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Wednesday, 22 January 2020

First REIT of New Jersey to Sell 7 Apartment Properties; Adopts Liquidation Plan

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Commercial Real Estate Direct Staff Report

First REIT of New Jersey has agreed to sell seven apartment properties with 1,058 units in New York and New Jersey to Kushner Cos. for $266.5 million, or $251,890/unit, as part of its plan to liquidate.

The company, founded in 1961 by Hekemian & Co. of Hackensack, N.J., which continues as its external management, owns 15 apartment and retail properties in New Jersey, New York and Maryland, including the properties being sold to Kushner.

The properties being sold are encumbered by $150 million of debt. They include the 176-unit Berdan Court, at 2 Hazen Court in Wayne, N.J., which backs a $28.8 million Freddie Mac loan that is securitized through FREMF, 2019-K99; and the 210-unit Westwood Hills, at 5 Sutton Place in Westwood, N.J., which serves as collateral for a $19.6 million Freddie loan that is securitized through FREMF, 2011-K10.

Kushner has agreed to assume the Berdan Court loan, which pays a 3.54 percent coupon...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ), REITS -general (REITS)
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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