S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
JLL secures $102 million acquisition financing, $10 million construction facility Novel Property Ventures purchases Nob Hill, in Roseland, New Jersey for $130 million
HI-LIGHTS February 10 - 23, 2017 Capital Markets experts today announced the firm secured $102 million in acquisition financing and a $10 million construction facility for the purchase and rebrand of Nob Hill, a 30-building, 360-unit multifamily asset located in Roseland. Acore Capital pro- vided the financing package. Novel purchased the assets for $130 million. Managing director Dustin oseland, NJ — On behalf of Novel Prop- erty Ventures, JLL ’s R
director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver . “We were very pleased with the execution of 33 Washington and believe the buyer will bene- fit from the positive momentum underway in Newark and the current tenant demand for the property,” Cruz said. About Berger Organization The Berger Organization is a privately owned diversified real estate company involved in the development and management of residential, commercial and hospitality properties through- out Northern NJ and NYC. Based in Newark, Berger has been instrumental in this city's renaissance over the past 42 years and was among the first to anticipate its revitalization as a destination of choice for busi- ness, shopping, dining, enter- tainment, sports and culture. n and proximity to highways and train stations serving NJ Transit and Amtrak com- muters. While immaculately main- tained by the seller, to the property will be rebranded, renovated and modernized, which together with its stra- tegic location, will make Nob Hill one of Northern New Jer- sey’s premier apartment com- munities, according to Novel. Nob Hill includes commu- nity amenities such as a swim- ming pool, two tennis courts, and private garages for each unit and ample surface park- ing. The Sponsor’s renovation plan includes construction of a clubhouse and fitness center, dog run and redesign of exist- ing amenities. Novel Property Ventures – founded by Bennat Berger and AndrewMiller – has an exten- sive track record of acquiring, renovating and repositioning a multitude of multifamily as- sets throughout NJ and NY. n
Nob Hill
Stolly and senior vice presi- dent Aaron Niedermayer led the JLL team on the fi- nancing. “It is rare that such a large multifamily asset trades in Northern New Jersey,” said Stolly. “The value-add oppor- tunity, near-full occupancy, experienced sponsorship and
high barrier-to-entry market made this asset highly appeal- ing to lenders.” Added Andrew Miller , principal of Novel Property Ventures, “This acquisition is a strong example of our success in capitalizing on the demand for upgraded multi- family product. We anticipate
this success to continue as we expand our footprint to include garden-style assets across the country.” Located on a 36-acre site, Nob Hill provides residents with multiple public transit options for travel to NYC, including a NJ Transit bus stop adjacent to the entrance,
Central NJ 5-14B
Sheldon Gross Realty brokers deal for 82,000 s/f
Berger Organization purchased the asset free and clear of existing debt Holliday Fenoglio Fowler, L.P. closes sale of a 450,000 s/f iconic office tower in Newark, NJ
Newark, NJ — Holli- day Fenoglio Fowler, L.P. (HFF) has closed the sale of 33 Washington St., a 450,000 s/f, value-add, iconic office tower in downtown Newark. HFF marketed the property on behalf of the seller, LNR Property , a subsidiary of Starwood Property Trust, Inc. Berger Organization purchased the asset free and clear of existing debt. 33Washington St. is situated on 1.6 acres in downtown New- ark, an infill northern NJ city eight miles west of downtown Manhattan. The office tower is located across the St. from Washington Park, two blocks from the Newark Broad St. commuter light rail and half a mile to Newark Penn Station. Additionally, the property is less than five miles from the expansive highway network
3B
Elberon/Avidan JV purchases a 50,400 s/f warehouse for $3.57 million
33 Washington St.
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that spreads through northern NJ and into NYC, including I-280 and 78, State Rtes. 1 and 9, the NJ Tpke. and Garden State Pkwy. The property, previously occupied entirely by Horizon Blue Cross/Blue
Shield, is now multi-tenanted by notable companies such as Audible and DHL. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , managing
ALSO INside David Zimmel, Zimmel Associates...12B CREW NJ....................................16B www.marejournal.com
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