Acquisitions/Dispositions

PLAINFIELD, NJ—Gebroe-Hammer Associates sold four properties involving a total of 106 units in Plainfield, NJ. At 701-711 Kensington Ave., the Gebroe-Hammer brokerage team of Gehane Triarsi and Adam Zweibel exclusively represented the seller and procured the buyer. The three-story, 18-unit apartment building, which sold for $2.35 million, is centrally situated in the Watchung Putnam neighborhood, less than a mile from the Netherwood and Plainfield train stations. The team of Triarsi, Zweibel and senior vice president Nicholas Nicolaou also arranged the $2.07 million trade of 39 units at 607-611 Madison Ave., between W. 6th and W. 7th Streets. Gebroe-Hammer represented the seller, Core Partners 2012 LLC, and the unnamed buyer in the transaction. The Triarsi/Zweibel team also closed two separate sales involving 37 units at 703-713 Plainfield Ave. and 12 units at 204 E. 9th St., sold for $2.1 million and $1.2 million, respectively. Triarsi exclusively represented the seller, 703 Plainfield LLC, in the disposition of these two properties as well as the Kensington Avenue property.

Financing

SHORT HILLS, NJ—The Investors Bank CRE Lending Group recently originated six larger commercial mortgages valued at $128 million, to purchase multifamily properties and refinance mortgages as well as finance the construction of an apartment building in New York City. The buildings have a total of 1,542 living units spread over four million square feet of multifamily housing space. During June, the bank's CRE Lending group also originated a range of financing in the $1 million to $3 million range for multifamily and commercial properties in NJ, NY, and nearby regions. “As a constant force in real estate financing, we are known as a stable and consistent player that has significant capital resources to lend,” says Investors Bank's head of CRE Lending, Joseph Orefice. “Based on the pace of our loan originations during the first six months, we are well along the path to closing a record level of financing this year.” Investors Bank recently completed these larger lending transactions: $41.3 million adjustable rate mortgage for purchase of a multifamily housing property with 674 living units in a building with 680,364 square feet of residential space in Washington, DC; $34 million adjustable rate mortgage to refinance the loan on a multifamily housing property with 288 living units in a building with 266,430 square feet of residential space in Camp Hill, PA; $16.6 million adjustable rate mortgage, in a syndicated loan transaction, to purchase a multifamily property with 142 living units in a building with 183,728 square feet of residential space in Teaneck, NJ; $14.5 million fixed rate mortgage to refinance the loan on co-op building with 235 living units in a building with 384,680 square feet of residential space in Fort Lee, NJ; $11.5 million interest-only construction loan for a multifamily property with 43 living units in a 37,566 square foot building in Upper Manhattan; and a $10 million fixed rate mortgage to refinance the loan on nonprofit organization's facility with 160 living units in a building with 49,644 square feet of residential space in Far Rockaway, NY.

EXCLUSIVE AGENCIES

MORRISTOWN, NJ–Cushman & Wakefield has been named exclusive leasing agent for Mt. Kemble Corporate Center, a two-building, 229,500-square-foot office complex at 350-360 Mt. Kemble Ave. in Morristown. C&W's East Rutherford, NJ-based team of executive vice president – Americas Marc Trevisan; David DeMatteis, director; and senior associates Mark Zaziski and Jason Tenenbaum are handling the assignment on behalf of owner Onyx Equities. The property's current availability is approximately 90,000 square feet. “The largest block of contiguous space is 54,000 square feet on two floors,” says DeMatteis. “The availability is also divisible to 2,000 square feet.” Current tenants include Coughlin Duffy Kelly, Alliant Technologies, Artech Information Systems, Taisho Pharmaceutical, and Massey Quick.