Marcus & Millichap Brokers $25.5M Whole Loan Sale in New Jersey

ELMWOOD PARK, N.J., May 19, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, served as real estate advisor to Hartz Mountain Industries in connection with its acquisition of a multifamily housing portfolio in Bergen County, through the purchase of a $25.5 million whole mortgage loan.

“Through Marcus & Millichap’s Special Asset Services (SAS) division, we have been successful in representing the real estate interests of both lenders and real estate investors in these transactions,” says Michael J. Fasano, (top right photo)  vice president and regional manager of the New Jersey office.

The New Jersey office of the SAS division has developed strong relationships with lenders across the state to assist in the evaluation of commercial real estate collateral securing whole mortgage loans. Eight senior agents, including Jeff Oram, (middle left photo) Nat Gambuzza and Kevin McCrann, comprise the SAS division in New Jersey.

Oram, a director of the firm’s National Office and Industrial Properties Group, Gambuzza, a vice president investments, McCrann, a senior associate, and associate Thomas McConnell also in the New Jersey office, collaborated on the transaction. The buyer was Secaucus based Hartz Mountain Industries, Inc.

The four-property garden-style apartment portfolio includes the 56-unit Madison, the 71-unit Stanford Court and the 103-unit Coventry Square in Westwood; and the 46-unit Village on the Green located in River Vale.

Oram and Gambuzza served as the lead real estate advisors to the senior lender.

“Marcus & Millichap’s in-depth knowledge of the New Jersey commercial real estate market, together with the specialization of the SAS division and national expertise in multifamily sector, has positioned the firm as a leading advisor to New Jersey community banks with REO and pre-REO evaluation and decision making,” says Fasano.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716