The properties involved include mixed-use buildings in Maplewood, NJ; residential buildings in Belleville, Garfield and Highland Park, all in New Jersey; commercial buildings in Neptune, Brick, Freehold and West Orange, NJ; and a total of 107 acres for future development. Also part of the portfolio acquisition were two buildings in Philadelphia.
Over the past year, Kushner's Westminster Management division carried out capital improvement programs at the various properties. "The resulting enhanced value and increased income prepared the portfolio for fixed-rate financing," says Kevin Swill, president of Westminster.
"All of the involved assets are at well established in-fill locations in markets where we like to do business," says Andrew Feldhuhn, a managing director at Bear Stearns. "The financing, which includes two pools of $13.5 million and $14.5 million, was an attractive opportunity."
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