Muroff-Lewis Brokers Complex Sale of Apartments

FLEMINGTON, NJ-Flemington Gardens LLC has sold its apartment complex of the same name here. The transaction involved a $3.4 million, 25-year, self-liquidating installment sale wraparound mortgage, complimented with a new $1.35 million underlying 20-year institutional first mortgage at a 10-year fixed interest rate. The buyer was not named.

The complicated financial arrangement, assembled by East Hanover, NJ-based investment property specialists Muroff-Lewis Associates, resulted from separate requirements of the seller’s three different partners, who were not named. The asset received substantial capital improvements prior to the sale, and a vacant land parcel was separated for construction of single-family homes. Additionally, the seller converted from a general partnership to an LLC prior to closing, per buyer request.

Built in the late ’60s, Flemington Gardens totals 40 one-bedroom and 20 two-bedroom units. The location is in Hunterdon County in Central New Jersey.