A joint venture, consisting of Lincoln Property Company, Saber-Hightower, and Waterfall Asset Management, has completed an acquisition financing of US$177.25 million for the purchase of two multifamily properties in the greater New York area. As reported by Commercial Observer, Affinius Capital provided the debt package for the acquisition of the 262-unit Edgewater Harbor property in Edgewater, New Jersey, and the soon-to-be-completed Trilogy Lofts project with 147 units in Yonkers, New York.
The transaction included a US$124 million loan for Edgewater Harbor and an acquisition financing of US$53.4 million for Trilogy Lofts. The joint venture had acquired both properties from National Resources. This is part of a broader acquisition of four properties in the Tri-State region, spanning over 4 million square feet with a total value of US$450 million, as previously reported.
Strategic Investment in Sought-After Markets
David Greenburg, Managing Director at Affinius Capital, stated that Edgewater and Trilogy Lofts represent a promising opportunity to invest in high-quality, well-located multifamily housing in markets with limited supply and strong tenant demand. He emphasised that Waterfall Asset Management, Lincoln Property Company, and Saber-Hightower bring institutional scale, local market expertise, and a proven track record in value enhancement, which positions these portfolios for long-term performance.
Cushman & Wakefield brokered the financing through a team including John Alascio, Alex Hernandez, Brad Domenico, Chuck Kohaut, and Mitch Rothstein. Cushman & Wakefield also represented the seller in the acquisition with a Northeast Capital Markets team consisting of Andy Merin, Frank DiTommaso, and Ryan Dowd.
Details of the Acquired Properties
Edgewater Harbor is located at 45 River Road, six miles from Midtown Manhattan. The property includes 60,500 square feet of retail space, occupied by a Sprouts Farmers Market, scheduled to open in 2027. Community amenities include fitness centres, rooftop terraces, co-working spaces, and an outdoor pool.
- —Trilogy Lofts at 1 Scarsdale Road is situated just one block from the Tuckahoe Metro-North station.
- —In April 2026, 97 flats were completed, with an additional 50 units planned.
- —The property's amenities include a fitness centre, a golf simulator, and co-working spaces.
