On behalf of Lincoln Equities Group, Walker & Dunlop arranged $121.5 million in joint venture equity and debt financing to acquire and convert a 170-unit Ocean Gate residential community in Long Branch. The Class-A apartment property, located at 85 Cooper Avenue, currently serves renters. Lincoln Equities Group, led by Joel and Lance Bergstein, plans to prepare and market the units for sale.
“The ability to deliver a brand new, Class-A residential condominium community one block from the beach and without the need to take development risk is incredibly unique,” said Lance Bergstein, President, Lincoln Equities Group. “We are glad to work with the teams at Walker & Dunlop, RWN Real Estate Partners, Avenue Realty Capital, and TPG Real Estate Credit to close this successful transaction.”
The Walker & Dunlop Capital Markets team, headed up by Aaron Appel, Jonathan Schwartz, Keith Kurland, Mo Beler, Adam Schwartz, Ari Hirt, Jackson Irwin, and Stanley Cayre, functioned as the exclusive advisor to East Rutherford-based Lincoln Equities. W&D secured $75 million in debt from TPG Real Estate Credit and $46.5 million in JV equity from RWN Real Estate Partners and Avenue Realty Capital.
“We are pleased to partner with Walker & Dunlop, Avenue Realty Capital, and TPG Real Estate Credit on this strategic acquisition, which positions us to unlock significant value in a unique New Jersey asset,” added Ari Shalam, Managing Partner at RWN Real Estate Partners. “W&D Capital Markets brought deep expertise and seamless execution to a complex transaction involving both equity and debt.”
Ocean Gate was built in 2023 and comprises a mix of one-, two-, and three-bedroom luxury units. The 11.63-acre community affords direct beach access and is a short walk to dining and retail at Long Branch’s Pier Village. Units feature high ceilings, plank flooring, modern kitchens and custom closets. Residents enjoy resort-style amenities including a heated pool, pickleball, beach volleyball, fitness center and a 16,000-square-foot clubhouse.
“Ocean Gate is uniquely positioned to capitalize on the market’s supply and demand imbalance, driven by strong local demand and limited for-sale inventory, as seen in the impressive sales velocity of existing condominium projects,” noted Mo Beler, Senior Managing Director of New York Capital Markets at Walker & Dunlop.
