New Jersey

Denholtz Associates Secures $9.2M in Refinancing for Industrial Park in New Jersey

by Amy Works February 15, 2018

BRIDGEWATER AND BOUND BROOK, N.J. — Denholtz Associates has secured a five-year, $9.2 million refinancing from Provident Bank for industrial properties on Chimney Rock Road and Kearney Street in Bridgewater and Bound Brook. Denholtz owns 11 buildings, totaling 264,163 square feet of industrial space, at the 16-building Bridgewater Business Park. Current tenants include Zoned Inc., The Airsoft Factory and Bridgewater Marble. The financing will enable Denholtz to renovate the portfolio of properties. Paul Barrood of Provident Bank arranged the financing for Denholtz Associates.

February 15, 2018

New Jersey Northeast Retail

Marcus & Millichap Arranges $1.1M Sale of Retail Property in Union, New Jersey

by Amy Works February 14, 2018

UNION, N.J. — Marcus & Millichap has facilitated the sale of a retail property located at 1929 Morris Ave. in Union. A private investor sold the property for $1.1 million. The property features 7,360 square feet of retail space. Michael Lombardi and Marc Karlin of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

February 14, 2018

Industrial New Jersey Northeast

Marcus & Millichap Facilitates $9M Sale of Industrial Building in Ridgefield, New Jersey

by Amy Works February 12, 2018

RIDGEFIELD, N.J. — Marcus & Millichap has brokered the sale of an industrial building located at 730 Grand Ave. in Ridgefield. A private investor acquired the property from a limited liability company for $9 million. Renovated in 2015, the 81,870-square-foot property was 93 percent occupied at the time of sale. Steve Lim of Marcus & Millichap represented the seller and buyer in the deal.

February 12, 2018

Loans Multifamily New Jersey Northeast

Greystone Provides $19.2M in Acquisition Financing for Multifamily Property in New Jersey

by Amy Works February 9, 2018

BAYONNE, N.J. — Greystone has provided a $19.2 million Fannie Mae loan as part of a $32.2 million property acquisition by AMS Acquisitions. The seven-year loan includes six years of interest-only payments and a 30-year amortization. The borrower acquired an 85-unit multifamily property located in Bayonne. Renovated in 2013, the property features studio, one- and two-bedroom units. The acquired property includes three undeveloped parking lot parcels, which AMS Acquisitions intends to develop into additional multifamily housing. Avrom Forman of Greystone originated the loan for the borrower.

February 9, 2018

New Jersey Northeast Office

HFF Brokers Sale of 264,000 SF Office Complex in Rockaway, New Jersey

by Amy Works February 8, 2018

ROCKAWAY, N.J. — HFF has arranged the sale of Rockaway 80, an office complex located at 100 Enterprise Drive in Rockaway. Toronto, Canada-based Northbridge Investment Management Inc. acquired the 264,000-square-foot office complex from an institutional client for an undisclosed price. Situated on 11 acres, the seven-story property features a two-story atrium lobby, a glass and reflective facade, a full-service cafeteria and ample covered parking. Jose Cruz, Kevin O’Hearn, Brett Segal, Michael Oliver and Stephen Simonelli of HFF represented the seller and procured the buyer in the deal.

February 8, 2018

Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $7.7M Sale of 50-Unit Apartment Complex in Lodi, New Jersey

by Amy Works February 6, 2018

LODI, N.J. — Gebroe-Hammer Associates has brokered the sale of a multifamily complex located at 82 Constant Ave. in Lodi. A private investor acquired the property from Arthur Holding Co. for $7.7 million. The two-story, three-building complex features 48 one-bedroom units and two two-bedroom apartment units. Greg Pine and Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer in the transaction.

February 6, 2018

Loans Multifamily New Jersey Northeast

Hunt Mortgage Group Provides $15.2M in Refinancing for Five-Property Multifamily Portfolio in New Jersey

by Amy Works February 5, 2018

KEANSBURG, CLEMENTON, KEARNY, AMBOY AND WESTVILLE, N.J. — Hunt Mortgage Group has provided refinancing for a five-property multifamily portfolio in New Jersey. The borrower, Norse Holdings, received five Freddie Mac Small Balance loans totaling $15.2 million. The refinancing loans include: – $4.6 million for the 44-unit Beachview Gardens located at 544-560 Beachway Ave. in Keansburg – $4.4 million for the 56-unit Clementon Norse Apartments located at 222 White Horse Pike in Clementon – $1 million for the nine-unit 165 Quincy Ave Apartments in Kearny – $1.3 million for the 12-unit property at 388 Smith St. in Amboy – $3.8 million for the 48-unit Woodbine Apartments located at 300 Broadway in Westville Steven Cox and Kris Molloy of Hunt Mortgage Group secured the financing for the borrower.

February 5, 2018

Multifamily New Jersey Northeast

Carmel Partners Acquires 896-Unit Apartment Complex in Plainsboro, New Jersey

by Amy Works February 2, 2018

PLAINSBORO, N.J. — Carmel Partners has purchased Hunters Glen, an apartment complex located at 1109 Hunters Glen Drive in Plainsboro, for an undisclosed price. Built in 1978 and situated on 53 acres, the community consists of 61 two-story buildings offering a total of 896 apartment units. Carmel plans to reposition the property by updating interiors, renovating the exterior and improving amenities, which include three resort-style pools, outdoor grills and access to adjacent public ball fields and courts, playgrounds, walking trails and a golf course. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the undisclosed seller in the deal. This is Carmel’s first investment in New Jersey and a continuation of its East Coast expansion.

February 2, 2018

Industrial New Jersey Northeast

NAI Hanson Negotiates 1031 Exchange Sale of Two Flex Buildings in Saddle Brook, New Jersey

by Amy Works February 1, 2018

SADDLE BROOK, N.J. — NAI James E. Hanson has brokered the sale of two industrial/flex buildings located in Saddle Brook in a 1031 exchange. The properties are a 10,200-square-foot building at 431 N. Midland Ave., which features 3,300 square feet of office space, 4,700 square feet of high-tech space and 2,200 square feet of warehouse space; and a 24,000-square-foot building at 435 N. Midland Ave., which features 4,000 square feet of office space, two tailgate loading docks and 14-foot ceilings. Anthony Cassano of NAI Hanson represented the undisclosed seller, while Kenneth Lundberg and Patrick Lennon, also of NAI Hanson, represented the undisclosed buyer in the transaction.

February 1, 2018

Multifamily New Jersey Northeast Student Housing

FourPoint, BlueGate Arrange Sale of 674-Bed Community Near Rutgers University

by Amy Works January 29, 2018

NEW BRUNSWICK, N.J. — FourPoint Investments and BlueGate Partners have arranged the sale of Rockoff Hall Apartments, a 674-bed student housing community located within walking distance of Rutgers University in New Brunswick. The property offers one-, two- and three-bedroom units. Shared amenities include a cyber café, on-site laundry, a fitness center, discounted parking in the attached garage, study rooms on every floor and a club room with billiards and shuffle board. The names of the buyer and seller were not disclosed.

January 29, 2018

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