Dealmaker: Berkadia Completes $89M New Jersey Multifamily Sale

(Photo courtesy of Berkadia)

Berkadia Institutional Solutions, New York, sold Solo at North Bergen, a 214-unit new construction multifamily property in North Bergen, N.J.

Senior Managing Director Nat Gambuzza and Senior Director Spencer Beriont of Berkadia Morristown (New Jersey) completed the $89 million sale. They represented the seller, New York-based SYM Investments. Denholtz Properties, Red Bank, N.J., acquired the property.

The sales price reflects a per-unit price of $416,000. Connect CRE reported that Fannie Mae, Washington, D.C., supplied a $49.8 million non-recourse loan for the property.

“Solo at North Bergen attracted investors due to its proximity to mass transportation, the quality of build, and its 30-year tax pilot, which limits buyer’s tax exposure for the future,” Beriont said.

Solo at North Bergen delivered in two phases, with phase two being finished in 2022. Located at 4828 Tonnelle Ave., the property has convenient access to the Tonnelle Avenue Light Rail Station, which provides rail access to Hoboken, Jersey City and New York City.

“The property went under contract while Phase two was still being built, providing the seller an opportunity to enter a hard contract prior to the significant interest rate increases seen over the past several months,” Gambuzza noted.