Woodmont Properties Sells New Jersey Community for $44M

The buyer received nearly $33 million in acquisition financing from Kearny Bank.
Bayside Cove. Image courtesy of Gebroe-Hammer Associates

Woodmont Properties has finalized the disposition of Bayside Cove, a 125-unit community in South Amboy, N.J. A private investor acquired the property for $43.6 million, according to public records. The new owner financed the purchase with a $32.6 million acquisition loan from Kearny Bank. Gebroe-Hammer Associates assisted the seller and procured the buyer.

In 2017, the seller and developer financed the construction with a $24.1 million loan from Valley National Bank, Middlesex County records show. Located at 100 Celecki Drive, the community opened its doors in 2018. The property features 20 apartments and 106 townhomes, with one- and two-bedroom floorplans.

Bayside Cove is proximate to Raritan Bay Waterfront Park and South Amboy train station, which connects to Newark and New York Penn Station. Additionally, the city plans to open a ferry terminal in South Amboy, which is expected to provide service to Lower Manhattan.

The brokerage team that negotiated the deal included Executive Managing Director Joseph Brecher and Executive Vice Presidents Greg Pine and Stephen Tragash. In March, Gebroe-Hammer Associates assisted American Management and Dixon Advisory in the $65 million disposition of a 13-property portfolio totaling 400 units.