Mid Atlantic Real Estate Journal — New Jersey — August 17 - 30, 2012 — 3B
www.marejournal.com
N EW J ERSEY
In Gloucester County, New Jersey Gebroe-Hammer arranges $2 million bank note sale
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LOUCESTER COUN- TY, NJ — Gebroe- Hammer Associates
“This will render the complex more competitive, in terms of maintenance, amenities and
minishing in velocity, multi- family properties are thriving, as evidenced by occupancies that are generally hovering in the high 90th percentile from Philadelphia and its South Jersey suburbs to New York and its Northern New Jersey suburbs,” said Uranowitz. “All of the factors that have con- tributed toward multi-family’s strength and solid investment performance, including an unstable housing market and record-low interest rates, are expected to become even more robust as we move toward the end of the year and into next.” ■
has arranged a $2 million non-perform- ing note sale secured by a 70-unit gar- den apar t - mentcomplex in Gloucester County. The
rents, which a r e g r a du - a l l y r i s i n g t h r oughou t South Jersey,” he said. “Oc- cupancy rates also are firm- ing up thanks to the area’s
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Ken Uranowitz
Joel Schwartz
investment brokerage team of Ken Uranowitz, managing director, and Joel Schwartz, executive vice president, rep- resented the lender. According to Schwartz, the note buyer plans to implement a capital improvement program once title has been secured. Wells REIT II signs PSEG to 15-year lease extension NEWARK, NJ —Wells Real Estate Investment Trust II (Wells REIT II) announced the signing of a 15-year lease extension with Public Service Enterprise Group (PSEG) for its corporate headquarters location at 80 Park Plaza in Wells was represented inter- nally by Kevin Pell, vice presi- dent, asset management, along with Jonathan Meisel of Jones Lang LaSalle. Eric Witmondt and Bryn Cinque of Colliers International represented the tenant. ■
strategic location and mass transit access to Philadelphia.” “Despite the influx of non- performing bank notes, which were anticipated as a result of the recession and now di-
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