New Jersey

Gebroe-Hammer Negotiates $22.7M Sale of Multifamily Complex in Paterson, New Jersey

by Taylor Williams January 28, 2022

PATERSON, N.J. — Brokerage firm Gebroe-Hammer Associates has negotiated the $22.7 million sale of Broadway Towers, a 118-unit multifamily complex located in the historic Eastside Park District in the Northern New Jersey community of Paterson. According to Apartments.com, the property was built in 1963. Units feature one- and two-bedroom floor plans. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

January 28, 2022

Loans Multifamily New Jersey Northeast

BHI Provides $36M Construction Loan for Jersey City Multifamily Project

by Taylor Williams January 27, 2022

JERSEY CITY, N.J. — BHI, a full-service commercial bank that is the U.S division of Israel’s Bank Hapoalim, has provided a $36 million construction loan for 144 First Street, an 84-unit multifamily project in Jersey City. The 115,000-square-foot, transit-served property will be located in the Powerhouse Arts District. The borrower is locally based developer EPIRE. Fogarty Finger is the project architect, and Molfetta Corp. is the general contractor. Completion is slated for June 2023.

January 27, 2022

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Realty Arranges Sale of 199,000 SF Industrial Property in Freehold, New Jersey

by Taylor Williams January 27, 2022

FREEHOLD, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the sale of a 199,000-square-foot industrial property that is situated on a 30-acre site at 235 Willow Brook Road in Freehold, located in Monmouth County. Jonathan Glick and Matt Leonelli of Sheldon Gross Realty represented the undisclosed seller in the transaction. CBRE represented the buyer, New York City-based Saadia Group.

January 27, 2022

Loans Multifamily New Jersey Northeast

CBRE Arranges $135M Loan for Refinancing of Northern New Jersey Apartment Community

by Taylor Williams January 26, 2022

WEST NEW YORK, N.J. — CBRE has arranged a $135 million loan for the refinancing of The Capstone at Port Imperial, a 360-unit apartment community located across the Hudson River from Manhattan in West New York. Completed in January 2021, the property features studio, one-, two-, three- and four-bedroom units, as well as retail space and a 570-space parking deck. Amenities include a pool, indoor and outdoor fitness areas, movie theater and a rooftop lounge. Michael Sherman, Shawn Rosenthal and Jake Salkovitz of CBRE arranged the loan through U.S. Bank on behalf of the borrower, a partnership between Veris Residential Inc. and an undisclosed global investment manager.

January 26, 2022

Acquisitions New Jersey Northeast Office

CBRE Negotiates $260.6M Sale of Sanofi Headquarters in Bridgewater, New Jersey

by Taylor Williams January 25, 2022

BRIDGEWATER, N.J. — CBRE has negotiated the $260.6 million sale of a 675,000-square-foot office complex in the Northern New Jersey community of Bridgewater. The property houses the North American headquarters of French pharmaceutical giant Sanofi, which has committed to the building through 2032. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale and Michael Monahan of CBRE represented the seller, American Finance Trust, in the transaction. The team also procured the buyer, California-based AVG Partners.

January 25, 2022

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $103M Loan for Refinancing of Northern New Jersey Apartment Building

by Taylor Williams January 24, 2022

UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $103 million loan for the refinancing of a 428-unit apartment building in the Northern New Jersey community of Union. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the debt through life insurance company Thrivent Financial on behalf of the borrower, Russo Development. The loan carried an 18.5-year term, 30-year amortization schedule and an interest rate of approximately 2.5 percent.

January 24, 2022

Industrial Loans New Jersey Northeast

JLL Places $10.2M Acquisition Loan for Jersey City Warehouse

by Taylor Williams January 24, 2022

JERSEY CITY, N.J. — JLL has placed a $10.2 million acquisition loan for the Nestlé Waters Building, a 65,715-square-foot warehouse in Jersey City. An affiliate of the Swiss food supplier has utilized the entirety of the property, which was originally built in 1971, since 2008 as a distribution outlet for its bottled water products. Building features include a clear height of 24 feet, 11 dock-high doors and 15,000 square feet of office space. Jon Mikula of JLL arranged the five-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Cohen Asset Management.

January 24, 2022

Acquisitions Industrial New Jersey Northeast

Joint Venture Acquires 352,461 SF Industrial Property in Rockaway, New Jersey

by Taylor Williams January 21, 2022

ROCKAWAY, N.J. — A joint venture between Ivy Realty, an investment firm with three offices along the East Coast, and an institutional investment fund advised by J.P. Morgan Asset Management has purchased a 352,461-square-foot industrial property in Rockaway, about 40 miles west of New York City. The property sits on 45.8 acres and serves as a printing, assembly and distribution facility for media giant Gannett. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Chris Koeck of Newmark represented the undisclosed seller and procured the buyer in the transaction.

January 21, 2022

Loans New Jersey Northeast Retail

Houlihan-Parnes Arranges $22.7M Loan for Refinancing of Shopping Center in Lawrenceville, New Jersey

by Taylor Williams January 21, 2022

LAWRENCEVILLE, N.J. — Houlihan-Parnes Realtors LLC has arranged a $22.7 million loan for the refinancing of a 393,430-square-foot shopping center in Lawrenceville, a suburb of Trenton. Tenants at the property include Lidl, Starbucks, AutoZone, Five Below and Aspen Dental. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the five-year, fixed-rate loan on behalf of the borrower, JJ Operating Inc., a family-owned investment and management firm based in New York City. An undisclosed local bank provided the debt.

January 21, 2022

Industrial Loans New Jersey Northeast

JLL Arranges Refinancing of 389,501 SF Northern New Jersey Industrial Portfolio

by Taylor Williams January 19, 2022

EDISON, N.J. — JLL has arranged three loans totaling $16.1 million for the refinancing of a portfolio of four industrial properties totaling 389,501 square feet in Northern New Jersey. The buildings, which were 93 percent leased at the time of the loan closing, are situated within Raritan Center Business Park in Edison. Michael Klein, Max Custer and Ryan Carroll of JLL placed the fixed-rate, nonrecourse loans with two different life insurance companies on behalf of the borrower, Summit Associates Inc.

January 19, 2022

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