8-10-18

- DC

M Clients are a balance of institutional investors & private individuals Gebroe-Hammer Associates tops rivals with 5,645 units sold for $775+M in Q1 &Q2 ulti-family invest- ment brokerage firm Gebroe -Hammer

ISSUE HIGHLIGHTS Volume 30, Issue 15 August 10 - 23, 2018 1031 EXCHANGE MULTIFAMILY FINANCING Section 8-11A D2 CAPITAL ADVISORS SECURES $70M BRIDGE FINANCING

nationally,” said Uranowitz. “A good percentage of our cli- ent base remains balanced between institutional investors and private individuals – many of whom have been associated with our firm since its inception 43 years ago and form the back- bone of multi-family ownership in the region.” While initially concentrating on and dominating the multi- family property space in New Jersey, Gebroe-Hammer has evolved during the past 43 years to establish a major presence in the northeastern Pennsylvania and New York State submar- kets as well as represent client interests nationally. “The first six months have been extremely robust in terms of deal totals and units sold, with demand for every as- set class – from Class-A to value-add B/C product – hit- ting all-time high levels,” said Uranowitz. “Apartment build-

ings, regardless of vintage or tenant demographic, are the frontrunner on investor lists that cover the full spectrum of neighborhoods from transit- rich cities that are all the rage among millennials to commut- er-friendly suburban-bedroom communities.” Gebroe-Hammer’s notable sales highlights during Q1 and Q2 mirror these trends. In early June, the firm finalized a groundbreaking $328M portfo- lio sale of 118 buildings/2,137 units spanning NJ’s Gateway Region of Hudson County. Ex- clusively representing a single seller, over the course of 18 months Gebroe-Hammer ar- ranged six separate deals of the urban low- and mid-rise proper- ties poised for repositioning. Other key NJ trades have involved several prominent properties throughout the state. These include the $56M sale of Thousand Oaks Village, a

304-unit garden community in Atlantic Highlands; $50M sale of 452 multi-family units at Forest Hill Terrace Apart- ments, a critical-mass garden- apartment community in New- ark’s tree-lined North Ward; and $30M sale of Donaldson Park Apartments in Highland Park. New price-per-unit bench- marks also were set in East Orange ($257K+/742 Park Ave.) and Cranford/Union County ($337,500/The Hamlet). “Our success is directly tied to every broker we have deeply en- trenched in individual territo- ries,” said Uranowitz. “Because of their unrivaled knowledge of market values and current active investors, they are able to achieve maximum value for owners. Despite upticks in interest rates, cap rates have not decompressed remarkably while demand continues to be voracious for multi-family product.”  employers, the MARC train, and commuter accesses in- cluding I-95, Hwy. 100, and BWI Airport. The 12-year loan is struc- tured with eight years of in- terest-only payments, followed by a 30-year amortization. The transaction was led by managing directors Matthew Hodson and Debra Gold- stein of M&T Realty Capital Corporation’s Falls Church, VA and Washington, DC of- fices, respectively. M&T Bank senior commercial real estate relationship manager LeVar Crooms also collaborated on the transaction. “Matt and I are delighted to have been able to assist Elm Street with their permanent fi- nancing needs for this wonder- ful new community,” Goldstein said. “Our Freddie Mac Multi- family loan programs provide long-term, non-recourse financ- ing to experienced developers, whether during lease-up or after full occupancy has been obtained.” 

Associates is outpacing its competitive set on a regional and national level with a re- ported $775+M in sales encom- passing 5,645 units for Q1

Ken Uranowitz

and Q2 2018, according to Ken Uranowitz , president. The firm serves a diverse client base of private individuals, private equity firms and institutional investors focusing on suburban and urban high-rise and garden- apartment properties. “These latest milestones have shored up Gebroe-Hammer’s posture within the multi-family investment brokerage space as the firm of choice among private and institutional in- vestors locally, regionally and

3A

Hodson and Goldstein lead transaction with Crooms collaboration M&T Realty Capital provides $62.45M in permanent financing on recently constructedmultifamily prop.

MAREJ EVENTS September 20, 2018 NJ Apartment/Multifamily October 5, 2018 3rd Annual New Jersey CRE Leadership Summit For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

JESSUP, MD — M&T Re- alty Capital Corporation has closed a $62.45 million Freddie Mac Multifamily Conventional loan for the per- manent financing of The Elms at Shannon’s Glen, a 364-unit recently constructed apartment complex in Jessup. The project developer is Elm Street De- velopment , based in McLean,

Matthew Hodson

Debra Goldstein

LeVar Crooms

Directory

Financial Digest..........................................................3-11A Multifamily Financing. .................................................5-7A 1031 Exchange...........................................................5-12A DelMarVa.............................................................. 15-18A Central New Jersey Spotlight..................................... 5-9B New Jersey Professional Directory. ....................... 14-15B Pennsylvania......................................................Section C Central Pennsylvania Spotlight................................ 5-12C

www.marejournal.com Upcoming Spotlights 40 under 40

The Elms at Shannon’s Glen

VA. M&T Bank provided the prior construction financing for the project. The Elms at Shannon’s Glen is located west of the

Baltimore-Washington Pkwy., biking distance to National Business Park and National Security Agency, and conve- nient access to other regional

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