FLORHAM PARK—HFF has closed the sale of and arranged financing for a three-property, 126-unit multi-housing portfolio in Nutley.
HFF marketed the offering on behalf of the seller, AIG GlobalGroup. Balt Investments LLC purchased the assets for $15 million free and clear of debt. The portfolio is 94 percent leased overall. The properties include Greylock Apartments, Lincoln Apartments and Ambassador Apartments.
The properties are the second pool of assets HFF has sold for AIG Global Investment Group. In July 2011, HFF closed the $241.5 million sale of a 2,185-unit multi-housing portfolio in central New Jersey.
The HFF team representing AIG Global Investment Group included senior managing directors Jose Cruz and Andrew Scandalios, directors Jeffrey Julien and Kevin O’Hearn and associate Mike Oliver. HFF senior managing director Jon Mikula represented the borrower.
AIG Investments comprises a group ofcompanies. These companies provide investment advice and market asset management products and services to clients around the world. AIG Investments is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity and real estate.