Fort Lee, N.J.—Pantzer Properties has expanded its portfolio with the acquisition of The Crest at Fort Lee, a 351-unit apartment community located just north of I-95 in Fort Lee, N.J. The private investment firm—a specialist in the undervalued space—bought the asset from Capri Capital Partners for $120 million, or about $341,880 per unit, clear and free of any existing debt. HFF closed the sale on Capri’s behalf. Hyland Levin LLP served as legal counsel for the buyer and Krawnow Saunders, Kaplan & Beninati LLP represented the seller.
“The buyer has an opportunity to add value to the property in a market that is seeing new development and higher rents,” says Jose Cruz, senior managing director at HFF, who worked alongside managing director Kevin O’Hearn, associate director Steve Simonelli and senior managing director Andrew Scandalios in closing the sale.
The Crest at Fort Lee was built in 1999 on 13.1 acres at 900 Crest Lane in eastern Bergen County, minutes from the George Washington Bridge. The gated asset was 96 percent leased at the time of sale. Amenities include a fitness center, indoor basketball court, community room and business center. It also includes a playground and grilling area.
Greystone provides Presidium $15.1M bridge loan for San Antonio Buy
San Antonio—National financial services firm Greystone has provided a $15.1 million bridge loan to Dallas-based Presidium Group for the acquisition of Cenizo Flats, a 150-unit, 2000-built, garden-style community located in the Alamo Heights section of San Antonio. JD Stettin, a mortgage originator based in Chicago, originated the transaction.
“Presidium is keen to take advantage of the ample multifamily acquisition opportunities in Texas, and Greystone’s bridge-to-HUD offering, which provides interest-only interim financing while securing a long-term, low-rate loan, is well-suited to their strategy,” says Stettin. “After three successful transactions to date with Presidium, we look forward to continue building our relationship as their real estate finance needs change and grow.”
Lee & Associates completes $2.7M sale in North Hollywood
Los Angeles, Calif.— Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura, has sold a 23-unit multifamily property at 6859 Laurel Canyon Blvd. in North Hollywood for $2.7 million.
Warren Berzack, a principal of Lee & Associates, represented the buyer, Lurel LLC, and seller, Anthony Mersola, Jr., with Lee Principal Stephen Geiger.
The non-rent-controlled property features 23, one-bedroom, one-bath units with gated parking and an onsite laundry. It was constructed in 1984.