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INDENWOLD, NJ — The Kislak Com- pany, Inc. announced L Senior VPs Weilheimer & Waisbrod arrange sale of 456 units for repeat clients The Kislak Co. resells Stonington Court Apartments in Lindenwold, NJ for $27M vise and guide them on timing the real estate cycles properly,” said Weilheimer. “We resold the property for a 32% increase in value.”
ISSUE HIGHLIGHTS Volume 30, Issue 14 July 27 - August 9, 2018
SPOTLIGHTS
the $27 . 38 million sale of Stoning- t o n C o u r t Apartments, a 456 -uni t apa r tme n t complex lo- cated at 1800 Laurel Rd., Lindenwold. S e n i o r v i ce pres i - dents Matt Weilheimer and Barry Wa i s b r o d arranged the sale on behalf of the seller
“The purchaser feels strongly about the southern New Jersey multifamily market and has had a great deal of success there, which is why we recom- mended this particular deal for him,” said Waisbrod. Situated on 25 acres of well- landscaped property, the gar- den style apartment complex consists of 456 units in 24 two-story, wood framed build- ings with brick veneers and siding. Occupancy is nearly full at 97%. New financing was obtained by the buyer from New York Community Bancorp . At the time of closing, the property was 97% occupied.
BROKERAGE DIRECTORY Section C
Matt Weilheimer
ARCHITECTS & ENGINEERS
Stonington Court Apartments
LLC, an affiliate of a longtime client for whomKislak success- fully arranged transactions in excess of $100 million in the last 12 years. The purchaser was a private investor and longtime client. This is the sec- ond transaction between the parties following a 368-unit
sale in Westville, NJ. Kislak previously sold Ston- ington Court in 2006 for $20.8 million. “That fact that we sold this property twice in the last 12 years exemplifies how our clients rely on our market knowledge and analysis to ad-
4-22B
Barry Waisbrod
MAREJ EVENTS August 9, 2018 Philadelphia Healthcare & Medical Properties Conference September 20, 2018 New Jersey Multifamily Conference September 21, 2018 Philadelphia CRE Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or [email protected]
and purchaser. The seller was Coolidge Stonington Court
Led by Gorjian, president and founder of CRE financial advisory &mortgage origination firm Uber Capital Group provides $24M refinancing of the acquisition loan for the Logan ValleyMall
ALTOONA, PA — Led by president and founder Joel J. Gorjian , commercial real es- tate financial advisory and m o r t g a g e origination f i rm Uber C a p i t a l Group, LLC has sourced a $24.05 mil- lion debt re- financing of the acquisition Joel J. Gorjian
for the Logan Valley Mall acquisition debt refinancing from a regional Pennsylvania bank at a fixed 4.75% rate and 25 year amortization,” said Gorjian. The two-story, 785,000 s/f property is located at 5580 Goods Ln. in Altoona, the largest city of Blair County. More than 100,000 people live within five miles of Altona’s center. The city is the home of the corporate headquarters of Sheetz gas and convenience store chain. “Our experience in negoti- ating financing, refinancing, and acquisitions of our own Logan Valley Mall
commercial properties na- tionwide allows us to identify the most beneficial funding sources for other real estate investors and developers. We frequently work with indi- vidual investors and boutique ownership firms that lack suf- ficient experience and national reach to obtain debt financing from varied sources,” said Gor- jian. “There is a strong need, particularly in the secondary and tertiary markets, for a financial advisor with exten- sive national ownership and investment experience. We provide this level of industry know-how,” he added.
loan for the purchase of the Logan Valley Mall. The cli- ent was a private national commercial real estate invest- ment group. Uber sourced the financing from a regional bank based in Pennsylvania. National real estate inves- tor Gorjian established Uber in late 2016. The company is based in Great Neck, NY and operates nationally, with its main focus on the Southwest, Midwest, Northeast, and Southeast markets. To date, Uber has provided in excess of $100 million worth of com- mercial real estate loans. "We have obtained the loan
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Account Executive ........................................... Steve Kelley Account Executive ............................................. Kim Brunet Account Executive ........................................ Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists: .......................Beth Mattson-Teig Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 14 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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Beth Mattson-Teig
The Convergence of Technology and Corporate Real Estate C oreNet Global, one of the leading profes- sional association for the corporate real estate profes- sion, has released a new report on The Convergence of Technol- ogy and Real Estate. “Technology that people used to talk about moving into the workplace “someday” is no longer just around the corner. Augmented and virtual reality, the Internet of Things, machine learning and artificial intelli- gence and autonomous vehicles are here and now in the present with a barrage of innovations that are being delivered at a rapid-fire pace,” according to the report. “Corporate real estate ex- ecutives are leveraging big >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38-39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84
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