TODAY’S DEALS: Gebroe-Hammer Closes 6 MF Deals for Over $6M, and Other Transactions
- May 06, 2009
By Anuradha Kher, Online News EditorLivingston, N.J.–Gebroe-Hammer Associates has closed six separate multifamily housing transactions totaling $6.4 million throughout the Northeast. The 102 units were sold in key urban and suburban markets on behalf of undisclosed buyers and sellers in Philadelphia and North Jersey’s Essex, Union and Hudson counties. The largest trade was the $1.425 million sale of Loretta Arms Apartments (pictured), located at 1901-13 Faunce St. in northeast Philadelphia. The company also closed the $1.175 million sale of 245 Reynolds Terr., in the City of Orange. The 17-unit garden apartment community features 11 two-bedroom and 6 one-bedroom layouts located in close proximity to the Garden State Parkway and Route 280. The one-building property was 95 percent occupied at the time of sale. In addition, Gebroe-Hammer closed three transactions in nearby Hudson County. A total of 47 units in Union City were sold for a combined $3.2 million.Arbor Closes $3.9M Fannie Mae DUS MBS LoanBalch Springs, Texas–Arbor Commercial Funding recently closed funding of a $3.9 million loan under the Fannie Mae DUS MBS product line to finance the 136-unit property known as Ambassador Apartments in Balch Springs, Texas.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.05 percent.