Harbor Group International (HGI) and Azure Capital Partners have landed $210 million in acquisition financing for their purchase of Avalon Green, a three-story multifamily asset in Elmsford, N.Y., Commercial Observer can first report.
Signature Bank provided the acquisition loan, which features a five-year term and three years of interest-only payments.
Meridian Capital Group negotiated the transaction with a team led by Abe Hirsch, Zev Karpel and Sean Anderson.
The sponsors recently bought the garden-style apartment community from AvalonBay Communities for $306 million, REBusinessOnline reported. The buyers plan a $9.2 million capital improvement program to refresh amenities and common areas and upgrade select units.
Avalon Green is at 500 Town Green Drive, near the junction of Interstate 87 and the Saw Mill River Parkway. It features 617 apartment homes that include one-, two- and three-bedroom units. Apartments include direct-entry lofts, two-story walk-ups, mid-rise units and townhomes.
Property amenities include two swimming pools, a clubhouse, a resident lounge, a fitness center, three playgrounds, and barbeque and picnic areas, according to a release.
“Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options, along with the significant value-add potential of the community,” Richard Litton, president of HGI, said in an announcement regarding the acquisition. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
Officials at HGI, Azure Capital Partners and Signature Bank did not immediately respond to requests for comment.