New Jersey

Cronheim Mortgage Arranges $5M Loan for 168-Unit Apartment Complex in Fort Lee, New Jersey

by Amy Works January 8, 2018

FORT LEE, N.J. — Cronheim Mortgage has arranged $5 million in financing for Palisade Gardens, an apartment complex located in Fort Lee. Provided by American United Life Insurance Co., the loan was structured on a 10-year self-liquidating basis. Constructed in the 1950s, Palisade Gardens comprises nine two-story brick buildings featuring a total of 168 units in a mix of studio, one- and two-bedroom layouts, ranging in size from 415 square feet to 740 square feet. On-site community amenities include laundry facilities and surface and covered garage parking. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.

January 8, 2018

Multifamily New Jersey Northeast

Jefferson Apartment Group to Develop 490-Unit Apartment Complex in Metro Philadelphia

by Amy Works January 5, 2018

MT. LAUREL, N.J. — Jefferson Apartment Group is developing an apartment complex located on 77 acres in Mt. Laurel, an inner suburb of Philadelphia. Jefferson Place Mt. Laurel will comprise 21 separate three-story buildings. Seventeen of the buildings will feature elevators and range in size from 16 to 32 units each. The community will include 98 low- and moderate-income units. The 490 units will range in size from 690 square feet to 1,300 square feet in a mix of one- and two-bedroom layouts with either balconies or patios. On-site amenities will include a 7,100-square-foot clubhouse with a resort-style swimming pool, fire pits, a fitness center, a cyber lounge and a pub room. Construction is slated to break ground this month, with delivery scheduled for spring 2019. JAG Management Co. will provide property management services for the community.

January 5, 2018

Industrial New Jersey Northeast

Devli Group Acquires Two-Building 121,954 SF Flex Property in Warren, New Jersey

by Amy Works January 4, 2018

WARREN, N.J. — Devli Group has purchased a two-building flex industrial property located at 150 Mt. Bethel Road in Warren for an undisclosed price. Situated on 15.7 acres, the buildings feature a total of 121,954 square feet of space with 26-foot clear ceiling heights and nine loading docks, as well as 355 parking space. Additionally, the property has approved plans to develop an additional 46,000-square-foot building. Andrew Schwartz, Andrew Merin and Ryan Larkin of Cushman & Wakefield represented the buyer and seller in the transaction.

January 4, 2018

Multifamily New Jersey Northeast Seniors Housing

Tryko, Marquis Health Complete $3.5M Renovation of Skilled Nursing Facility in New Jersey

by Amy Works January 3, 2018

OAKLAND, N.J. — Tryko Partners and Marquis Health Services have completed $3.5 million in renovations to Oakland Rehabilitation and Healthcare Center, a 215-bed skilled nursing facility in Oakland, 25 miles northwest of New York City. Tryko acquired the facility in 2015. Marquis, an affiliate of Tryko, operates the property, which offers sub-acute rehab, dementia care and long-term care wings, and specializes in cardio pulmonary and orthopedic rehab. The renovations include a 3,500-square-foot gym and expansion of the common-area lounge space, as well as updates to 50 rooms within the building’s sub-acute rehab unit.

January 3, 2018

Multifamily New Jersey Northeast

UMH Properties Acquires Five Manufactured Home Communities in Pennsylvania for $22.8M

by Amy Works January 2, 2018

FREEHOLD, N.J. — Freehold-based UMH Properties has acquired five manufactured home communities located in Pennsylvania for a total purchase price of $22.8 million. The portfolio consists of three all-age communities and two age-restricted communities with a total of 643 developed home sites. The portfolio is situated on approximately 141 acres, with a weighted-average occupancy rate of 72 percent. With this acquisition, UMH now owns and operates 112 manufactured home communities with 20,000 developed home sites throughout New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.

