ORANGE, NJ—Kislak Company senior vice president Joni Sweetwood is on another hot streak, representing the sellers in transactions involving ten multifamily properties totaling more than $18 million, underscoring strong performance and growth in the multifamily sector in Northern New Jersey.
The transactions include:
- The $10 million sale of 126 units in Orange to a West Coast purchaser. This was a complicated sale given the remote purchaser and it was for the balance of a portfolio previously encumbered by a defeasance loan. Before closing, the real estate taxes on the property rose significantly. Sweetwood was able to resolve the issues because of her strong existing relationship with both the purchaser and seller.
- The $4.15 million sale of 56 residential units in East Orange. This property had an excellent cap rate, at 7.8%.
- The $1.46 million sale of 32 residential units in East Orange. The purchaser was able to secure government financing, which is unusual for such a small project. “I had never seen government financing on such a small deal,” says Sweetwood. “The closing took a long time due to the numerous inspections required for the financing.”
- The $1 million sale of 16 units in Orange, along with adjacent property that will be developed into 34 additional units. This was a complicated transaction because it required the removal of contaminated soil around the vacant property. Sweetwood was able to us existing contacts to help move the project forward.
The Northern New Jersey market is a microcosm of the national market, with volume and value of sales driven up by strong demand, because of impressive job growth figures for the region, Kislak says.
Since joining Kislak, Sweetwood has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company's top production award 2011, 2012 and 2013. She has also been recognized as one of New Jersey's Commercial Broker All Stars.
Before joining Kislak, Sweetwood was a vice president and REO portfolio manager for Midlantic Bank and The Howard Savings Bank
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