(Mark your Calendars: RealShare New Jersey in New Brunswick on September 13.)

PHILADELPHIA-The Grand Leiper Apartments are trading hands for $2.025 million between two eponymous limited partnerships. Grand Leiper Apts LP is selling to Grand Leiper LP in a short sale, which represents, roughly a 20% discount on the seller’s mortgage and was done all in cash.

Eli Rosen, SVP of Gebroe-Hammer Associates represented both parties in the deal. He explained that the seller had approached him after the property was upside down on its mortgage. “At that point, the seller was out of the property, not collecting any rent, and the bank--we were in touch with the bank--letting them know that we could get them, based on my experience with this property, approximately this much money or somewhere around it, but not enough to pay the mortgage.”

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