New Jersey

Gebroe-Hammer Associates Arranges $130M Sale of 360-Unit Apartment Community

by Amy Works January 27, 2017

ROSELAND, N.J. — Gebroe-Hammer Associates has brokered the sale of Nob Hill Apartments, a garden-style apartment community located at 28 Nob Hill Road in Roseland. Novel Property Ventures acquired the property from Segal & Segal for $130 million. The 360-unit property features one- and two-bedroom layouts, as well as three-story duplexes with ground-floor garages and storage rooms. Community amenities include a swimming pool, tennis courts, off-street parking and sundecks. Greg Pine and Ken Uranowitz of Gebroe-Hammer represented the seller, while Nicholas Nicolaou of Gebroe-Hammer procured the buyer. Additionally, JLL secured $102 million in acquisition financing and a $10 million construction facility for the purchase and rebrand of the 30-building property. Acore Capital provided the financing package, which was arranged by Dustin Stolly and Aaron Niedermayer of JLL.

January 27, 2017

Loans New Jersey Northeast Retail

Houlihan-Parnes Places $18M Loan for 400,000 SF Shopping Center in Lawrence, New Jersey

by Amy Works January 27, 2017

LAWRENCE, N.J. — Houlihan-Parnes Realtors has placed an $18 million first mortgage and credit facility for Lawrence Shopping Center, located at 2495-2421 Brunswick Pike and Harding Avenue in Lawrence. Acme Supermarket, Burlington Coat Factory and Staples are major tenants at the 400,000-square-foot property. A joint venture between JJ Operating Inc. and principals and investors from Houlihan-Parnes Realtors recently acquired the property.

January 27, 2017

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $12.7M in Financing for Two New Jersey Properties

by Amy Works January 27, 2017

WAYNE AND SOMERSET, N.J. — G.S. Wilcox & Co. has secured two loans totaling $12.7 million for two industrial properties in New Jersey. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing for the borrowers. In the first transaction, the firm secured a $10 million loan for a 311,813-square-foot warehouse distribution center in Wayne. The borrower was an undisclosed developer. In the second deal, the company secured $2.7 million loan for the refinancing for a warehouse facility located in Somerset for an undisclosed developer borrower.

January 27, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Brokers $100M Sale of 642-Unit Apartment Complex in Lodi, New Jersey

by Amy Works January 25, 2017

LODI, N.J. — Gebroe-Hammer Associates has arranged the sale of Cedar Wright Gardens, an apartment complex located at 77 Mary St. in Lodi. Cedar Wright Apartments LLC acquired the property from Cedar Wright Gardens LP for $100 million. Situated on 31 acres, the property features 642 units in a mix of one- and two-bedroom layouts, on-site laundry facilities, off-street and optional garage parking and courtyards. Ken Uranowitz, Joseph Brecher and Greg Pine of Gebroe-Hammer represented the seller and identified the buyer in the transaction.

January 25, 2017

Multifamily New Jersey Northeast Seniors Housing

Erickson Living Plans 114-Unit Expansion to Independent Living Community in New Jersey

by Amy Works January 25, 2017

NEW PROVIDENCE, N.J. — Erickson Living, one of the largest seniors housing operators in the United States, has announced a Phase II expansion of Lantern Hill, the company’s 161-unit independent living community in New Providence, approximately 30 miles west of New York City. The expansion will add 114 additional independent living units to the property, for a total of 275. The new units will be in two new buildings scheduled to open in early 2018. Long-term, Erickson plans to turn the 20-acre property into a 360-unit continuing care retirement community. The first independent living phase opened in June 2016 and sold out in 10 weeks, according to Erickson.

January 25, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Walker & Dunlop Provides $28.4M Loan for 14 Memory Care Properties in New Jersey

by Amy Works January 20, 2017

NEW JERSEY — Walker & Dunlop has structured a $28.4 million loan for Valstone Partners. The transaction consists of a U.S. Department of Housing and Urban Development portfolio backed by 14 cottage-style memory care properties located across New Jersey. Kevin Giusti and Michael Vaughn of Walker & Dunlop arranged the 35-year, fixed-rate loan, which was structured as a 232/223(f) Health Care Facility refinance with an 80 percent loan to value. Loan proceeds were used to refinance 12 of the properties and acquire and refinance two properties.

January 20, 2017

Loans New Jersey Northeast Office

New York Life Real Estate Investors Originates $146.6M Loan for Office Building in Jersey City

by Amy Works January 18, 2017

JERSEY CITY, N.J. — New York Life Real Estate Investors, on behalf of Dividend Capital Diversified Property Fund Inc., has originated a $146.6 million loan for an office building located at 3 Second St. in Jersey City. The floating-rate loan has an initial term of three years with two one-year extensions.

January 18, 2017

Dolce-Basking-Ridge-Hotel-Basking-Ridge-NJ

Hospitality New Jersey Northeast

Broadreach Capital Partners Completes $30M Sale of 171-Room Hotel in Basking Ridge, New Jersey

by Amy Works January 18, 2017

BASKING RIDGE, N.J. — Broadreach Capital Partners has completed the disposition of Dolce Basking Ridge Hotel, a full-service hotel located at 300 N. Maple Ave. in Basking Ridge. An undisclosed buyer acquired the 171-room hotel for $30 million. Built in 1995, the property features 21,000 square feet of function space, Vita Restaurant, Vita Bar, an indoor pool, whirlpool, fitness center, business center, basketball court and tennis court. Daniel Peek, KC Patel and Marc Duval of HFF represented the seller in the deal.

January 18, 2017

Loans New Jersey Northeast Office

Cohen Financial Secures $42M Refinance Loan for Office Building in Newark

by Amy Works January 17, 2017

NEWARK, N.J. — Cohen Financial has closed a $42 million loan for the refinancing of Centre Market Building in downtown Newark. Built in the 1960s, the building features 393,343 square feet of office space. The U.S. Customs and Border Protection, U.S. Drug Enforcement Agency and U.S. Social Security Administration occupy 90 percent of the building. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate, 10-year CMBS loan for the borrower, an affiliate of Kaufman Jacobs.

January 17, 2017

New Jersey Northeast Retail

Marcus & Millichap Negotiates $5.9M Sale of Shopping Center in Northfield, New Jersey

by Amy Works January 17, 2017

NORTHFIELD, N.J. — Marcus & Millichap has brokered the sale of Island Gym Plaza, a shopping center located at 801 Tilton Road in Northfield. An undisclosed buyer acquired the 48,536-square-foot property for $5.9 million. At the time of sale, the property was 95 percent occupied. Derrick Dougherty of Marcus & Millichap, in collaboration with DSM Commercial Real Estate Services, represented the undisclosed seller, while Shannon Bona of Marcus & Millichap represented the buyer in the deal. J.D. Parker was the Marcus & Millichap broker of record in New Jersey.

January 17, 2017

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