JV Will Focus on NJ Residential Projects
Black Bear Asset Management (BBAM), Bettina Equities Management and Echevarria Industries have formed a joint venture to invest up to $125 million in residential development projects throughout New Jersey, with a primary focus in North Bergen, Guttenberg and West New York. The venture has already acquired three projects with a total capitalization of $65 million and in various stages of development.
The JV aims to acquire and aggregate urban infill land parcels for the development of multifamily properties within Hudson County, New Jersey.
BBAM and Bettina Equities will contribute investment capital, while Echevarria Industries will serve as the property developer and manager and will also co-invest in the projects.
“BBAM and Bettina Equities are ‘best-in-class investment partners,’” said Echevarria Industries CEO Mario Echevarria. “We have assembled a quality portfolio of projects together across Hudson County on an expediated basis. BBAM is a valued partner and financial advisor, having structured financing for a multitude of E Residences projects prior to the recent JV partnership.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout