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GLASSBORO, NJ-Partners Perseus Realty of Washington, DC and Quinn Properties of Radnor, PA have picked up a $15.9-million, three-year flexible fixed-rate loan to finance their recent acquisition of the Park Crest Village apartment community here. As reported by GlobeSt.com, Perseus and Quinn closed on the deal earlier this month.
The funding was obtained from GE Real Estate in a transaction arranged by Geoff Rice of the New York City office of CB Richard Ellis. Besides the acquisition cost, which was not disclosed, the financing will be used for renovations planned for the property.
"The renovations planned for Park Crest Village will only add to the attractiveness of the investment," says David Cohen, eastern regional director for GE Real Estate. "We're pleased to complete our first transaction with the respective groups."
Located on 26 acres on Route 322, the property consists of 385 residential units configured as 23 two-story buildings with approximately 18 units in each building. The property is located near Rowan University and its planned South Jersey Technology Park, and the complex houses a significant number of university students.
"This property is well-located," says Robert Cohen, principal of Perseus Realty Partners which, with the deal, made its first acquisition in the South Jersey/Philadelphia market. "It's an area with strong rent growth and high occupancy rates."
At the time of sale, the identity of the seller was not disclosed. Subsequently, the now-former owner of the property has been identified as a private trust made up of four local families.
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