HACKENSACK, NJ–First Bergen Title Agency insured a total of more than $1.5 billion of real estate financing and purchase transactions in New Jersey in the past year, which it says reflects market rebounds across the board in 2013.
Allen Meccia, Jr., one of the firm's managing members, said about $1 billion of the transactions involved residential real estate.
“The year-long trend was that residential properties were in great demand, and those that did become available drew considerable interest from investors,” said Meccia. “We expect that trend to continue in 2014.”
Among residential transactions insured by First Bergen – all rental apartment properties – financings included:
- $95 million in Hudson County
- $15.45 million in Bergen County
- A separate $7.65 million purchase and financing in Bergen County.
- a $15.06 million purchase financed by Fannie Mae and the New Jersey Housing and Mortgage Financing Agency in Passaic County
- $8 million in Monmouth County
The firm also insured more than $550 million of commercial transactions – mixed-use, industrial, warehouse/industrial and office.
“Mixed-use properties also saw continued improvement in demand in 2013,” said Meccia. Major transactions included:
- a $22.5 million financing in Hudson County
- a $20 million financing in Bergen County
- an $11 million financing, also in Bergen County
- an $18.35 million construction mortgage in Bergen County
A $32 million insurance policy was issued for a single transaction in Bergen County. Also, the agency insured a $27.75 million warehouse/industrial portfolio in Bergen and Middlesex counties.
“We see increasing momentum as the real estate industry continues to rebound from the recession and its after-effects, with the first quarter of 2014 starting off stronger than it has in several years,” said Meccia. “Projects we are currently working on include $130 million for an adaptive reuse in Hudson County, and $51 million in financing for another project.”
First Bergen, family-owned and operated since 1957, handles real estate purchases, refinances and leasehold transactions. The company is also a designated qualified intermediary for 1031 exchange transactions through its subsidiary, First Bergen Deferred Exchange.
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