Arbor funds $81M loan for Spaxel mutlifamily acquisition

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Arbor Commercial Mortgage has funded an $81 million loan for
Spaxel’s acquisition of a 701-unit New Jersey multifamily portfolio.

Brad Domenico, partner at Progress Capital, arranged the New Year’s Eve closing on behalf of the real estate investment firm run by former Colony Northstar boss David Hamamoto and ex-WeWork executive Granit Gjonbalaj .

Spaxel paid  $92
million for two New Jersey apartment properties known as the North Jersey
Commuter Portfolio, a 390-unit collection in East Orange, and the North Jersey
Garden Portfolio, a 312-apartment portfolio in Irvington.

Marcus & Millichap brokered the sale on behalf of the
seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan
America.

“It was a momentous undertaking which required many teams to
come together – seller, buyer, Marcus & Millichap, Progress Capital and
Arbor,” said Domenico.   “All parties involved knew that a year-end
close was critical and worked very hard to make it happen for their respective
clients. It was truly a collaborative effort.”

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