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Wednesday, 29 January 2014

Southern New Jersey Apartment Property Hits Sales Market

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Commercial Real Estate Direct Staff Report

PRP LLC is offering for sale Park Crest Village, a 385-unit apartment property in southern New Jersey.

The Washington, D.C., investment manager has tapped HFF to market the property, which is expected to sell for about $25 million, or $64,935/unit, which would result in a capitalization rate of 6.25 percent.

The property, at 275 High St. East in Glassboro, N.J., was acquired in 2007 by PRP on behalf of its inaugural investment vehicle, Perseus Capital City Fund.

The property backs an assumable $18.4 million loan that's securitized through UBS-Barclays Commercial Mortgage Trust, 2012-C2. It pays a 5.488 percent coupon and matures in June 2022.

The complex, off state Route 55, within a 10 minute walk of Rowan University and about 22 miles from Philadelphia, was constructed in 1970. It is near a proposed mixed-use property that will have 185,000 square feet of retail space and 40,000 sf of office space that Rowan and the borough of Glassboro are developing at a cost of some $300 million.

PRP has renovated 91 of Park Crest's units. The property contains 23 two-story buildings with 194 one-bedroom units that average 700 sf and 191 two-bedroom units that average 900 sf. It has 580 surface parking spaces.

PRP has more than $300 million of assets under management through three funds: Perseus Capital City Fund, Perseus Realty Partners II and U.S. Government Income & Growth Fund.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Philadelphia
  • States: Pennsylvania
  • Sector: Multifamily
  • Subject: Property Offerings (OFF)
  • Private: No
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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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