UNION CITY, NJ-Massey Knakal Realty Services has sold a senior loan for 58 unsold condominium units at 3312 Hudson Avenue, also known as The Thread, here.
Built in 2009 by Lakewood, NJ-based W Developers, the Thread was the first residential high-rise in Union City. The 14-story condominium building consists of 151 residential units. The 58 unsold units serve as collateral for the remaining loan balance of $8.29 million.
“The note sale business remains very active and the distress which set in, beginning in 2008, continues to bubble to the surface,” says Massey Knakal chairman Robert Knakal in a statement. Knakal exclusively handled the transaction with director of sales Kobi Leifer.
The original note was a construction loan originated on June 25, 2007, at a default interest of 7.0%, with a modified maturation date of September 10, 2010, according to Massey Knakal marketing materials.
The property is located at the southeastern corner of Hudson Avenue and Peters Street, with additional frontage on the northern side of Cantello Street. The unsold units consist of six one-bedrooms, 12 one-bedrooms with dens, 30 two-bedrooms, four two-bedrooms with dens, and six three-bedroom units.
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