Affinius lends $177.25M for two NY metro apartment buys

Affinius Capital is providing $177.25 million in acquisition financing for two New York metro apartment properties, according to Commercial Observer. The buyer is a joint venture of Lincoln Property Company, Saber-Hightower and Waterfall Asset Management.

The money is split between Edgewater Harbor and Trilogy Lofts. Edgewater Harbor, at 45 River Road, gets $124 million. The building has 262 units. It sits six miles from Midtown Manhattan. The retail component is 60,500 square feet, anchored by a Sprouts Farmers Market scheduled for 2027. Residents get fitness centers, rooftop decks, coworking space and an outdoor pool.

Trilogy Lofts, at 1 Scarsdale Road in Yonkers, gets $53.4 million. The building has 147 units. It is one block from the Tuckahoe Metro-North station. Amenities include a fitness center, a golf simulator and coworking space. Ninety-seven of its units were completed in April 2026. Fifty more are planned.

National Resources is the seller. The two properties are part of a four-property portfolio deal, one this desk has tracked since Commercial Observer first reported it. The purchase price is $450 million. The package covers more than 4 million square feet.

Affinius managing director David Greenburg called the two assets "a compelling opportunity to invest in high-quality, well-located multifamily assets in supply-constrained, transit-oriented submarkets with durable renter demand." He credited the joint venture's "institutional scale, local market expertise, and a proven track record of value-add execution."

Cushman & Wakefield arranged the financing; John Alascio, Alex Hernandez, Brad Domenico, Chuck Kohaut and Mitch Rothstein worked the assignment. The firm also represented National Resources, the seller, with Andy Merin, Frank DiTommaso and Ryan Dowd on its Northeast capital markets team.

The two loans in this package do not look alike. The Edgewater money goes to an existing property whose retail anchor won't open until 2027. The Yonkers money goes to a building that is only partly delivered. Ninety-seven units are done. Fifty are still ahead of the lender. Same borrower, same package, two different collateral pictures.

That a single private lender will take on both kinds of risk in one package says something about sponsor strength. It also says where multifamily acquisition debt is in this stretch of the cycle: available, selective, willing to carry construction risk when the sponsor is credible. The deal disclosures do not include the loan's rate, term, leverage or seniority, which would show how the unfinished 50 units were priced.

The financing covers two properties in the broader trade. The trade has four properties total. The split structure suggests the rest of the $450 million acquisition may be financed piece by piece rather than under a single master facility. If that pattern holds, more loan announcements should follow.

The same day's debt coverage on this desk tracked an $82.6 million PGIM bridge refinancing for the last piece of a cross-collateralized Roselle Park apartment portfolio. It also tracked a $50 million Cottonwood mezzanine to finish a Florida condo tower. Those loans sit on different rungs of the capital stack; the Affinius money is purchase debt. Together they show a lending market that has not stopped pricing apartments, but is doing it deal by deal, property by property.

The $177.25 million gets the partnership through closing. The $53.4 million piece is the one to watch. Put 50 more apartments at Trilogy Lofts and the collateral changes. The building has 97 units today. It would grow to 147 units, with the income to match. Affinius says the portfolio is positioned for long-term performance. The unfinished portion of Trilogy Lofts decides whether that claim holds.