MontCo’s One-of-a-Kind Towers
The Towers at Wyncote, a 1,095-unit, three-building complex, has a new owner. Lindy Property Management purchased the property from Fairfield Residential through a $92M acquisition loan arranged by Meridian Capital, accounting for 80% of the purchase price. CBRE’s John McFadden and Bob Miller repped the seller, while SVP David Fisher of Meridian's NJ team repped the buyer on the loan, which came from New York Community Bank. For its size and location, the property is one of a kind, says Israel Schubert, Meridian's senior managing director and NJ office head, calling the recently renovated product a great deal for the price. The buyer will seek to enhance the sense of community among the towers—it certainly has lots of amenities to make it into a destination, he says (think tennis courts, a swimming pool, spa, sports complex, and business center... we'll grab our sunscreen).
