S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Schubert and Cohen negotiate transaction involving eight two-story multifamily buildings Meridian Capital arranges $22.7m in acquisition financing for the Franklin Manor Apartments
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MORRISTOWN, NJ — Holliday Fenoglio Fowler, LP (HFF) announced that it has closed the sale of a two-property medical office and office building portfolio totaling 128,000 s/f in Mor- ristown. The two properties within the portfolio are: 55 Madison and 101 Madison Ave. HFF marketed the assets on behalf of the sellers, a joint venture of Ivy Re- alty and CenterSquare Investment Management . Atlantic Health System, represented by Colliers In- ternational , purchased both buildings for $22.5 million free and clear of any exist- ing debt. 55 and 105 Madison Ave. are located across from the Morristown Memorial Hos- pital about two miles from downtown Morristown and the Morristown train sta- tion, which provides access to New York’s Penn Station 25 miles to the east. The amortization schedule. This transaction was negotiated by Meridian Capital Group s en i o r manag i ng d i r e c - tor , Israel Schubert , and managing director, David Cohen , who are based in the Company’s Iselin, NJ office. The Franklin Manor Apart- ments consists of eight two- story multifamily buildings totaling 140 units. The prop- erty is strategically located at 114 Franklin St. in Morris- town near all major highways including I-78, I-80 and I-287, the Garden State Parkway and the New Jersey Turnpike. Morristown is a convenient 40-minute drive from New York City via the Holland or Lincoln Tunnels. Further, the property is a short walking distance to numerous small retail boutiques as well as the Morristown Train Station with direct service to Penn Station.
ORRISTOWN, NJ — Meridian Capi- tal Group negoti-
Southern NJ SPOTLIGHT HI-LIGHTS MAST Construction manages fourth phase of largest municipal park proj. inNewJersey 5-11B ated a $22.7 million loan for the purchase of the Frank- lin Manor Apartments, a multifamily property located in Morristown, on behalf of Franklin Manor Associates, LLC. The seven-year loan, pro- vided by a local balance sheet lender, features a competitive fixed-rate of 3.30% and two years of interest-only pay- ments followed by a 30-year JULY 17 - 30, 2015
to obtain financing that affords both extremely aggressive pricing, along with highly favorable prepayment flex- ibility,” said Schubert. “The interest-only period will allow Franklin Manor Apartments
Residents also benefit from the property’s close proximity to the Morristown Medical Center. “Working with the outstand- ing client team, we were able
the sponsor to use excess cash flow to implement a planned renovation and improvement plan that will benefit the prop- erty while increasing cash flow and value,” he added. n
HFF closes $22.5m sale of office portfolio in Morristown, New Jersey totaling 128,000 s/f
3B NAIMertz inks121,500 s/f industrial lease for Go Plus Corporation
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55 Madison Ave.
property has immediate ac- cess to I- 287 as well as close proximity to I-80 and 280, and Routes 24, 10 and 202. 101 Madison is a 39,000 s/f medical office building that was most recently renovated
in 2008. 55 Madison was up- dated in 2009 and consists of an 89,000 s/f office building. Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioRefer- ence Laboratories.
The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , manag- ing director Kevin O’Hearn and real estate analyst Rob- ert Borny . n
ALSO INSIDE SNJ AIA...........................10-11B CREW NJ.............................. 16B www.marejournal.com
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