12A — March 29 - April 11, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS 462 units, 104 hotel rooms and 53,000 s/f of space Kislak completes $21.2m PA multifamily & comm’l. sales
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activity from NYC and New Jersey investors given the close proximity to the area and its growth potential.” Summit by the Lake consists of 137 one-, two- and three- bedroom units in 12 three-story brick buildings. Upon marketing it in late 2012, Holland and senior VP Joni Sweetwood procured a purchaser who closed within 45 days. Willow Gardens consists of 176 one- and two-bedroom units in a park-like setting in suburban Harrisburg. Kislak also previously sold the property to the owner in the early 1980’s. Holland rep- resented both parties in the transaction. The sale included an assumption of a Fannie Mae mortgage. Russ Drebin of Meridian Capital Group, LLC assisted the parties with the assumption. The Bethlehem Silk Mill consists of 61 one-, two-, three- and four-bedroom loft-style units in a converted former silk mill factory in downtown Bethlehem. Kislak was engaged on an exclusive basis to market and sell the property. Holland and VP Jonathan Greenberg represented the parties in the
transaction. Financing was provided by Spencer Savings Bank . The seller was repre- sented by Joel Wiener, Esq. of Wiener and Wiener LLP. The purchaser was represented by Louis Sroka, Esq. “The purchaser owns primarily in New Jersey but was attracted to the incredible quality of this property and its excellent loca- tion in downtown Bethlehem,” said Greenberg. Livingston Apartments con- sists of 36 one-, two- and three- bedroom units in downtown Allentown. Senior VP Matt Weilheimer represented both parties in the transaction. The seller was represented by Steven Robinson, Esq., of Cullen and Dykman, LLP . The purchaser was represented by Scott Lipson, Esq. of Tallman Hudders & Sor- rentino. The Abraham Lincoln Hotel and Residences is a mixed-use property in downtown Reading with 104 hotel rooms, 52 senior apartments and 53,000 s/f of retail, restaurant, conference and banquet space. Kislak was engaged by the seller on an ex- clusive basis to market and sell the landmark property and VP Jacob Friedman completed the transaction. ■
ASTERN PA — The Kislak Company, Inc. , announced the $21.225
million sale of four multi- family prop- erties and one m i x e d - u s e property in eastern Penn- sylvania. In separate transactions,
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Robert Holland
Summit by the Lake, a 137-unit property in Scranton, sold for $8 million; Willow Gardens, a 176-unit property in High- spire, sold for $5.9 million; the Bethlehem Silk Mill, a 61-unit property in Bethlehem, sold for $5.5 million; Livingston Apartments, a 36-unit property in Allentown, sold for $1 mil- lion; and the Abraham Lincoln Hotel and Residences, a mixed- use property with 104 hotel rooms, 52 senior apartments and 53,000 s/f of commercial space sold for $825,000. “The demand for multifamily properties throughout eastern Pennsylvania remains very strong with local, regional and national investors vying for available properties,” said Robert Holland , president and co-managing director. “We are experiencing a surge of
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