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In multifamily investments in New York City Global One Investments &NelsonMgmt. Group launch fund targeting $450m

ISSUE HIGHLIGHTS Volume 29 Issue 3 February 10 - 23, 2017 Meridian Capital’s NJ office announces recent loan closings totaling $40.3 million

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tifamily and mixed-use assets in New York City of 50-5,000 units, for both Value-Add and Core Plus investments. Both Gerstein and Nelson have owned and operated over 3,000 units worth $660 million in market rate, rent stabilized and regulated housing. “By gaining a thorough understanding of the overall dynamics of the New York City marketplace, including local, state and federal afford- able housing programs, we have been able to target assets primed for market reposition- ing,” said Gerstein. “We have had a tremendous amount of success with the support

of several local investors to improve the quality of life for residents and preserve afford- able housing in the New York metropolitan area. To this day, we have performed more than $60 million in capital improvements to our existing portfolio.” “Our expertise is in owning and operating a variety of mul- tifamily assets, from luxury properties to middle income to Section 8 housing with an investment strategy that also proves beneficial to the residents of the buildings we own,” said Nelson, president of Nelson Management Group and principal of Global One.

The first Global One Real Estate Fund, launched in 2008, purchased over 1,300 units of housing with a cur- rent market value of $200 million. Other Global One ventures acquired over 1,700 units of housing with a current market value of $460 million. Properties in the portfolio cur- rently include 275 South St. in Lower Manhattan, Prom- enade Apartments in Upper Manhattan, Atlantic Plaza Towers in Brooklyn’s Ocean Hill neighborhood and Hazel Towers and the Lafayette Boynton apartments in the Pelham Bay and Soundview sections of the Bronx. n

HILADELPHIA, PA — Global One Invest- ments, LLC and Nel-

s on Man - a g e m e n t Group, LTD has launched the firm’s sec- ond fund tar- geting $450 mi l l i o n i n multifamily investments in New York City.

Michael Gerstein

Local Philadelphia-area investor, Michael Gerstein , principal of Global One Invest- ments, established the fund along with partner Robert Nelson to target existing mul-

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NorthMarq Capital negotiates $78.8 million refinance

Lodi and Roseland properties garner a combined $230 million Gebroe-Hammer closes two nine-digit North Jersey multi-family sales in one week

LIVINGSTON, NJ — The persistent pursuit of high- quality, appreciating multi- family properties continues in North Jersey where Gebroe- Hammer Associates recently recorded two nine-digit sales within a one-week span total- ing $230 million and 1,002 units. The transactions in- volved Cedar Wright Gardens, located at 77 Mary St. in Lodi (Bergen County), and Nob Hill Apartments, accessible from Eisenhower Pkwy. at 28 Nob Hill Rd., in Roseland (Essex County). In both transactions, the

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Upcoming Conferences March 9, 2017 NJ Land Development Summit For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com

Cedar Wright Gardens

Nob Hill Apartments

brokerage team of Ken Ura- nowitz , president, and G reg Pine , executive VP represented the sellers and managing di- rector Joseph Brecher and senior VP Nicholas Nicolaou procured the buyers of the Lodi and Roseland assets, respec- tively. “2016 proved to be a year in which original owner/builders and decades-long owners, who never considered selling, took advantage of extremely heated market demand for multi- family product. These industry ‘veterans’ know, from past experience, this is a cyclical business and the curtain may be coming down soon on sub 4% interest rates,” said Ura- nowitz. “Bidding on existing

for-sale properties is becoming even more competitive and ag- gressive as investors continue to seek class A and B capital improvement opportunities that offer long-term rent ap- preciation and a greater return on investment.” Known for their high visibil- ity and distinguished presence within two of the most-dense- ly populated counties in the greater New York MSA, Cedar Wright Gardens and Nob Hill are poised for value-add repo- sitioning under new ownership. Both appeal to the region’s professional and executive- level tenant base associated with their strategic location in transit-based commuter hubs near retail, dining and lifestyle

conveniences. In the Lodi sale, Gebroe- Hammer represented the sell- er, Cedar Wright Gardens LP, and identified the buyer, Cedar Wright Apartments LLC. The 642-unit garden-style apartment complex has been a fixture within the Roosevelt/ Terhune/Passaic Avenue dis- trict since the seller acquired the property in 1952. The neighborhood is now undergoing extensive redevel- opment associated with the opening of Westmont Station, a rail station that launched oper- ations in May 2016. Newly con- structed mixed-use buildings, including luxury residential housing units, high-end retail continued on page 14B

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