B — May 10 - 23, 2013 — New Jersey — Mid Atlantic Real Estate Journal
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C entral N ew J ersey
ELA Properties , a Fort Lee based investment and management company Including Broadway Apartments for $2.6 million at a 7% cap rate SELAProperties purchases 2 apartment complexes totaling 99 units last month S
at a 7% cap rate with many upsides, as per Tal Steinberg , managing partner at SELA Properties: “We plan on doing some upgrades to the build- ing including adding storage units, renewing the laundry area, renovating a few apart- ments. We are also starting a full water conservation process that should lead to a drastic de- crease in water consumption, as well as switching the heat- ing type from Oil to Gas”. SELA also purchased a 69 unit garden apartment com-
plex in South Jersey that is currently undergoing major renovations including remod- eling apartments, extensive water and heat conservation, exterior improvements and landscaping work. “The area has high demand due to its proximity to Philadelphia, Atlantic City, Trenton and the Jersey Shore. As a result of the upgrades we are making to this complex we expect to be around 9% cap rate by the end of the year, giving our investors a high return”. SELA Properties owns and manages properties since 2005. The company’s business plan is to purchase distressed and undermanaged properties, improve their cash flow and hold them. n FREEHOLD, NJ — The beginning of 2013 marked the official launch by attor- ney Jonathan Hornik of Navesink River Capital , a private lending firm offering real estate financing of $75,000 to $2 million. The firm, which provides financing for all prop- erty types, has already closed on three loans and is currently “working on several others,” said Hornik. “With the downturn in the economy and drop in real es- tate values beginning back in 2007, transactions just weren’t happening,” said Hornik. “Most private lenders became workout shops and stopped making new loans and providing capital, so I decided that it was time to launch Navesink to do new loan transactions.” Two of the three loans already completed involved franchise owners buying out land and improvements from their fran- chisor, transactions made dif- ficult because of environmental and other concerns. “We were able to find solutions for those concerns and close both trans- actions very quickly,” he said. The third completed loan was for a rehabilitation project in Newark. “Rehabilitations are very important in today’s real estate market,” Hornik said. “We understand that real estate has to be repositioned, especially in this market, and especially in the multifamily residential sector.” n Attorney Hornik launches Navesink River Capital
announc ed last Friday its two recent p u r c h a s e s totaling 99 u n i t s : 3 0 Unit building in West New York and a 69 Unit apart-
Tal Steinberg
ment complex in South Jersey. BroadwayApartments, the 30 unit building in West NewYork was purchased for $2.6 million
205 66th St.
S I N G L E - F A M I L Y H O M E S | A P A R T M E N T S | M U L T I - P L E X E S | C O N D O S
Our goal is to provide our investors with comprehensive care for their investments, including outstanding property management, accounting, tenant matters, leasing and most importantly maximizing cash flow. Our mission is to meet our goals while providing our tenants with exceptional care, security and a pleasant environment for their families.
1640 Anderson Avenue For t Lee, NJ 07024 tel: 201.338.5160 www.sela-properties.com
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