Jacobs Real Estate Advisors is excited to announce the closing of $4,500,000 in preferred equity financing for the purchase of 12 affordable housing properties in Bronx, New York. The properties consist of approximately 387 bedrooms and 104,000 square feet. The Borrower has been closely involved with these properties for over 20 years. He is currently operating the properties on a ground lease from the existing owner. Over the years, the properties have been strategically leased to various non for-profit and government agencies.
“This turn-key purchase allows the new owners to step into the shoes of the existing owner and leave the existing ground leases in place and continue to collect on the lease payments” says Sholom Jacobs, CEO of Jacobs Real Estate Advisors
“We are confident with this investment opportunity and pleased to be projecting a 10.5% IRR to our investors”
