TODAY’S DEALS: Kislak Completes Three Multifamily Sales Totaling Over $3M, and Other Transactions
- Jan 05, 2009
By Anuradha Kher, Online News EditorMorton, Holmes, Pa. and Guttenberg, N.J.– The Kislak Co. Inc. recently completed two sales in Pennsylvania totaling $2.825 million.Silver Lake Apartments (pictured), a 26-unit rental property located at 6 Amosland Rd. in Morton, Pa., was sold for $1.88 million and the Holmes Garden Apartments, a 17-unit garden apartment located at 201 Holmes Rd. in Holmes, Pa. was sold for $945,000.At the time of closing, the building was 95 percent occupied.The New Jersey sale includes the $1.8 million sale of 143 69th St., a 14-unit property with three garages in Guttenberg. This garden-style community was 100 percent occupied at the time of closing.Metro Funding Closes $1.3M Construction Loan for Assisted Living FacilityBig Bear, Calif.–Metro Funding Corp. (MFC) has recently funded a $1.3 million loan for the construction of an assisted living facility in Big Bear, Calif. The loan was structured with a first position lien on the property and was cross-collateralized with additional real property to increase the loan-to-value, thus providing development funds.The borrowers, seasoned developers and marketers, approached MFC after having difficulties in obtaining conventional financing. “The conventional banks are not entertaining most construction loans in today’s market, even with strong borrowers and business plans such as this one,” says Ben Rutkevitz, manager at MFC.