TODAY’S DEALS: One of N.J.’s Largest Apartment Sales for 2015
Find out what $114 million can get you in the Garden State, and Hunt Mortgage shows how to refinance an eight-property portfolio.
Short Hills Village Club
Springfield & Morristown, N.J.—Forest Realty has sold two of its New Jersey assets for a combined $113.5 million. The larger of the two, Short Hills Village Club, is located in Springfield, N.J., and sold for $83.5 million. Franklin Manor, located in Morristown, N.J., traded for $30 million. Gebroe-Hammer Associates brokered both sales. Jersey Central Management acquired both properties according to Yardi Matrix data.
Short Hills Village Club features 286-units located at 67A Forest Drive on the border of Millburn and Short Hills. The 26-building community is comprised of three different phases, each of which has either been renovated or newly-built within the past five years.
Franklin Manor is located about 15 miles northwest at 114 Franklin Street in Morristown, N.J. The 140-unit property was built in 1966.
“Springfield and Morristown are highly desirable multifamily investment markets due to the strength of their tenant pool, sustained population growth and proximity to employment centers and some of the state’s largest employers, such as Bayer and Honeywell,” said Joseph Brecher, managing director at Gebroe-Hammer.
Hunt Mortgage refis portfolio for $160M
New York—Hunt Mortgage Group announced that it has refinanced an eight-property portfolio in California for a total investment of $160 million. The properties were all refinanced using Fannie Mae Choice Refinance facilities and carry a 10-year term amortizing over 30 years.
The borrower is a private investor located in Southern California and a Hunt Mortgage Group and Fannie Mae Sponsor for 17 years.
“The client is a seasoned commercial real estate and multifamily executive, as well as a long-term Hunt Mortgage Group and Fannie Mae client,” said Richard Olrich, managing director at Hunt Mortgage Group. “All the loans were early rate-lock transactions which benefits the borrower as it offers the ability to time the rate lock.”
“The properties in this portfolio are all in good condition, well-located, and benefit from historically stable occupancy rates,” added Olrich. “We were pleased to refinance this quality portfolio for such a strong sponsor.”
This business was sourced and processed by: Adam Leiden, Krage Olrich, Matt Olrich and Richard Olrich from the San Rafael office of Hunt Mortgage Group.
