Walker & Dunlop, Inc. announced today that it arranged $121.5 million in equity and debt financing for the acquisition of Ocean Gate, a recently built, luxury Class-A apartment community with 170 multifamily located in Long Branch, New Jersey.

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Ocean Gate Apartments

Walker & Dunlop Capital Markets, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Mo Beler, Adam Schwartz, Ari Hirt, Jackson Irwin, and Stanley Cayre, acted as an exclusive advisor to Lincoln Equities Group and raised $46.5 million in joint venture equity from RWN Real Estate Partners and Avenue Realty Capital, as well as $75 million of debt from TPG Real Estate Credit.

“We are pleased to partner with Walker & Dunlop, Avenue Realty Capital, and TPG Real Estate Credit on this strategic acquisition, which positions us to unlock significant value in a unique New Jersey asset,” said Ari Shalam, managing partner at RWN Real Estate Partners. “W&D Capital Markets brought deep expertise and seamless execution to a complex transaction involving both equity and debt. We’re excited about the potential of this conversion and look forward to working together on future opportunities.”

The property is a purpose-built condominium currently operating as a rental community that has strong potential through conversion to for-sale units. Lincoln Equities Group, led by Joel and Lance Bergstein, plans to begin preparing and marketing the units for sale.

“The ability to deliver a brand new, Class-A residential condominium community one block from the beach and without the need to take development risk is incredibly unique,” said Lance Bergstein, president of Lincoln Equities Group. “We are glad to work with the teams at Walker & Dunlop, RWN Real Estate Partners, Avenue Realty Capital, and TPG Real Estate Credit to close this successful transaction.”

Completed in December 2023, Ocean Gate offers high-quality one-, two-, and three-bedroom units with luxury finishes, including nine-foot ceilings, plank flooring, custom closets, and modern kitchens. Located on 11.63 acres along Ocean Avenue, the property provides direct beach access and is close to retail, upscale amenities, and Pier Village, a recently renovated shopping and dining destination. Resort-style amenities include a 16,000 square-foot clubhouse, heated pool, Tiki bar, fitness center, pickleball courts, and beach volleyball, with convenient access to NYC and Newark.

"Ocean Gate is uniquely positioned to capitalize on the market’s supply and demand imbalance, driven by strong local demand and limited for-sale inventory, as seen in the impressive sales velocity of existing condominium projects," said Mo Beler, senior managing director of New York Capital Markets at Walker & Dunlop.

In 2024, Walker & Dunlop’s Capital Markets team sourced over $16 billion from non-Agency capital providers. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

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