GLOUCESTER COUNTY, NJ–Gebroe-Hammer Associates has arranged yet another non-performing note sale on behalf of a mortgage lender it works with regularly, this one for $2 million on a 70-unit garden apartment complex in Gloucester County.
“Despite the influx of non-performing bank notes as a result of the recession, multi-family properties are thriving, as evidenced by occupancies that are generally hovering in the high 90th percentile, from Philadelphia and its South Jersey suburbs to New York and its northern New Jersey suburbs,” says Ken Uranowitz, managing director of G-H.
The Gloucester County building was 93% occupied at the time it traded, and the local buyer plans significant upgrades to make it more competitive, according to Joel Schwartz, who teamed up with Uranowitz on the deal.
Gebroe-Hammer has already orchestrated 11 other transactions on behalf of the lender/seller in the Gloucester County note sale. Uranowitz said the note-holder is a New York bank that declines to be identified. In this case, the property and the specific town where the property is located were not identified either, due to a confidentiality agreement.
The five-building, two-story complex was described to GlobeSt.com as being close to the New Jersey Turnpike and Atlantic City Expressway, as well as Routes 295 and 168. It has one- and two-bedroom units, with on-site laundry facilities and parking.
The flow of bank-note sales following the recession is beginning to slack, the G-H director said, but the company is currently marketing a number of other notes throughout the New York tri-state area.
“All of the factors that have contributed toward multi-family’s strength and solid investment performance, including an unstable housing market and record-low interest rates, are expected to become even more robust as we move toward the end of the year and into next,” says Uranowitz, whose company is based in Livingston.
Recent past transactions handled by G-H included a 46-unit portfolio in Paterson, 19 residential units and a ground-floor retail unit in Union City, and a group of properties totaling 124 multi-family units and 6 commercial units in Union and Essex counties.
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