NEW JERSEY—Gebroe-Hammer Associates has arranged a $2 million non-performing note sale secured by a 70-unit garden apartment complex in Gloucester County. Gebroe-Hammer’s Ken Uranowitz, managing director, and Joel Schwartz, executive vice president, exclusively represented the lender, a New York-based bank, and identified the buyer, a local investor.
The five-building complex is located in close proximity to the New Jersey Turnpike and Atlantic City Expressway, as well as Routes 295 and 168. Offering a mix of one- and two-bedroom units, the property’s amenities include on-site laundry facilities and parking. It was 93-percent occupied at the time of the sale.
According to Schwartz, the note buyer plans to implement a capital improvement program once title has been secured.
“Despite the influx of non-performing bank notes, which were anticipated as a result of the recession and now diminishing in velocity, multifamily properties are thriving,” said Uranowitz. “All of the factors that have contributed toward multifamily’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.”
