Mid Atlantic Real Estate Journal — New Jersey — July 12 - 25, 2013 — B
www.marejournal.com
N ew J ersey
Specializing in multi-family, Regal Bank is ready to lend.
All-cash sale of the 68-unit garden apartment complex Gerber / SommaAssociates ink $3.4 million Blackwood sale
$2,100,000 34 unit multi family building Roselle, NJ
$2,000,000 12 unit multi family building Hoboken, NJ
$775,000 15 unit 4 story walk up Jersey City, NJ
B
lackwood, NJ — The Hackensack- based inves tment
$1,000,000 13 unit walk up Passaic, NJ
property spe- cialist firm of Gerber/ Somma As- sociates (G/ S) has scored a major bro- kerage tri- umph by ar- ranging the sale of Lake- wood Manor Apartments located in the South Jersey s u b u r b a n communi ty o f B l a c k - wo od . The transaction,
• Non-recourse loans available up to $4.5 million • Low interest rates • Extended amortization • Flexible prepayment options
Harold Gerber
Livingston, Roseland, Florham Park & Millburn regalbanknj.com
EqualHousingLender. EqualOpportunityLender. MemberFDIC.
Lakewood Manor Apartments
Frank Somma
valued at $3.4 million, was an- nounced by G/S senior officials Harold Gerber and Frank Somma who commented that the all-cash sale of the 68-unit garden apartment complex was a highly complicated deal compounded by protracted legal negotiations. According to Gerber, the sale broke a long term reign of continu- ous ownership. Ironically, the prior deal of 17 years ago was also handled by the G/S orga- nization. Built in the 1960’s and situ- ated within close proximity to the NJ Turnpike and a net- work of other arteries leading to major cities such as Cherry Hill and Philadelphia, the 2- story brick 5-building rental enclave sits on a 3+ acre tract. Apartment layouts are grand- ly scaled in a combination of 36 two-bedroom suites and 32 one-bedroom units. A wide array of amenities feature air conditioning, laundry facilities and ample on-site parking. The purchaser has already embarked on an extensive round of renovations and upgrading of the internal and exterior elements of the prop- erty, all designed to create an upscale image for the entire apartment complex. In order to sum up the en- tire sale Gerber commented: “In the framework of today’s investment property market with its many complexities the challenges to the profes- sionalism of the real estate broker are unusually great. We take pride in closing a deal by employing our skills and ingenuity that we have fine-tuned over the past 40 years.” n
Made with FlippingBook Annual report