DEAL OF THE DAY: 43-Unit Rental Community Sold for $4.11M
- May 21, 2008
By Anuradha Kher, Online News EditorPassaic, N.J.–The Kislak Co. Inc. recently completed the sale of 37-47 Westervelt Place, a 43-unit apartment complex in Passaic, N.J., for $4.11 million.Sales associate Robert Squires represented the buyer, 37-47 Westervelt Place LLC, and the seller, OSBF LLC, in this transaction. “This was a very complex transaction,” says Squires. “The timing of the financing was extremely important due to current conditions in the capital markets. There was competition between multiple brokerage firms to exclusively represent the owner.” Shimon Weiner of Meridian Capital provided the funding for this transaction. The five-story Westervelt Place is located off of Main Avenue in Passaic Park. Amenities include an elevator and ample parking, as well as recently renovated units, hardwood floor and a professional property manager.