TODAY’S DEALS: Gebroe-Hammer Associates Negotiates Sale of 144-Unit Apartment Community for Over $11M, and Other Transactions
- Feb 09, 2009
By Anuradha Kher, Online News Editor Hamilton Township, N.J.–Gebroe-Hammer Associates has recently negotiated the $11.125 million sale of Miry Run, a 144-unit garden apartment community, in Hamilton Township, N.J. Located at 145 Brookwood Rd., the community features 108 one-bedroom and 36 two-bedroom units. The property was 98 percent occupied at the time of sale. Located in Mercer County, Hamilton is one of the largest townships in New Jersey. Trenton is located next to Hamilton, and Philadelphia, New York and the Jersey Shore are less than an hour away. “Despite the current economic climate impacting other real estate classes, investors are willing to acquire aggressively priced multifamily properties in highly sought-after neighborhoods favored by commuters,” says Ken Uranowitz, Gebroe-Hammer’s managing director. “Those who reside in this area either commute into New York City or Philadelphia or are employed in government jobs in Trenton.” HomeStreet Capital Arranges $9.4M in Apartment FinancingSeattle–HomeStreet Capital has provided $9.4 million in permanent financing for the Bernard Apartments in Seattle. HomeStreet Capital provided the financing through the Fannie Mae Delegated Underwriting and Servicing (DUS) program.”Throughout 2008, the Fannie Mae DUS program has continued to be a competitive way to provide permanent financing for multifamily projects,” says Kevin Kleen, vice president and production manager for HomeStreet Capital. The Bernard Apartments, completed earlier this year, is a six-story building of 62 units, with four floors of subterranean garage parking. The building contains studio, one-bedroom and live/work units. The property began lease-up in February of this year and was fully leased by July.