TEANECK, NJ-The Kislak Co.’s recent completion of three multifamily sales in affluent Bergen County for $6.68 million should be no-brainers – but financing can complicate even the most straightforward deals.
Alma Terrace, a 25-unit property in Teaneck, and Linden West, a 32-unit property in Elmwood Park, together sold for $5,080,000. In a separate transaction, a 10-unit property in Edgewater sold for $1,600,000. The deals, completed with private regional investors, had cap rates in the 5% to 6% range. The complication: the purchaser assumed an existing first mortgage on Alma Terrace and Linden West.
“The commercial mortgage-backed security was sold to a third party, so the deal had to go through many hands to be approved,” sales associate Andrew Scheinerman tells GlobeSt.com in an exclusive interview.
Both projects brick garden apartment complexes constructed in the mid 1940s with pitched roofs, on-site parking, and laundry facilities, located near transportation, retail and schools. The seller recently completed major improvements to both properties.
The seller was represented by Richard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker, LLC of West Orange. The purchaser was represented by Stephen Russo, Esq. of Russo & Russo of Teaneck. “We had an eager seller, an eager buyer and an eager broker,” says Kislak COO Jason Pucci.The Edgewater property is a fully occupied, three-story brick apartment building with a combination of one and two bedroom units located less than two blocks from Edgewater Town Center and Grand Cove Marina. Financing was provided by North Jersey Community Bank. The seller was represented by Michael Jimenez, Esq. of Edgewater. Joseph Behot, Esq. of Hackensack, NJ, represented the purchaser.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
