NEW YORK CITY-Brooklyn-based investment firm Rainbow Estates Group has reportedly acquired a portfolio of Upper Manhattan multifamily properties from Baruch Singer for approximately $340 million.
The portfolio of 84 properties includes a number of buildings between West 111th Street and West 141st Street. Rainbow Estates secured a $214-million mortgage from Signature Bank to help finance the deal, according to The Real Deal.
The deal further expands Rainbow Estates' portfolio in northern Manhattan and the Bronx. In 2010, the firm paid $117 million for 24 buildings in the Bronx from SG2 Properties, Fannie Mae and BlackRock Realty. See story in The Real Deal.
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