EAST ORANGE, NJ-As anticipated, a wave of bankruptcy and note sales is now hitting the multifamily investment market at a time when supply is short and demand is high for virtually all apartment-rental building classes, according to Gebroe-Hammer Associates. Most recently, the Livingston-based firm closed a distressed sale here that involved a multifamily portfolio in bankruptcy. The portfolio included four buildings with 270 total units valued at $10.5 million, as well as a $1.3-million note sale of 50 units within the city.

David Oropeza, Gebore-Hammer’s executive vice president, was retained as the exclusive broker by the seller, which was in Chapter 11 bankruptcy, to market the distressed properties last year. The transaction required the firm to conduct a Section 363 sale in accordance with the US Bankruptcy Court-approved order. The existing lender, Fannie Mae, and numerous other creditors and their respective attorneys were among the involved parties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.