6B — August 14 - 27, 2020 — New Jersey — M id A tlantic Real Estate Journal


N ew J ersey

SVP Joseph Keenan and VP Justin Lupo arrange sale of 64 units Kislak sells Newton, NJ multifamily properties for $7.3 Million

announc ed the r e c ent sale of two mu l t i f am - i ly proper- ties in New- ton, Sussex County for $7.3 million. The proper- W

Kislak marketed the proper- ties on a behalf of the seller, a longtime client, with senior v i ce pres i - dent Joseph Keenan and v i ce pres i - dent Justin Lupo han- dling the as- s i g nm e n t . M e s s r s . Keenan and Lupo also procured the pur- chaser, a private investor. “To say this deal had chal- lenges would be an under- statement.” Said Keenan. “We were weeks away from

closing when COVID-19 hit. New Jersey locked down and the prior lender temporarily ceased financing. The transac- tion became a total team effort to extend the timeline, find a new source of financing and guide it to closing all while maintaining pre-pandemic pricing. I am grateful for my team at Kislak and our ability to work together to overcome any challenge that’s thrown at us.” “During these unprecedent- ed times, we continue to ex- perience a ‘new normal’ per- sonally and professionally,” said Lupo. “The new normal in real estate transactions can be challenging especially with recent more stringent changes in lending require- ments. The Newton sales were no exception as we needed to overcome many obstacles prior to closing. Fortunately, the real estate professionals at Kislak, among others involved, were able to resolve all issues and bring the transactions to a close.” Stonewood at Newton is a garden apartment complex that includes two well-main- tained brick buildings each with 16 units in a profes- sionally landscaped parklike setting. The buildings include four studios, 16 one bedroom units and 12 two-bedroom units. Swartswood Gardens is also a garden apartment complex that includes two well-main- tained brick buildings with 32 units in a professionally landscaped parklike setting. The buildings include 24 one bedroom units and eight two bedroom units. Both properties include many recent improvements and offer abundant on-site parking. They are convenient- ly located one mile from down- town Newton, which is the Sussex County seat situated 60 miles northwest of New York City, close to Rte. 206 with many major retailers in- cluding ShopRite, Walgreens, Home Depot and Lowes. Sus- sex County Community Col- lege is also nearby. At the time of closing, the properties were fully occupied. The seller’s attorney was Ed- ward Bortz and the purchas- er’s attorney was Jacques Moye . The purchaser’s financ- ing was arranged by Eric Seidel and provided by Rea- dyCap . MAREJ

OOD B R I DG E , NJ — The Kislak Company , Inc .

Stonewood at Newton

Joseph Keenan Justin Lupo

ties include Stonewood at Newton, a 32-unit complex located at 31 Paterson Ave., and Swartswood Gardens, an- other 32-unit complex located at 4-20 Swartswood Rd.

Swartswood Gardens


Maplewood, NJ 20 Units | New Construction Joni Sweetwood ext 273

Westfield, NJ 9 Units and 1 Commercial Space Michael Salomon ext 243

Westfield, NJ 20,650 SF Med. Office | Potential to convert to 16 Apts. + 45 Pkg Spaces Michael Salomon ext 243

Belleville, NJ 7 Units and 3 Garages Tom Scatuorchio ext 255

Old Bridge, NJ 7 Units and 1 Commercial Space Matt Weilheimer ext 272

Red Bank, NJ 3 Units and 1 Retail Daniel Lanni ext 248

The Kislak Company, Inc. | kislakrealty.com | 732 750 3000

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