Real Estate Journal — Multifamily | Walter R. Cohn, Esq. EXPO 2016 — Owners, Developers & Managers — March 25 - April 14, 2016 — 13B
www.marejournal.com M id A tlantic
M ultifamily | W alter R. C ohn , E sq . EXPO 2016 Three year loan was structured with fixed rate of 2.65%& flexible prepayment structure for the borrower Cronheim Mortgage secure $18 million for Prime multifamily building in Hackensack, NJ
ackensack, NJ — Andrew Stewart and Allison Moravec secured $18 million in financ- ing for the Carlyle, a 128 unit, 13-story apartment building located in Hackensack, Bergen County. The three year loan was structured with fixed rate of 2.65% and flexible prepay- ment structure for the bor- rower, Emay Equities LLC &Colony Realty Associates . The subject property was constructed in 1976 along Prospect Avenue, the prime location for mid- and high- rise multifamily in the city of Hackensack. The property features 89 one-bedroom units which range in size from 780 s/f to 810 s/f and 39 two- bedroom units which encom- H TEN-X ranks the multifamily real estate sector’s top buy and sell markets IRVINE & SILICON VAL- LEY, CA — Ten-X (formerly Auction.com) released its lat- est Multifamily Market Out- look report, which highlights the sector’s top buy and sell markets. The long-term fore- cast report, which is based on Q3 2015 current and expected fundamentals, reveals Or- lando, FL, Raleigh-Durham, NC, Fort Lauderdale, FL, Phoenix, AZ and Sacramento, CA, as the sector’s top buy markets thanks largely to lo- cal economic gains and popu- lation inflows. Meanwhile, investors in Northern New Jersey, Philadelphia, Miami, Pittsburgh and Boston might consider selling due to slowing economic outlooks and dimin- ishing employment. “The overall multifamily sector remains healthy and the trend of renting instead of owning continues across the U.S.,” said Ten-X chief econo- mist Peter Muoio . “Despite being six years into its expan- sion, the demand drivers for multifamily are still in place with no signal of waning in the coming years.” While Ten-X’s latest Multi- family Market Outlook Report reveals markets investors need to keep their focus on, it also outlines how multifamily construction is heating up as demand drivers are holding strong. Effective rents are up by 4.3% nationwide from one year ago, which accounts for an all-time peak. n
pass approximately 1,035 s/f. On-site parking is available for 200 vehicles at a ratio of 1.5 per apartment. There is a three level underground lot which was recently renovated and has capacity for 136 ve- hicles and a surface lot with 64 uncovered spaces. The prop- erty’s amenities and services include a 24 hour doorman and concierge, heated swim- ming pool, recently renovated fitness center, package receiv- ing, and onsite laundry and storage facilities. There are New York City views from the eastern side of the building. n
Carlyle
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