TODAY’S DEALS: Kislak Co. Completes $27.5M Sale of 253-Unit Townhome Community, and Other Transactions
- Feb 10, 2009
By Anuradha Kher, Online News EditorNorth Brunswick, NJ.–The Kislak Co. Inc. has recently completed the $27.5 million sale of Northwood Estates (pictured), an apartment community located at 500 Adams Lane in North Brunswick, NJ. “Even though residential real estate is in decline and the stock market is faltering, investors remain willing to trade multifamily properties and yield high returns in the process,” says Barry Waisbrod, vice president of Kislak Co.Northwood Estates features 253 residential units, which include 17 townhomes and six ranches. The property was built in the 1970s and has private entrances and private basements. It was 93 percent occupied at the time of closing.KeyBank Real Estate Capital Closes $11.3M in Loans for Oklahoma Multifamily Properties Tulsa, Okla.–KeyBank Real Estate Capital recently closed $11.3 million in Fannie Mae loans for two multifamily properties in Tulsa, Okla. KeyBank provided an $8 million Fannie Mae loan to Pomeroy Park Apartments LLC to refinance Pomeroy Park Apartments, a 230-unit Class B multifamily property built in 1983. KeyBank also provided a $3.3 million Fannie Mae loan to Southern Hills Villa LLC to refinance Southern Hills Villa, a 107-unit Class B multifamily property. It was built in 1980. Both properties were acquired several years ago as distressed assets, after which substantial capital improvements were made that increased the properties’ occupancy and performance, resulting in their ability to be refinanced today.