Mid Atlantic Real Estate Journal — May 25 - June 7, 2012 — A
www.marejournal.com
M id A tlantic R eal E state J ournal Of HUD, income- and age-restricted properties Gebroe-Hammer offers expertise in disposition and acquisition L executive VP, who noted numer- ous properties have expiring rental contracts that are not be- unit age-restricted complex in Southern NJ. Jarvis, along with executive VP Joseph Brecher, arranged the transaction on behalf of the seller. IVINGSTON, NJ — As hundreds of New Jersey’s HUD, income- and age-re-
They wrote the policy.
We make sure they write the check.
strictedmulti- family proper- ties continue to operate in the f ace o f e s c a l a t i n g non-perform- ing debt and exponentially accumulating
ing renewed, leaving the government a s we l l a s the landlords unprepared. “These own- ers are con- t i n u i n g t o operate their
“Privately owned income- and age-restricted multi-family properties are rather ‘hot’ right now since they are characteris- tically well-occupied and well- maintained,” said Brecher, who noted the seller had marketed the property intermittently during the past several years. “Of course, strong relationships and a good reputation among lenders, government agencies and prospective buyers are all critical to facilitating a sale.” “As the availability of for-sale market-rate apartment build- ings continues to fall short of heightened demand throughout New Jersey, investors of all types – from individuals to insti- tutional entities – are seeking to add income- and age-restricted properties to their portfolios,” said Ken Uranowitz, managing director. n
M. MILLER & SON Public Adjusters Since 1960
David Jarvis
Joseph Brecher
1211 Liberty Ave., Hillside, NJ 07205 � Tel: 908-355-4800 adjuster@mmillerson.com � www.mmillerson.com
interest, penalties and other fees, the brokerage specialists at Gebroe-Hammer Associates are negotiating trades of these over-leveraged properties to the satisfaction of all involved par- ties. From the sellers, buyers and tenants, to the lending in- stitutions and state and federal government agencies, the firm is gaining sales approvals and accolades at the same time. “There are hundreds of HUD properties in New Jersey. Many cannot or won’t be able to secure refinancing in the wake of grow- ing debt,” said David Jarvis,
properties, negating their bot- tom line even further, without being foreclosed upon, which would prove highly disruptive to the tenants.” According to the 18-year multi-family brokerage veteran, it is critical to identify a buyer who sees the long-term perfor- mance potential in HUD prop- erties and is willing to assume the debt. In some cases, Jarvis also has been able to negotiate specific components of the sale, including a transfer-tax waiver. Such was the case in the recent trade of a fully occupied 200+-
Recent Financings Arranged By Meridian Capital Group
continued from page 2A Residential Property and §1031 Exchanges . . .
a bright line test, but at least they clarify some of the distinc- tions regarding the use of §1031 Exchanges for residential prop-
erties. Lee David Medinets, Esq. is senior counsel for Madi- son §1031. n
the end of the recommended two-year holding period. The two cases do not yet suggest
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