"This was a very complex transaction," says Squires, in astatement. "The timing of the financing was extremely important dueto current conditions in the capital markets. There was competitionbetween multiple brokerage firms to exclusively represent theowner."
The financing came from Shimon Weiner of Meridian Capital. Onthe legal side, attorney Janice Gatto represented the sellers.Further details were not released.
"Passaic is a desirable area for many investors due to highoccupancy rates, good tenancy and favorable rent controlregulations," Squires says. "The limited supply of apartmentbuildings has driven prices to all-time highs, and there iscurrently a strong demand for these types of properties."
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