Lincoln Property Company, Saber-Hightower and Waterfall Asset Management Acquire $450M Tri-State Mixed-Asset Portfolio

A joint venture of Lincoln Property Company, Saber-Hightower and Waterfall Asset Management has closed on the $450 million acquisition of a mixed-asset portfolio spanning approximately 4 million square feet and roughly 300 acres across New York, New Jersey and Connecticut, the firms announced Aug. 19, 2026.

The seller was National Resources. The transaction represents Waterfall Asset Management's largest real estate acquisition to date and expands Lincoln Property Company's operating footprint across the Tri-State region with a combination of industrial, multifamily, healthcare-anchored mixed-use and waterfront mixed-use assets.

iPark 84 Anchors the Portfolio in East Fishkill

The centerpiece of the acquisition is iPark 84, a 270-acre business park in East Fishkill, NY, located approximately 50 miles north of Manhattan along Interstate 84. The campus encompasses approximately 1.8 million square feet of existing industrial and manufacturing space originally developed as IBM's flagship semiconductor manufacturing facility. Current tenants include IBM and eMagin — a subsidiary of Samsung — as well as agricultural company Cal-Maine. Neighboring occupiers on the campus include Amazon, Stellantis, ON Semiconductors and PepsiCo.

The campus is positioned with existing infrastructure and available power capacity and can accommodate more than 1.5 million square feet of additional development. The site is addressed at 200 North Drive, East Fishkill, NY 12533, with secondary access via Route 52 in Hopewell Junction.

Three Additional Assets Round Out the Tri-State Portfolio

Beyond iPark 84, the portfolio includes three additional properties across the region:

Edgewater Harbor in Edgewater, NJ, is a 262-unit waterfront mixed-use community on the Hudson River with approximately 60,000 square feet of retail space, including a Sprouts Farmers Market.

761 Main Avenue in Norwalk, CT, is a 29-acre, approximately 400,000-square-foot mixed-use center. Tenants include a Northwell Health-anchored medical outpatient complex, the headquarters of Cannondale bicycles and a 70,000-square-foot Club Studio gym. The site also includes entitled pads for future multifamily development.

Trilogy Lofts in Yonkers, NY, is a newly developed 97-unit transit-oriented multifamily community adjacent to the Tuckahoe Metro-North station. A 50-unit second phase is slated to launch in 2026.

Capital Structure Includes CMBS Assumptions and Balance Sheet Loans

The transaction was financed through a combination of two CMBS loan assumptions and two balance sheet loans. Affinius Capital provided $177.25 million in acquisition financing for Edgewater Harbor and Trilogy Lofts, structured as a $124 million loan on Edgewater Harbor and a $53.4 million loan on Trilogy Lofts.

Zach Liebmann, partner and head of commercial real estate at Waterfall Asset Management, described the financing as requiring a thoughtful approach given the portfolio's complexity. "The deal, Waterfall's largest real estate acquisition to date, brought together a diverse mix of assets and future development opportunities across the Tri-State region, while also requiring a thoughtful approach to the financing with two CMBS assumptions and two balance sheet loans," Liebmann said. "We are pleased to partner with Lincoln and Saber and look forward to building on the strong foundation already in place across the portfolio."

Business Plan Targets Renovation, Lease-Up and Selective Development

The joint venture's stated business plan includes renovation and repositioning of the multifamily assets, lease-up and stabilization of existing vacancy, expansion of medical office tenancy at the Norwalk property and selective development or monetization of surplus land parcels across the portfolio.

Jared Toothman, Executive Vice President and Market Leader at Lincoln Property Company, said the acquisition advances the firm's regional growth strategy. "This acquisition is a milestone in Lincoln's rapid growth across the Tri-State region," Toothman said. "The portfolio complements Lincoln's robust national industrial, healthcare, and retail platforms as well as our multifamily development pipeline of over 5,000 units in the New York metro area."

Marty Berger, a managing principal at Saber-Hightower, credited the collaboration among the three firms for completing what he described as a complex transaction. "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," Berger said. "We are very proud of our teams and their significant achievements."

Lincoln Property Company is one of the largest private real estate firms in the United States, with a combined management and leasing portfolio exceeding 720 million square feet of commercial space on behalf of institutional clients. Saber-Hightower is a real estate development and investment firm based in Briarcliff Manor, NY, focused on complex transactions in the eastern United States. Waterfall Asset Management is a New York-based alternative investment manager with approximately $12.1 billion in assets under management as of March 31, 2026, and serves as external manager to Ready Capital (NYSE: RC).

Sources

Lincoln Property Company Press Release — Lincoln, Saber-Hightower and Waterfall Acquire $450M Tri-State Mixed-Asset Portfolio (Aug. 19, 2026)