Elmwood Park, N.J.–Marcus & Millichap Real Estate Investment Services served as real estate advisor to Hartz Mountain Industries in its acquisition of a multifamily housing portfolio in Bergen County through the purchase of a $25.5 million whole mortgage loan.
The four-property garden-style apartment portfolio includes the 56-unit Madison, the 71-unit Stanford Court and the 103-unit Coventry Square in Westwood, N.J.; and the 46-unit Village on the Green located in River Vale, N.J.
The New Jersey office of the Marcus & Millichap’s Special Asset Services (SAS) division has developed relationships with lenders across the state to assist to evaluate commercial real estate collateral securing whole mortgage loans, says the company. Marcus & Millichap advises New Jersey community banks with REO and pre-REO evaluation and decision making.
Jeff Oram, a director of Marcus & Millichap’s National Office and Industrial Properties Group, Nat Gambuzza, vice president, Investments, Kevin McCrann, senior associate, and Thomas McConnell, associate, collaborated on the transaction. The buyer was Secaucus based Hartz Mountain Industries, Inc. Oram and Gambuzza served as the lead real estate advisors to the senior lender.
“Through Marcus & Millichap’s Special Asset Services division, we have been successful in representing the real estate interests of both lenders and real estate investors in these transactions,” says Michael J. Fasano, vice president and regional manager of Marcus & Millichap’s New Jersey office.