January 2, 2018

Industrial New Jersey Northeast

NAI Hanson Arranges Sale of 15,700 SF Industrial Building in Elmwood Park, New Jersey

by Amy Works December 22, 2017

ELMWOOD PARK, N.J. — NAI James E. Hanson has brokered the sale of an industrial/flex building located at 20 Bushes Lane in Elmwood Park. RH Foster Associates sold the 15,700-square-foot property to 20 Bushes Lane LLC for an undisclosed price. Renovated in 2015, the property features two loading docks with heavy lift levelers and ample parking. The buyer plans to use the property to manufacture valves and regulators. Joshua Levering and Nicholas DePaolera of NAI Hanson represented the seller, while Andrew Somple, also of NAI Hanson, represented the buyer in the deal.

December 22, 2017

New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 541,466 SF Office Property in Parsippany, New Jersey

by Amy Works December 20, 2017

PARSIPPANY, N.J. — Cushman & Wakefield has arranged the sale of Morris Corporate Center III (MCCIII), an office property in Parsippany. P3 Properties acquired the 541,466-square-foot Class A asset from institutional investors advised by J.P. Morgan Asset Management for an undisclosed price. The property includes four interconnected buildings on a 27-acre, amenity-rich campus at 400 Interpace Parkway. The park is 62 percent leased to four occupants, including TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide. Gary Gabriel, Andrew Morin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald of Cushman & Wakefield brokered the sales transaction. John Alascio and Sridhar Vankayala of Cushman & Wakefield’s Equity Debt and Structured Finance Group arranged $58.8 million in acquisition financing, including approximately $15 million of future funding earmarked for property upgrades.

December 20, 2017

New Jersey Northeast Office

Weiss Realty Acquires 48,492 SF Office Building in Neptune, New Jersey, for $8.6M

by Amy Works December 18, 2017

NEPTUNE, N.J. — An affiliate of Weiss Realty has acquired an office building located at 1800-1836 W. Lake Ave. in Neptune for $8.6 million. James Gunning, Donna Falzarano and Kyle Saviano of CBRE Capital Markets Debt and Structured Finance arranged a $6 million permanent loan from Natixis of behalf of the buyers, West Lake Neptune LLC and West Lake Neptune 11 LLC, for the acquisition. Built in 2010, The three-story building offers 48,492 square feet of office space. Current tenants include Hackensack Meridian Health, the Department of Treasury for the State of New Jersey and West Lake Pharmacy. Fred Meyer of NAI Mertz and Jack Sudia of NAI Atlantic Coast Realty brokered the transaction. The Meyner and Landis Law Firm of Newark, N.J., represented the undisclosed seller, while Saverio Celeste of Fort Lee and William Schmidt of West Orange represented the buyer in the deal.

December 18, 2017

Loans New Jersey Northeast Office

Cushman & Wakefield Secures $26.2M in Financing for Office Building in Woodcliff, New Jersey

by Amy Works December 15, 2017

WOODCLIFF, N.J. — Cushman & Wakefield has arranged $26.2 million in financing on behalf of Hudson Equities Management. The financing is secured by 300 Tice Boulevard, a 240,291-square-foot office property. Streamline Realty Funding provided the four-year, floating-rate financing. At the time of financing, the property was 78.5 percent occupied by a variety of tenants in the auto, pharmaceutical and financial services industries. John Alascio, Sridhar Vankayala and Andre Hass of Cushman & Wakefield represented the sponsor in the transaction.

December 15, 2017

Loans Multifamily New Jersey Northeast

Love Funding Arranges $7.9M Loan for Affordable Multifamily Community in Newark, New Jersey

by Amy Works December 15, 2017

NEWARK, N.J. — Love Funding has arranged a $7.9 million loan for the construction and permanent financing of Carrino Plaza Apartments, a new affordable and special needs community in Newark. Carrino Plaza Apartments will offer 60 one-, two- and three-bedroom units in one mid-rise building located in the North Ward of Newark. In addition to three multifamily floors, the property will contain partial ground-floor commercial space. Additionally, 49 of the residential units will be restricted to those earning less than 60 percent of the area median income under the Low-Income Housing Tax Credit program, and 10 rental-assistance units will be reserved for residents who receive mental health services. The development is being led by Resetarits Construction Corp. The project team includes Jose Carballo Architectural Group, Signature Custom Homes and Interstate Realty Management Co.

December 15, 2017

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