Mid Atlantic Real Estate Journal — Owners, Developers and Managers — March 30 - April 12, 2012 — 7A


MacLaren, Townsend, Talone procure buyer, Tryko Ptrs. Marcus & Millichap Phila. brokers $10.3m apartment

Morris & Stewart arrange 10 year financing Cronheim Mortgage finances apts. for $9.4m

MORRISTOWN, NJ — Cron- heim Mortgage has arranged financing totaling $9,400,000 on the Lindsley Arms apartments, located at the corner of Whip- pany Road and Lindsley Drive in Morristown. Dev Morris and Andrew Stewart arranged the 10 year financing withAviva In- vestors whom they represent as both a correspondent and loan servicer. The rate was locked on the loan four months prior to closing with no additional cost or spread premium. The subject, built in 1962, consists of 116 1 bedroom units; the balance are equally split between 2 and 3 bedroom units, all of which are generously sized relative to the average unit s/f in competing properties. Lindsley Arms is

located adjacent to the Mor- ristown Westin Hotel; it is also near the historic Ford Mansion (Washington’s Headquarters), one mile from the Morristown train station (with direct access to Midtown Manhattan), and two miles west of the Morris- town Municipal Airport. Accord- ing to Dev Morris, Principal of Cronheim, “This was a very low loan to value and the borrower had numerous options. He chose to work with us and Aviva due to our ability to lock in an inter- est rate early, provide competi- tive pricing and terms, as well as a simple closing process. Cronheim acting as a portfolio servicer is another benefit the borrower pointed to when mak- ing a decision.” ■


BERDEEN, MD — Marcus & Millichap Real Estate Investment

Services brokered the sale of Perrywood Garden, a 184- unit, 137,081 s/f apartment complex located in Aberdeen, part of the Baltimore-Towson metropolitan statistical area. The sales price of $10,337,000 equates to $56,179 per unit or $75 psf. The property is subject to a project-based Housing As- sistance Payment Contract for 100 percent of the units. Donald “Ridge” MacLaren, first vice president invest- ments, Andrew Townsend, senior associate and Clarke Talone, associate, all based in Marcus & Millichap’s Phila- delphia office, represented the seller, Perrywood Garden Associates LP. MacLaren, Townsend and Talone procured the buyer, Tryko Partners LLC. David Feldman, regional manager of the firm’s Washing-

Perrywood Garden

ton, D.C. office, was the broker of record. “Perrywood Garden is cen- trally located between Balti- more andWilmington and is in close proximity to the United States Army’s Aberdeen Prov- ing Ground,” says MacLaren.

“The property has an in-place Housing Assistance Payment Contract and the new owner has a tremendous upside in re- ducing operating expenses and receiving yearly rent increases as theAberdeen rental market continues to thrive.” ■

Gebroe-Hammer records seven North Jersey multi-family sales

Marcus &Millichap New Jersey’s McConnell & McCrann coordinate $4.87 million sale

HACKENSACK, NJ— Mar- cus & Millichap Real Estate Investment Services, the na-

tion’s largest Real Estate Investment S e r v i c e s firm, has an- nounced the sale of Frank- lin Garden Apartments, a 4 5 - u n i t apa r tmen t p r o p e r t y l o c a t ed i n Hackensack, NJ, according to Michael J. Fasano, Vice Pr e s i den t / R e g i o n a l Manager of

10 South Grove St. in East Orange, NJ

LIVINGSTON, NJ—Gebroe- Hammer Associates’ brokerage professionals have recently recorded seven separate trans- actions, involving a total of 138 units sold for $8.34 million, in Bergen, Essex, Hudson and Union counties. In the northernmost County of Bergen, Greg Pine, senior vice president, completed the $1.985 million sale of Phelps- Ivy, a 14 unit complex located at 17 East Ivy Lane in Engle- wood. Executive VP David Oropeza completed the $1.175 million sale of 10 South Grove St., in East Orange. Additionally, Oropeza, along with executive VPs Joseph Brecher and David Jarvis, arranged the trade of 32 units in Orange for $1.275 million. Sales associates Gehane Tri-

arsi represented the seller and procured the buyer in the $1.2 million sale of 612 Ziegler Ave., an 18-unit garden apartment complex situated in one of the city’s residential neighbor- hoods, and Nicholas Nicolaou orchestrated a 21-unit trade for $1.4 million at 34 Clifton Place, respectively. In Union City, the brokerage team of Uranowitz; VP Scott Callahan; executive VP David Jarvis and Nicolaou completed the trade of 19 residential units and a ground-floor retail unit for $825,000. Addition- ally, Uranowitz and sales as- sociate Stephen Tragash also arranged the $480,000 note sale of six commercial and two multi-family units in Elizabeth. The Elmora Avenue property is located in the city’s central business district. ■

Thomas McConnell

Kevin McCrann

the firm’s New Jersey office. The asset commanded a sales price of $4,870,000. Thomas McConnell, CCIM and KevinMcCrann, Associate Directors of the National Multi Housing Group in Marcus & Millichap’s New Jersey office, had the listing to market the

Franklin Garden

property on behalf of the seller, Franklin Apartments, LLC. McConnell and McCrann also secured the buyer, Hacken- sack Associates, LP. “The sale price at a 6 Cap Rate, is a testament that the

demand for multifamily in northern NJ remains strong. Both the buyers and sellers are reaping the awards of our low interest rate environ- ment.” McConnell said. ■

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