HFF closes 15M sale of Nutley portfolio

The mortgage banking firm HFF announced today it closed the $15 million sale of, and arranged financing for, a three-property, 126-unit housing portfolio in Nutley.

The mortgage banking firm HFF announced today it closed the $15 million sale of, and arranged financing for, a three-property, 126-unit housing portfolio in Nutley.

HFF, which has offices in Florham Park, marketed the offering on behalf of the seller, AIG Global Investment Group.

The portfolio, which is now owned by Balt Investments LLC, is 94 percent leased. The properties include Greylock Apartments, Lincoln Apartments and Ambassador Apartments.

“The buyer was able to capitalize on an opportunity to purchase quality assets in Nutley with upside, where he already owned real estate, so there are economics of scale,” said senior managing director Jose Cruz, who was part of the team representing AIG Global. “AIG obtained solid pricing and was able to take advantage of a strong demand for that submarket.”

The properties are the second pool of assets HFF has sold for AIG Global. In July, HFF closed the $241.5 million sale of a 2,185-unit housing portfolio in Central Jersey.