14C — March 16 - 29, 2012 — The Best of 2011 — Mid Atlantic Real Estate Journal


The Largest Multifamily Sale of 2011 Beech Street Capital, LLC Christiana Meadows — $32 Million — HFF AIG Multi-Housing Portfolio — $241.5 Million — Gebroe-Hammer Associates Metropolitan Plaza — $86 Million —

Metropolitan Plaza, Atlantic City, NJ

Broker(s): Jose Cruz, Andrew Scandalios HFF closed the sale of a six-property, 2,185-unit multi- housing portfolio in central New Jersey. HFF marketed the offering on behalf of the seller, AIG Global Investment Group. Angelo, Gordon & Company and Vantage Proper- ties, LLC purchased the portfolio for $241.5 million. This sale included the assumption of $150 million of existing debt. The portfolio is 91.6 percent occupied overall and properties are located within Monmouth and Middlesex counties. Quail Ridge Apartments, Plainsboro 1,032 Units Pheasant Hollow Apartments, Plainsboro 440 Units Jumping Brook Apartments, Neptune 308 Units Marine Gardens, Long Branch 24 Units Long Brook Apartments, Matawan 241 Units Leonardine Gardens, South River 140 Units Pheasant Hollow Apartments, Plainsboro, NJ

Size (square footage/acreage): 648-unit, garden-style apartment complex Broker(s): Originated by Brian Sykes, vice president based out of the Boston, MA office Beech Street provided a $32 million Fannie Mae structured adjustable rate mortgage (ARM) to refinance Christiana Meadows, which enabled the owner to approximate the net cash flow made possible by its tax- exempt floating rate bonds. The structured ARM, par- ticularly its initial pay rate, provided a better alternative than a fixed-rate loan or turning to a new LIBOR-based floating rate mortgage in hopes that rates would remain low. To further enhance the net cash flow, Beech Street provided four years of interest-only on the 10-year loan, since the monthly amortization payments are less under the structured ARM than a floating-rate note. Christiana Meadows, Bear, DE

Name of property: Metropolitan Plaza, Atlantic City, NJ Size : 201 units Broker(s): David Jarvis and Joseph Brecher Gebroe-Hammer Associates represented the seller and identified the buyer, a long-time client of the firm, in the $86 million sale of Metropolitan Plaza, a 201-unit high- rise multi-family complex at 145 S. Rhode Island Ave. in Atlantic City, N.J.’s Pacific/Rhode Island district. The privately-owned income- and age-restricted property, completed in 1988, is distinguished by its post-modern ex- terior design and extensive on-site amenities. The 14-story elevator building is one block from Atlantic City’s famed boardwalk, near both bus and rail transit, close to shops and restaurants, all of which generate high foot-traffic and support the building’s traditionally high occupancy rate.

Gebroe-Hammer Associates proudly congratulates Joseph Brecher and David Jarvis for " Largest Multi-Family Sale " Metropolitan Plaza in Atlantic City and our Best of 2011 Honorable Mention Top 10 Brokers - Sales

“Best Place to Work" #9

Top Broker – Sales Nicholas Nicolaou #22

David Jarvis #7

Joseph Brecher #6

Visit us on the web at www.gebroehammer.com Email: info@gebroehammer.com 2 West Northfield Road, Livingston, NJ 07039 Tel: (973) 994-4500 Fax (973) 994-9752


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