M id A tlantic Real Estate Journal — Owners, Developers & Managers — August 20 - September 16, 2021 — 9C


O wners , D evelopers & M anagers

Larry Eichler of Eichler Realty Company purchases Midtown Apartments Hay and KW Commercial completes sale of 64-68 Washington Avenue


marketplace.” The local con- nection has made the trans- action an ideal partnership to ensure everyone is taken care of. Hay prides himself on engaging in commercial real estate transactions that have a positive impact on their respec- tive communities. “I’m grateful to have sourced and completed such a significant local apart - ment sale,” he said. Hay has focused on com- mercial tenant representation, property listings, and invest- ment sales services for his clients. His background also includes construction man- agement experience, which he

deems to be invaluable knowl- edge that he can utilize for his brokerage clients. Hay said, “We quickly identified a logical qualified buyer who now holds a valued relationship with KW Commercial” Larry Eichler of Eichler Realty Company , who is the buyer of the Midtown Apart- ments was incredibly pleased and confident in Hay. “Mark provided us with a first look at a unique investment opportu - nity to purchase the property, which contains two buildings that were constructed in 2008 and 2014 in the center of town,” Eichler said. MAREJ

ARREN COUNTY, NJ — Mark Hay of KW Commer-

cial has completed the sale of the Midtown Apartments for $7.825 million. Located at 64-68 Washington Ave. in Washington Borough, the property consists of 70 mixed- use apartments with multiple storefronts. Sold by the original devel- oper, the complex provided a unique business opportunity for Hay and KW Commercial. “Creating a relationship with the original developer who counted on me to sell one of the most significant projects of his career means a lot,” Hay said. Hay is also familiar with the area and noted, “I live lo- cal to the Midtown Apartment complex and our KW franchise group has a significant local presence in the surrounding continued from page 3C How will a debt modification . . . What Is A Significant Modi - fication? A modification is significant when the difference between the present value of the cash flows of the new debt is 10% greater than the present val- ue of remaining cash flows on the old debt instrument. Modification accounting under FASB Subtopic 470-50 is ap - plied when the modification is deemed significant, and if not significant, the borrower shall apply extinguishment accounting. A modification to or an exchange of debt instru- ment with the same lender with substantially different terms is accounted for as a debt extinguishment. When the existing debt and new debt have substantially different terms, the new debt is recorded at fair value and that amount will be used to deter- mine the gain or loss. Interest expense would be accounted for under the interest method using the new effective rate. Conclusion Borrowers with debt modi - fications follow relevant guid - ance to determine the proper accounting treatment. Deter - mining if the transactions qual - ified for a total debt restructure is the first step in the process. Kristin Fee, CPA is a quality control associate and principal at Withum based in Princeton, New Jersey. MAREJ

Midtown Apartments

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