Westfield Pines is a three-story brick building, now at 95% occupancy. Squires represented the seller and VP Andrew Jonas represented the purchaser. The Westfield Pines deal was particularly challenging, in that it included the buyer assuming an existing mortgage from Sovereign Bank.

Because a bank is then involved in the negotiations, assuming a mortgage can be more difficult than finding and using new financing for acquisitions, the company noted. Working with Meridian Capital, the Kislak team navigated the purchaser through the mortgage assumption process.

“Westfield took a lot of time, a lot of handholding, but it did save a $350,000 yield-maintenance prepayment penalty,” Squires said. Both the seller and the buyer of the four-story Jersey Avenue building are longtime Kislak clients, the company said. Occupancy was 97% at closing.

The Westminster Avenue property is a three-story brick building with studios, and one and two bedroom apartments, at 97% occupancy. Squires represented the purchaser, who owns other area properties. Financing was provided by Spencer Savings Bank.

The multifamily sector remains “the darling of the investment property business,” Squires notes. “My problem is getting the product.” Newer garden apartments are trading above $70,000 per unit, while older mid-rise buildings are somewhat less because they require more capital expenditures, the company says.

Expect more transactions in Elizabeth, Pucci notes. “By year end, we could close eight to 10 total deals in the city,” Pucci says. “The way everything seems to be trading, multifamily remains steady.”