NEW YORK, Aug. 22, 2017 /PRNewswire/ -- Pryor Cashman Partner Ronald B. Kremnitzer, Co-Chair of the firm's Real Estate Group, along with Partner Danielle L. Schechner and Associate Ari L. Tran, represented an affiliate of Firm Capital, a Toronto-based private equity firm, in connection with a joint venture partnership with Rhodium Capital Advisors LLC. The partnership closed on the acquisition of a portfolio consisting of 462 multi-family apartment units spread across 14 properties in Bridgeport, Connecticut on August 15, 2017 for a purchase price of $30,540,000.00. The acquisition was partially financed through a Freddie Mac loan from Arbor Realty Trust, Inc. The partnership intends to spend approximately $1 million on building-wide capital improvements and $1.6 million to upgrade and modernize the apartment units.
Firm Capital operates as a boutique real estate and financial services private equity investment company deploying capital opportunistically between debt and equity in the real estate private and public markets. Firm Capital currently has approximately $2 billion in mortgage and real estate related assets under management, and is the largest non-bank lender in Canada.
Rhodium Capital Advisors was represented by Jeffrey Zwick & Associates, P.C.
Jerry Seidenfeld, Managing Director of Eastern Union Funding, arranged the debt financing for the acquisition, and Mark Belsky, Principal of Eastern Union Equity, served as equity investment advisor.
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SOURCE Pryor Cashman LLP