de dollars en capital de coentreprise et en financement par agence pour l'acquisition de Canfield Park à Fairfield Metro à Bridgeport, Connecticut. Les propriétés récemment construites, achevées en 2023, comprennent 300 unités situées près de la station de transport du quartier Black Rock à Bridgeport. L'accord représente un partenariat entre une société de gestion d'investissements institutionnels et un opérateur/propriétaire multifamilial basé à New York, axé sur des actifs d'appartements à valeur ajoutée dans le Nord-Est. La forte position de marché de l'entreprise est prouvée par la réalisation de 7 546 transactions en 2023, avec un volume de ventes d'environ 43,6 milliards de dollars.
Die IPA Capital Markets-Abteilung von Marcus & Millichap hat 110 Millionen Dollar an Joint-Venture-Eigenkapital und Agenturfinanzierung für den Erwerb von Canfield Park in Fairfield Metro in Bridgeport, Connecticut, gesichert. Die neugebauten Immobilien, die 2023 abgeschlossen wurden, bestehen aus 300 Einheiten, die sich in der Nähe der Verkehrsstation des Stadtteils Black Rock in Bridgeport befinden. Der Deal stellt eine Partnerschaft zwischen einer institutionellen Investmentmanagementfirma und einem in New York ansässigen multifamilienorientierten Betreiber dar, der sich auf wertsteigernde Wohnanlagen im Nordosten konzentriert. Die starke Marktposition des Unternehmens zeigt sich in der Schließung von 7.546 Transaktionen im Jahr 2023 mit einem Verkaufsvolumen von etwa 43,6 Milliarden Dollar.
- Successfully secured $110 million in financing for major property acquisition
- Deal involves newly constructed properties (2023) with 300 units
- Strong transaction volume in 2023 with 7,546 deals worth $43.6 billion
- Strategic expansion in the Northeast market through institutional partnerships
- None.
Insights
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The successful arrangement of both agency financing and joint venture equity demonstrates robust institutional interest in Class A multifamily assets in transit-oriented submarkets. The deal structure, combining institutional capital with local operating expertise, is particularly noteworthy as it provides a blueprint for similar value-add opportunities in the Northeast market. Marcus & Millichap's ability to secure agency financing in the current high-rate environment is also notable, indicating strong underlying asset quality.
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“Our IPA Capital Markets team is excited to help expand the sponsorship team’s portfolio,” said Kazanjian. “From the moment the opportunity was presented to the capital partner, it was clear they understood the long-term value of the acquisition. The newly built assets’ premier location adjacent to the Fairfield–Black Rock train station, coupled with our ability to facilitate a smooth agency financing process contributed to a successful execution for all parties.”
About IPA Capital Markets
IPA Capital Markets is a division of Marcus & Millichap (NYSE: MMI). IPA Capital Markets provides major private and institutional clients with commercial real estate capital markets financing solutions, including debt, mezzanine financing, preferred and joint venture equity, and sponsor equity. For more information, please visit institutionalpropertyadvisors.com/capital-markets
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately
View source version on businesswire.com: https://www.businesswire.com/news/home/20241025306126/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap
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