Lincoln, Saber-Hightower and Waterfall Take Ownership of $450M Tri-State Property Portfolio
A major $450 million real estate transaction is bringing a wide-ranging collection of residential, commercial, healthcare and development properties across New York, New Jersey and Connecticut under new ownership, with Business Council of Westchester members playing key roles in bringing the complex deal together. A huge congratulations to BCW members Martin Berger and Greg Belew of Saber-Hightower, as well as Cuddy & Feder, which provided legal counsel in connection with the deal. Together, they are showcasing the significant impact of BCW members on the Tri-State region and its continued economic growth.
The acquisition includes Trilogy Lofts in Yonkers, a recently constructed transit-oriented residential community. An additional 50-unit phase of the development is expected to begin this year.
The new ownership group plans to pursue a variety of strategies, including upgrades and repositioning of residential assets, filling available commercial space and expanding medical office uses. The partners will also evaluate opportunities to develop or monetize excess land included in the portfolio.
BCW member Marty Berger, a managing principal at Saber-Hightower, said of the project: “The partnership has worked together seamlessly to bring this massively complex transaction over the finish line. Saber-Hightower’s deep local expertise and technical capabilities led by Jay Fehskens, combined with Lincoln’s and Waterfall’s talented teams, proved to be a formidable combination. We are very proud of our teams and their significant achievements.”
This major transaction also provides an important opportunity to reflect on the extraordinary legacy of Joe Cotter, longtime President of National Resources, the seller in this transaction. Joe Cotter’s commitment to transformative development and his belief in the positive potential of our region inspired all who knew him, and continue to shape the real estate landscape of the tri-state area.
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