4A — September 28 - October 11, 2018 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
Surovich of Lakeland Bank served as lender Lucern Capital Partners exits Weymouth Court Apartments in Philadelphia, PA
P
cant capital was injected, cor- recting deferred maintenance and renovating units to market specifications. “When we purchased the portfolio, the majority of the tenancy at the property was materially delinquent, and the property was in deep dis- repair. We moved to re-tenant the property, replacing ap- proximately 75% of the tenant base with higher quality, pay- ing tenants, improving rents while simultaneously reducing delinquency to almost zero. To support a higher quality tenant base, we renovated common
areas, units, and dressed up the exterior of the building. We prudently invested, upgrading electric, upgrading heating systems to high-efficiency, and repairing major components of the plant,” said Frank Forte , who leads the firm. “We had initially planned to hold the asset longer, but we have begun to refocus our efforts on fewer, but larger transactions. We saw an op- portunity to divest and improve our resource allocation, while leaving the new buyer in a place to focus on improving rents fur- ther, and taking the asset to the next level. Our sale process, led by Eli Rosen of Gebroe-Ham- mer , was smooth and quick. Our lender on this deal was Rob Surovich of Lakeland Bank , who was a great partner to us from acquisition through sale. We are excited to move forward, but always nostalgic when we exit a transaction,” said Forte. Costanzo of Char i t y Rea l t y reps. Groome in relocation FAIRFIELD, NJ —According to Charity Realty Interna- tional , Groome Industrial Ser- be sweeping their corporate offices, warehousing and train- ing facilities to a free standing 22,000 s/f facility in Fairfield. James Costanzo , president of Charity Realty Internation- al who represented Groome’s relocation effort knew he was looking at Cinderella’s Slipper when he first toured 22 Au- drey Place. “It checked all the boxes; a professionally man- aged, first-class facility with easy highway access and both drive-in and tailboard load- ing, 22-foot clear ceilings, on an over-sized lot, with enough HVAC and finished space to accommodate the client’s needs, in an employee-centric location.” As a result of the transac- tion, Charity Realty Int'l. pre- sented a grant in the amount of $6,000 divided between four charitable organizations. James Costanzo v i ce Group a l ong wi th s u b s i d i a r y Groome Door & Mechani- cal Systems, both specialty service con- tracting com- panies will
HILADELPHIA, PA — Lucern Capital Partners , a real estate
private equi- ty firm head- quartered in New Jersey, has sold a two property port- folio in Phila- delphia, PA. Lucern Capi- tal Partners
Frank Forte
acquired the portfolio in an extremely distressed state in 2016 from a strained partner- ship that had neglected the asset. Upon purchase, signifi-
Weymouth Court Apartments
BRIDGING CAPITAL TO REAL ESTATE OPPORTUNITY
NEW JERSEY OFFICE ONE GATEHALL DRIVE, SUITE 201 PARSIPPANY, NJ 07054
T 973-998-9890
2018 DEAL OF THE YEAR RECIPIENT
NEW JERSEY | CHICAGO | LOS ANGELES | MIAMI | SEATTLE
WWW.BRIDGEDEV.COM
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