12A — June 8 - 21, 2018 — Creative Financing — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
C reative F inancing
amilton Twp., NJ — The Kislak Company, Inc. an- The purchaser completes an I.R.C. Section 1031 Exchange with the purchase Lupo, Pucci & Wiener of Kislak complete sale of Montage At Hamilton for $48.155 million H
the purchaser, an affiliate of The Kamson Corporation , which is one of the largest private owners of multifamily properties in the Northeast. The purchaser completed an I.R.C. Section 1031 Exchange with the purchase. “The marketing and sale of the property were complex giv- en the various components of the transaction – the existing units, condominium structure and additional units to be built along with the purchaser’s exchange,” said Lupo. “The sale demonstrated Kislak's ability to work quickly and
efficiently to procure the right purchaser per the terms of our exclusive agreement with the seller. Sharbell and Kamson and their respective teams were a pleasure to deal with as we worked initially through the intricacies of contract ne- gotiations and ultimately to closing.” “Mercer County is a strong and growing market for mul- tifamily properties,” said Mr. Pucci. “This was an excellent transaction for both parties – the conclusion of a successful development for the seller and the completion of an exchange and an upgrade from an older and lesser quality property to a luxury one for the purchaser. Our team did an excellent job arranging the sale and helping to ensure a successful closing.” The seller was represented by Michael Mann and Cyn- thia Anne DeLisi of Pep- per Hamilton LLP and the purchaser was represented by Allen Popowitz and Jeffrey Itzkowitz of Brach Eichler LLC . Financing was arranged by Augustus Larson of Lar- son Capital, LLC . At the time of closing, the property was fully occupied with a waiting list. To date, CPC has invested more than $275 million in the Syracuse area to finance 162 multifamily housing projects. All apartments in The Em- pire feature high ceilings and oversized windows, hard-wood kitchen cabinetry, granite countertops, contemporary stainless steel appliances, ce- ramic tile bathrooms with tiled walk-in showers, and hardwood flooring. Additionally, all apart- ments have a high-efficiency heating and central air condi- tioning package, as well as a video intercom for visitors in all apartments. The building provides automatic gate with vehicle recognition access, en- trance doors with fingerprint and smartphone access control, colored day and night security cameras, LED pole and build- ing lights, and a sitting area for transportation pickups. Onsite parking is available for sixty vehicles. CPC, Empire Building, Mayor. . . continued from page 10A new housing and retail space – again serving as anchors of activity and economic oppor- tunity for neighborhoods large and small.
nounced the sale of Montage at Hamilton, a recently-construct- ed luxury active adult commu- nity in Hamilton Township, Mercer County for $48.155 million. Kislakmarketed the property on behalf of Sharbell Hamilton, Inc., an affiliate of Sharbell De- velopment Corporation. Sales associate Justin Lupo repre- sented the seller and chief oper- ating officer Jason Pucci and senior vice president Jeffrey Wiener together represented
Montage at Hamilton
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