12-11-15

- DC

The Crest at Princeton Meadows located in Plainsboro, NJ MeridianCapital Group arranges $98m in financing for multifamily property P LAINSBORO, NJ — Meridian Capi tal Group arranged $98 of the sponsorship and prop- erty to achieve a 78% loan-to- value ratio and two years of interest-only payments,” said Hirsch.

ISSUE HIGHLIGHTS Volume 27 Issue 23 Dec. 11 - 23, 2015 FINANCIAL DIGEST Featuring... Tax Issues/ Accounting

million in acquisition financ- ing for the purchase of The Crest at Princeton Meadows, a multifamily property located in Plainsboro on behalf of Harbor Group and Azure Partners . The seven-year loan, provid- ed by a regional balance sheet lender, features a competitive fixed-rate of 3.75%, two years of interest-only payments followed by a 30-year amor- tization schedule and a five- year extension option. This transaction was negotiated by Meridian Capital Group senior managing director, Abe Hirsch , managing directors, MosheMajeski and Zev Kar- pel , and vice president, Akiva Friend , who are all based in the company’s New York City headquarters. The Crest at Princeton WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recent sale of two multifamily properties in Monmouth County for a total of $10.8 million. The separate transactions include the $7.7 million sale of West End Gardens, a 56-unit gar- den apartment community in Long Branch and the $3.1 million sale of Parkview Ter-

"We are excited to partner with Jordan Slone and his team at Harbor Group In- ternational in acquiring this great asset in a severely sup- ply constrained sub-market. Meridian's team did a great job sourcing superb long term fixed rate financing for the JV from a local balance sheet lender that will enable us to execute our business plan," said Arthur Rosenberg, Chief Executive Officer of Azure Partners. Azure Partners and Harbor Group International have formed a 50/50 joint venture to acquire The Crest at Princeton Meadows in one of the larg- est multifamily single asset transactions in the State of New Jersey this year. n very active,” said Lanni. “We obtained an exclusive listing to market and sell each prop- erty and very quickly achieved high offers from qualified investors. Both sellers were longtime owners and realized that now is an optimal time to sell, and the purchasers were excited to add well-located properties with value-add components to their portfo- lios.” West End Gardens is a 56-unit apartment complex located on West End Avenue in Long Branch. The seller was the original builder and it had never before been on the market. Constructed in 1965, the property is centrally located near the beach, train station and Pier Village. The property has new roofs and windows and renovated kitch- ens and bathrooms in some of the units. There is on-site parking for over 100 cars. Parkview Terrace is a six- story high-rise building with 26 units located on Park Ave. in Asbury Park. n

5-10A

Central PA Spotlight

21-23A

For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com UPCOMING CONFERENCES FEBRUARY 5, 2016 PhiladelphiaMultifamily Summit FEBRUARY 11, 2016 NJ Industrial Real Estate and Development MARCH 18, 2016 NJ Land Development Summit APRIL 14, 2016 NJ Office Summit MAY 12, 2016 NJ Apartment /Multifamily Conference JUNE 30, 2016 NJMid Year Commercial Real Estate Forecast Summit

The Crest at Princeton Meadows

Meadows, located at 3217 Ra- ven Crest Dr., is a garden-style multifamily property totaling 37 three-story buildings with 704 units spanning nearly 41 acres. The property has undergone significant capital

improvements since 2012 and is now recognized as the high- est quality multifamily com- munity in the Plainsboro area. “Meridian leveraged our unique relationship with the lender and the top-tier quality

Kislak completes $10.8 million multi- family sales in Monmouth County, NJ

Directory

Financial Digest Featuring Tax Issues/Accounting. ..5-10A DelMarVa • DC.......................................................11-15A Pennsylvania Featuring Central PA......................17-27A New Jersey....................................................... Section B Northern NJ...........................................................5-12B

West End Gardens

race, a 26-unit high rise in Asbury Park. Kislak mar- keted all of the properties and vice president Daniel Lanni represented all parties in the transactions. “The market for multifam- ily properties remains very strong throughout New Jer- sey and the Monmouth Coun- ty submarket is no exception,” said Robert Holland , presi-

dent. “Since last year alone, Kislak sold more than $70 million worth of multifam- ily properties in Monmouth County led, in large part, by Dan’s efforts. He is the regional expert and a master marketer. I am very proud of his continued success.” “The Monmouth County multifamily sales market is

www.marejournal.com Upcoming Spotlights December 24, 2015 Annual Review Best Retail POM/DOM of 2015

Made with