Gebroe-Hammer Associates orchestrated the transaction for 480 Flatz, a newly constructed, fully leased class-A property.

The asset offered a rare value-add multifamily opportunity, which is hard to come by in the northern New Jersey market.

Opening this fall, the property will include a full-size indoor basketball court and café in addition to studio, one-bedroom, two-bedroom and three-bedroom layouts.

The strength of New Jersey’s transit-oriented suburban market could not be more apparent: According to CoStar data, the sale marks the highest price per unit ever achieved for a multifamily property in Union County.

The new loan was originated by Benefit Street Partners Realty Trust and used to refinance the original construction loan provided by Procida Funding.

Construction is set to begin on 118 Park Ave. in downtown Rutherford, delivering the second phase of The Parker in the Bergen County borough.

The 134-unit package, purchased by West of Hudson Properties, spans three of the city's 13 constituent neighborhoods: the West Side, McGinley Square and Bergen-Lafayette sections.

The privately-owned international real estate investment firm and the developer have attained multifamily assets throughout 14 cities in North, Central and South Jersey, with a concentration in Union, Morris and Essex counties.

In a strong multifamily market, the asset's high-end contemporary designs and finishes provide a competitive advantage for retaining tenants and allowing rent growth in the future, positioning new ownership for success.

The Branchburg-based company will begin a capital improvement plan to enhance community amenities and shared spaces.

Executive Vice President Joni Sweetwood handled the assignments, and procured the purchasers, for the trade of 88 units in Cherry Hill, East Orange and Vineland.

Essex County's former Blood Center of New Jersey site, which closed its doors in 2014, will be improved by The Modern--a brand new five-story, 119-unit residential development that will make a significant contribution in revitalizing East Orange.