S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Developer is a joint venture between Mack-Cali and Ironstate Holdings NorthMarq Capital arranges $192 million construction to permanent loan on Harborside 1
Southern SPOTLIGHT HI-LIGHTS OCTOBER10 - 23, 2014 struction to permanent loan on URL Harborside 1. The project will be located at 200 Greene St. in the Harborside Financial District in Jersey City, New Jersey and will consist of a 69 story apart- ment tower containing 763 units, 5,204 s/f of retail space and an 8-story parking ga- rage containing 222 spaces. The building will be one The Blau & Berg Co. negotiates a long-term lease for 157,425 s/f 7-14B ERSEY CITY, NJ — Northmarq Capital ’s New Jersey office negoti- ated a $192 million con- J
of the first in the market to introduce an emerging con- cept of beautifully designed, sustainable and space ef- ficient units under the ban- ner of URL (Urban Ready Living®). Designed to target professionals from a variety of industries who demand amenities over space, there will be a focus on creating unique and usable common spaces such as shared work spaces withWi-Fi throughout all common areas, a café, an outdoor pool, garden lounge area and a state-of-the-art fitness center. The developer, Harborside Unit A Urban Re- newal, LLC is a joint venture between Mack-Cali Realty, LP and Ironstate Hold- ings, LLC . “Given the 30 month esti- mated construction period, the borrower wanted to take out interest rate risk and requested a construction to permanent loan where the interest rate was locked at application. Pacific Life took
Harborside 1
the time to understand the market and new unit design concept and provided an at-
tractive 15 year fixed rate loan with seven years interest only,” said Gary Cohen , se-
nior vice president and senior director of Northmarq’s New Jersey based regional office. n
Transactions total 2,180 units valued at over $117 million Gebroe-Hammer Associates completes 13 multi-family investment sales in July and August
ties include those possessing a value-add component, which involves renovations and up-
New Jersey’s Hudson, Union, Essex and Passaic counties: • Vice president and Hud- son County market specialist Nicholas Nicolaou arranged the sale of a four-building package totaling 159 apart- ment and six commercial units located throughout Jer- sey City (115-119 and 125- 129 Magnolia Ave. and 50 Stuyvesant/2 Romaine) and Hoboken (328-332 Jackson St.). Combined, the four prop- erties garnered $21 million. • The $6.850 million sale of 52 units at 120-122 Park Pl. in Passaic was arranged by Debbie Pomerantz , vice president and Passaic/Bergen County market specialist. • 55-59 Cherry St., a 23- unit property in Elizabeth, was sold for $1.1 million by Stephen Tragash , vice presi-
dent. • Managing director David Oropeza brokered the $1.025 million trade of 30-32 Rutgers St. in Irvington, a 27-unit property with five commercial spaces. • In Kearny, a 12-unit prop- erty also sold for $1.025m In transactions outside of New Jersey, Eli Rosen ar- ranged the sale of the Arbor Wood Duplexes in Philadel- phia. The property, consisting of 21 duplex houses with a total of 42 one-bedroom apart- ments in the city’s German- town/Mt. Airy section, traded for $2.375 million. The sales of four additional properties along the New Jersey/Pennsyl- vania corridor, totaling 1,865 units, were also arranged by Gebroe-Hammer’s brokerage teams. n
LIVINGSTON, NJ — Pre- dictions that multi-family investment sales would con-
g r a d e s a s part of the new buyer’s b u s i n e s s plan in or- der to bring these newly acquired as- se t s up t o competitive
tinue to soar in the second half of 2014 are holding true based on early re- turns. Dis- proving the axiom that t h e s um -
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NFI breaks ground on 1,015,000 square foot facility for Five Below
Ken Uranowitz
Nicholas Nicolaou
market rates. We predict this trend will continue for the remainder of this year and beyond, especially as the econ- omy continues to improve and many residents – notably the younger generation – are more inclined to opt for apartment- rental living.” Eight of the 13 properties sold during the two-month timeframe were located in
mer months are “slow” for business, Gebroe-Hammer Associates completed 13 multi-family investment sales in July and August, totaling 2,180 units valued at $117.2 million. “Demand among investors continues for all class catego- ries of multi-family proper- ties,” said Ken Uranowitz , president. “Targeted proper-
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