Greyhill Group has sealed $16.7 million of acquisition financing for the purchase of a multifamily property in Upstate New York, Commercial Observer has learned. NewPoint Real Estate Capital supplied the loan for Greyhill Group’s $22.5 million acquisition of Mill Hollow Apartments in Altamont, N.Y., from developer Steve Buck. “The strategic acquisition of this Class A asset Commercial Observer Read More Acquisition, Channel, Finance, Moshe Bloorian, Steve Buck, New York, Greyhill Group, NewPoint Real Estate Capital
Greyhill Group has sealed $16.7 million of acquisition financing for the purchase of a multifamily property in Upstate New York, Commercial Observer has learned.
NewPoint Real Estate Capital supplied the loan for Greyhill Group’s $22.5 million acquisition of Mill Hollow Apartments in Altamont, N.Y., from developer Steve Buck.
“The strategic acquisition of this Class A asset came as a rare opportunity during a period of significant disconnect on price between buyers and sellers,” Moshe Bloorian, managing partner at Greyhill Group, said in a statement. “We acquired the building at a cap rate significantly below market levels.”
Located at 48 Bavarian Way about 20 miles northwest of Albany, the 84-unit complex was constructed in late 2016. The property’s amenities include a heated pool, a gym, a movie theater, and gas grills.
The Mill Hollow Apartments acquisition adds to Greyhill Group’s multifamily portfolio of more than 600 units. The real estate investment firm also owns and manages 1.3 million square feet of industrial warehouse space.
“Our investment in Mill Hollow Apartments aligns with our corporate strategy of acquiring well-located properties that carry the potential for creating long-term value,” Bloorian said.
NewPoint Real Estate Capital did not immediately return a request for comment.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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