Evesham, NJ — RD Management LLC, one of the nation’s largest privately held real-estate development and management organizations, and Canoe Brook Development, the new development platform of the founding partners of Roseland Property Company, announced the commencement of leasing at Inwood at Renaissance Square, a 338-unit luxury multifamily community in Evesham. Read More #NJ #multifamily
Jersey City, NJ — In one of Jersey City’s most popular budding multifamily investment submarkets, Gebroe-Hammer Associates has arranged the $23.75M sale of The Fairmount at McGinley Square, featuring 58 newly constructed class A apartment homes atop 3,200 s/f of prime commercial space. Read More #NJ #Multifamily #GH
Livingston, NJ — Gebroe-Hammer Associates, a nationally ranked multifamily-focused investment brokerage firm, has reported $316.4M in sales for a total of 1,574 units at the close of Q1 2020. The firm, which is marking its 45th anniversary this year, orchestrated the 18 transactions on behalf of private owners, family offices, private equity funds and institutional investors with local, regional, national and global interests.“The first quarter of the year marked a ‘carry-ove
PLAINFIELD, NJ — In the city-on-the-rise of Plainfield, Gebroe-Hammer Associates has arranged two separate multifamily transactions totaling 97 units that sold for a combined $15.23M. The sales of Stoney Brook Gardens at 643-715 E. Front St., and Executive Arms Apartments at 309-315 W. 8th St., were spearheaded by executive vice president Stephen Tragash, a Union County market specialist.“Plainfield has launched an aggressive redevelopment plan focusing on leveraging the medi
LIVINGSTON, NJ — With continued headwinds in the single-family homes market and an uncertain economic and political environment keeping renters at bay, robust demand for apartment investment assets in 2018 have paved the path for 2019, according to Gebroe-Hammer Associates. The New Jersey-based firm, which is the top multi-family brokerage firm throughout the New Jersey, New York State and Greater Philadelphia Metro corridor, closed out 2018 with over $1.1 billion in total tr
PITTSBURGH, PA — The Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company, closed $11 million in conventional Freddie Mac financing for the acquisition of a 19-building apartment complex located in the Greentree Borough of Allegheny County, near Pittsburgh.
Built in 1985 and renovated in 2016, Terrain Apartments consists of 19 improved, two-and-a-half story apartment buildings, as well as a community and leas
Hatfield, PA — Meridian Capital Group, America’s most active dealmaker, negotiated $70 million in balance sheet financing to refinance Hatfield Village, a multifamily community in Hatfield, on behalf of Scully Company.
The seven-year, fixed-rate loan, provided by a local balance sheet lender, features a rate of 3.70% and two years of interest-only payments. This transaction was negotiated by Meridian senior vice presidents Russ Drebin, David Fisher, and Scott Jackson, who ar
Bergenfield, NJ — In the Northern New Jersey suburban submarket of Bergenfield, where apartment rents have risen by 4 percent in the past year, Gebroe-Hammer Associates has arranged the $6.6 million sale of a three-building portfolio involving 36 multi-family units, three commercial units and an adjacent single-family home. Executive vice president Greg Pine and senior vice president Nicholas Nicolaou represented the seller, Lisalene Properties LLC, and procured the buyer, a
NEWARK, NJ — While there has been some softening in multifamily developments throughout the US as more supply hits the market in Q4, Newark is experiencing a surge in sales, acquisitions and construction lending particularly within this sect or. Recently, Progress Capital Advisors Brad Domenico completed the financing of a re-positioned mixed used asset at 127 Halsey St., the intersection of Halsey St. and Raymond Ave., in the heart of the downtown Central Business District.
Brooklyn, NY — Greystone has provided million in Freddie Mac financing on an 8-property portfolio in Brooklyn. The loans were originated by Anthony Cristi of Greystone’s New York office.
