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Grand Cru Apartments – NJ and Bronx, NY

  • Portfolio consisting of 7,500 apartment units and 30 garden apartment complexes in New Jersey and 1,200 apartment units in the Bronx
  • Venture led by a private investor acquired portfolio for $180MM, needing $60MM in cash above the newly originated first mortgage debt
  • Princeton procured a $35MM mezzanine loan and received a 25% equity kicker
  • Princeton invested one-third of the remaining 75% of equity, without granting a promote to the developer
  • Princeton and its JV partners sold the Bronx Portfolio for a profit and refinanced the New Jersey Portfolio, which Princeton still owns