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.
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.
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.
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.
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.
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.
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.
METUCHEN, N.J. — Regency Centers has purchased The District at Metuchen, a retail center located in Metuchen, for an undisclosed price. Whole Foods Market anchors the 66,000-square-foot shopping center. Additional tenants include Comida Fresca, European Wax, Title Boxing and Chipotle. The name of the seller was not released.
SADDLE BROOK AND FRANKLIN TOWNSHIP, N.J. — Cronheim Mortgage has arranged $6.2 million in financing for a 420,000-square-foot industrial portfolio located in Saddle Brook and Franklin Township. The financings were structured on a 10.30 basis with a 3.44 percent interest rate and placed with The State Life Insurance Co. Located at 141 N. Fifth St. in Saddle Brook, a 100,000-square-foot property features four loading docks, 25-foot clear ceiling heights and office space. The remainder of the portfolio consists of three adjacent properties located at 101, 301 and 501 Cottontail Lane in Franklin Township. The properties feature 100,000 square feet, 116,480 square feet and 105,000 square feet of industrial space, respectively. Dev Morris, Andrew Tsukamoto and Andrew Stewart of Cronheim Mortgage originated and placed the financing.
BOGOTA, N.J. — River Development has completed the disposition of The River Club, a proposed multifamily development site located on the former Hess Oil Terminal and an adjacent parcel that was the former Sifford Pontiac site in Bogota. Jonathan Stein of PCD Capital acquired the development for $17 million. Situated on 13 acres, the proposed development will feature five multifamily buildings including 421 apartments, a clubhouse, secured parking, resort-style pool, a Riverwalk and retail space. Construction is slated to begin this spring. Kathy Anderson of Progress Capital brokered the transaction for the seller. Mike Bruno of Giordano, Halleran, Ciesla provided legal representation for River Development, while Chris Otteau of Otteau Realty Advisors provided legal counsel for the buyer in the deal.