The refinanced properties, which all contain between six and 35 units, all received five-year fixed rate Freddie Mac Small Balance Loans which include an additional 15-years floating and 1 year of interest-only at 80% LTV. The property owner, Steve Lubin, received $6.1 million in cash-out pr
I mentioned in the Mid Atlantic Real Estate Journal several months ago that at least one of our big regional lenders for the state of New Jersey no longer wanted to do multifamily construction and was pulling back on new multifamily lending and only lending to their premier existing clients.I can understand this rationale. Many of the industry reports indicate thousands of units coming online throughout the metropolitan region. In some places, it is truly amazing, however “th
HACKENSACK, NJ — Frank Somma, co-founder of real estate brokerage firm Gerber/Somma Associates of Hackensack, New Jersey, announced the founding of Somma Associates LLC, a new firm specializing in multi- family apartment sales and commercial real estate brokerage. “The new company brings positive change and opportunities to emphasize our strong tradition of expertise in multi-family investment properties,” said Somma. Vito DeGennaro, former director of sales at Gerber/Somma,
Washington, DC — Eastern Union Funding (Eastern Union) has arranged nearly $4.3 million in financing for The Jocelyn Group to acquire 1515 Rhode Island Ave., NE, where it will develop The Violet, a modern, 20-unit luxury rental apartment building with underground parking.
Minutes from downtown and well-served by metro and bus lines, The Violet’s two-bedroom and two-bathroom apartments will feature high-end finishes, including hardwood floors, granite counter tops and stain
LAWRENCEVILLE, NJ — Community Investment Strategies, a recognized builder of award-winning 55-plus and multi-family housing communities throughout New Jersey, was recently recognized as one of Affordable Housing Finance’s Top 50 Affordable Housing Developers in the nation.
The Affordable Housing Finance Top 50 was developed as a way to identify development and costs trends in the affordable housing market nationwide, capturing a snapshot of industry activity.
Red Bank, NJ — The Kislak Company, Inc. announced the recent sale of a new 45-unit luxury apartment building in downtown Red Bank, Monmouth County for $17.75 million.
Vice president Daniel Lanni represented both parties in the transaction.
“The market for multifamily properties remains extremely strong throughout New Jersey, particularly for new construction in walkable downtowns,” said Robert Holland, president. “Red Bank is among the most desirable municipalities in cen
IRVINE & SILICON VALLEY, CA — Ten-X (formerly Auction.com) released its latest Multifamily Market Outlook report, which highlights the sector’s top buy and sell markets. The long-term forecast report, which is based on Q3 2015 current and expected fundamentals, reveals Orlando, FL, Raleigh-Durham, NC, Fort Lauderdale, FL, Phoenix, AZ and Sacramento, CA, as the sector’s top buy markets thanks largely to local economic gains and population inflows. Meanwhile, investors in Nort
Would you like to increase your rental profits this year? Do you really? At the upcoming Expo, I will share many cash flow building strategies. But, wait a minute! I need to warn you, many of you will NOT benefit from the ideas. And many others of you will benefit greatly. How is that possible that some will benefit and some won’t benefit when everybody is hearing the same thing?
Listen to me carefully, please!! Some of you will not benefit simply because you are not ready o
For funds being allocated to acquisitions and the availability of product for sale, the multifamily sector is seeing strong investment demand overall and ready capital targeting certain asset classes. The “chosen” asset classes are those best positioned to benefit from the demographic shifts in favor of apartment living – people in search of a more urban lifestyle and a waning desire to own. Those are some of the takeaways from the recent National Multifamily Housing Conferen
CHATHAM, NJ — Meridian Capital Group, one of America’s most active debt brokers, arranged $21.5 million in acquisition financing for the purchase of three multifamily properties in Chatham, NJ on behalf of Madison Hill Properties. The seven-year loan, provided by a balance sheet lender, features a step-up rate structure and competitive blended rate of 3.43% with interest-only payments. This transaction was negotiated by Meridian senior vice president, Elliot Treitel, and vice