B — March 14 - 27, 2014 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N orthern N ew J ersey Carriage Club in Mount Arlington, NJ
Marcus &Millichap arranges the sale of a 105-unit apartment building for 18.625m
M
to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by the listing team. Michael Fasano , broker, assisted in closing this transaction. Carriage Club is located at 1 Hillside Dr. in Mount Arling- ton. This 105-unit, 55+ active adult community was built in 2003. “The property is a stable asset, in impeccable condition with proven economic perfor- mance, within close proxim- ity to New York City,” said MacLaren. “However, from a marketing perspective, it was
a bit of a ‘tweener’ – Too small for the institutions and too big for the smaller private inves- tors. Additionally, the active adult component is foreign to many market rate multifam- ily buyers. We had to really work to find the right buyer for this deal,” he added. “The eventual buyer assumed an existing Freddie Mac loan, which was another challenge to overcome. Some potential investors were unwilling to explore the assumption pro- cess because lenders are so aggressive today,” said Talone. Carriage Club features the most luxurious amenity pack-
OUNT ARLING- TON, NJ — Marcus & Millichap Real
Estate Investment Ser- vices has announced the sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, according to Spencer Yablon , regional manager of the firm’s Philadel- phia office. The asset sold for $18,625,000. RidgeMacLaren , Andrew Townsend , Clarke Talone , Mark Thomson , Zachary Pierce and Steven Rut- man , investment specialists in Marcus &Millichap’s Phila- delphia office, had the listing
Carriage Club
age within a 20-mile radius, including a clubhouse, indoor heated pool, state-of-the-art fitness center, billiard room, library, putting green, and much more. n Feinstein, Raiss, Kelin & Booker, LLC relocates LIVINGSTON, NJ — Fein- stein, Raiss, Kelin & Book- er, LLC (FRKB) , an active law firm with a concentration in real estate, has signed a long-term lease for prime of- fice space at Eisenhower Cor- porate Campus in Livingston. The premier class-A building will house the firm’s offices, formerly located in West Or- ange. “This new office location is a reflection of how we have grown since our founding al- most 23 years ago and our un- wavering commitment to meet the unique needs of today’s clients,” said Larry Raiss, who along with Richard Kelin and Norman Feinstein co-founded the firm. Both Raiss and Kelin are managing partners widely recognized for their exper- tise in commercial real estate sales, purchases, refinances and lease agreements; corpo- rate/business law; financing; and forming and structuring real estate partnerships and limited liability companies. Located at 290 West Mount Pleasant Ave., Eisenhower Corporate Campus offers con- venient access to the area’s extensive highway infrastruc- ture, including Routes 280, 80 and 46, the New Jersey Turnpike and Garden State Parkway. Paul Steinbach and Mitch Leff of American Properties Realty, Inc. rep- resented FRKB in the move. n
We’ve got the capital connections to deliver the right results.
R E C E N T N O R T H M A R Q T R A N S A C T I O N S
$18,500,000 325 South Salem Church Road SIZE: 625,000 SF CITY: YORK, PA LENDER: NATIONAL BANK
$17,000,000 Church Square SIZE: 81 UNITS CITY: HOBOKEN, NJ LENDER: LOCAL BANK
$12,000,000 Parsonage Hill Village SIZE: 204 UNITS CITY: EDISON, NJ LENDER: CORRESPONDENT LIFE CO.
Real Estate Capital
northmarq.com
34 OFFICES COAST-TO-COAST
New Jersey Office ONE GATEHALL DRIVE, SUITE 101 PARSIPPANY, NJ 07054 973.538.2330
Greg Nalbandian MANAGING DIRECTOR 973.944.5728 gnalbandian@northmarq.com
Gary Cohen SENIOR VICE PRESIDENT 973.944.5724 gcohen@northmarq.com
Cristina Kloss VICE PRESIDENT 973.944.5725 ckloss@northmarq.com
Made with FlippingBook - Online catalogs