And to complete the transaction, AKS picked up $16 million in financing, arranged by Avi Weinstock and Chaim Tessler of the New York City office of Meridian Capital Group. That financing comes with a rate of 5.5% for a fixed seven-year term with three years of interest-only payments.
The sale itself, which factors out to $184,000 per unit, was arranged by brokers from the Livingston, NJ-based Gebroe-Hammer Associates, representing seller Hekemian & Co. The Gebroe-Hammer broker also procured AKS Management as the buyer.
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