November 20, 2015
BlueGate Arranges Financing for LPZ Bertram, a Northern New Jersey Multifamily Portfolio
BlueGate Partners, LLC (“BlueGate”) arranged a $231 million senior financing note with Capital One for LPZ Bertram, a portfolio comprised of fifteen multifamily apartments located throughout six counties in Northern New Jersey including Morris, Somerset, Monmouth, Middlesex, Union and Essex. The portfolio is comprised of 2,338 units totaling over 2 billion square feet of rentable area.
LPZ Bertram represents a stabilized portfolio of desirable infill locations within the New York City Metropolitan area. All but one of the properties are garden-style apartment complexes with unit counts ranging from 32 to 394 units, and an average unit size of 855 square feet. The entire Portfolio is extremely well occupied with an overall occupancy rate of 97.0 percent across all properties.
BlueGate is a boutique real estate investment banking firm with offices in New York and Palm Beach, and offers services in the areas of investment sales, portfolio and property financing, and debt and equity capital raising for real estate projects.