Trading activity breaks firm’s quarterly benchmarks Gebroe-Hammer ends Q1 2016 with 30 multi-family sales of $578+M/3,590 units L IVINGSTON, NJ — The multi-family-in- vesting rush reached
ISSUE HIGHLIGHTS Volume 28 Issue 7 April 15 - 28, 2016 Financial Digest Featuring Appraisal
property located at 77 Oak- wood Village. The apartments have upgraded kitchens with maple cabinetry and new ap- pliances. The community fea- tures numerous resident ame- nities including a swimming pool and sundeck, children’s pool, tennis court, playground, dog run, parking garage, on- site management and 24-hour on-site maintenance. “The sponsor acquired Oak- wood Village with a detailed business plan coming into the acquisition, which includes significant capital improve- ments,” said Schubert. “Me- ridian successfully negotiated loan terms that allowed for the funding of $7.5 million in capital expenditures over and above the 75% loan-to-cost ac- quisition financing, equivalent to 79% loan-to-cost in total,” he added. n “Within the Northern New Jersey submarkets, investor demand and tenant occupan- cies have struck a nice balance. Both are keeping pace with the existing apartment-housing stock dominated by pre-1970s- era buildings and the sweeping introduction of new construc- tion and revitalization initia- tives in urban and suburban areas, especially those adja- cent to or within walking dis- tance to mass transportation hubs,” said David Oropeza , managing director. continued on page 2A strategically located class-B garden-apartment commu- nities prime for value-add repositioning. Other promi- nent sales included four sepa- rate buildings totaling 264 units in Essex County’s East Orange, while four others comprised of 543 units were located in Maywood, Wood- Ridge, Ridgewood and Wayne within the high-barrier-to- entry Bergen/Passaic County submarket. A total of 26 units also were sold in Philadelphia and 21 units traded inWarren County, NJ.
a new level during the first quarter along the New Jer- sey/Philadelphia corridor, where Gebroe-Hammer As- sociates closed $578+ mil- lion in transactions. The firm recorded 30 sales involving a total of 3,590 units during the three-month timeframe, averaging over two sales per week and breaking records previously set during the course of its 40-year history. The latest trades spanned the entire 112-mile corridor from Philadelphia to North- ernNew Jersey. They extend- ed from the City of Brotherly Love, across the prosperous corners of Central Jersey and the 72-mile shoreline of Ocean and Monmouth coun- ties, to the Garden State’s most densely populated cit- ies and suburban commuter hubs. “Favorable multi-family in- vesting fundamentals – from demographics and prevailing housing/lifestyle ideologies to a static low-interest-rate
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Deer Creek Apartments, a 288-unit apartment-home community in Plainsboro, NJ, was among the multi-family sales arranged by Gebroe-Hammer Associates during Q1 2016.
environment – continue to feed brisk trading and a record-setting transaction pace,” said Ken Uranowitz , Gebroe-Hammer president. “Demand is significantly outpacing supply of for-sale product, prompting buyers to aggressively pursue mar- keted and off-market proper-
ties with a sense of urgency I have not seen in the 40-plus years I’m in the business.” In March alone, Gebroe- Hammer’s area market spe- cialists established new firm benchmarks by arranging sales totaling more than $364 million and 2,031 units. Over- all, six of the properties were
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Meridian Capital arranges $146million in acquisitionfinancing forOakwoodVillage
FLANDERS, NJ — Merid- ian Capital Group arranged $146 million in acquisition fi- nancing for the purchase of the Oakwood Village multifamily property located in Flanders,
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NJ. The seven-year loan, provid- ed by a regional balance sheet lender, features a fixed-rate of 3.625%, two years of interest- only payments and a five-year extension option. This transac- tion was negotiated by Merid-
ian senior managing director, Israel Schubert and senior vice presidents, Russ Drebin and Steve Halpert , who are all based in the Company’s Iselin, NJ office. Oakwood Village is a 1,224- unit garden-style multifamily
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