PLAINFIELD, NJ-Pentium Properties, one of the largest multifamily owners in the city of Plainfield, has acquired a distressed $7.53-million note for a nine building, 182-unit portfolio scattered throughout the municipality, has learned exclusively. Note-seller Gebroe-Hammer Associates says the portfolio ranges from mid-rise to garden apartment buildings all within a few blocks of each other, including Beacon Village (750 E. Front St.); Settles Place (711 Plainfield Ave.); The Crescent (130-134 Crescent Ave.); Tudor Arms (744 Watchung Ave.); and Park Regency (713 Liberty St./716 Field Ave.).

Steven Tenenbaum, assistant vice president at Gebroe-Hammer, describes the deal as “an atypical opportunity” to acquire well-built buildings that have “tremendous” repositioning potential. “Our client, who has other holdings in the area, plans to implement several upgrades to bring each property up to competitive market rates,” he says, in a statement following the deal. Tenenbaum identified and represented the buyer on the transaction with Gebroe’s executive vice president David Jarvis.

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 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 now!

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

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