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556-Unit Apartment Complex is Sold, Major Renovation Planned

CAMDEN, NJ-The deal was complicated by the fact that 24 units had been damaged in a fire. The unnamed buyer has begun a program to completely renovate and reposition the asset.

By Eric Peterson | Updated on November 14, 2001

CAMDEN, NJ-Ferry Station Associates has sold its 556-unit Ferry Station Apartments here in a transaction arranged by Robert Kremp of David Cronheim Mortgage Corp., based in Chatham, NJ. The buyer was not named and the terms and sale price were not disclosed.

Among the issues complicating the transaction was the fact that a fire had damaged 24 of the complex’s units. “It was one of the most complex deals I have ever experienced,” according to Kremp. “It took a lot of patience and perseverance by all of the parties involved. I believe that when the transaction closed, everyone was satisfied.”

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