Carmel Partners buys 49% stake in UWS Columbus Square multifamily

Carmel Partners completed its acquisition of a 49% stake in the Columbus Square Collection, a five-building multifamily portfolio on Manhattan's Upper West Side. Commercial Observer reported the stake was purchased from MetLife while UDR remains invested as the majority owner. Sources cited by the publication put the portfolio valuation at roughly $485 million and noted Carmel is stepping into existing fixed-rate Fannie Mae financing.