TODAY’S DEALS: Gebroe-Hammer Associates Completes Sale of Six Properties for Over $20M, and Other Transactions
- Mar 03, 2009
By Anuradha Kher Online News EditorJersey City, N.J.–Gebroe-Hammer Associates completed six property transactions in the Essex and Hudson counties. One mixed-use and five multifamily communities featuring 225 units sold for a total of more than $20.7 million.The 150-unit 317-343 Fairmount (pictured) and 62 Kensington Avenues in Jersey City, N.J. sold for $12.5 million. The five mid-rise buildings are located in close proximity to Journal Square and Saint Peter’s College. Each features an all-brick façade and a mix of one-, two- and three-bedroom units. The buildings were approximately 80 percent occupied at the time of sale.According to Gebroe-Hammer, area rental rates are $825 for one-bedroom and $975 for two-bedroom units.Two other properties, 260-262 and 254 Mt. Prospect Ave., located in the Forest Hills neighborhood sold for $3.35 million. Gebroe-Hammer also arranged the sale of 119 South Orange Ave., a mixed-use property building in South Orange, for $780,000, and the $3.235 million disposition of 391 Union Ave., a 65-unit building in Irvington.Meridian Capital Arranges Permanent Financing of Over $5M for 58 Units Escondido, Calif.–Meridian Capital Group recently arranged permanent financing for a La Jolla-based undisclosed principal in the amount of $5,150,000 for a total of 58 multifamily units. The units are part of two Southern California properties located at 1707-1759 Calle Jules in Vista and 1337 North Broadway in Escondido, Calif.Meridian’s Los Angeles office negotiated the non-recourse rates, fixed at 5.78 percent for 10 years.