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Gebroe-Hammer Associates negotiated the sale of Washington Square Apartments, a 144-unit, two-building complex plus 20,000 square feet of upscale retail stores in Lakewood, N.J. Gebroe-Hammer Associates Download Word Doc: Click Here Release Date: Monday, February 26, 2007 GEBROE-HAMMER COMPLETES TWO MULTIFAMILY TRANSACTIONS IN SOUTHERN NEW JERSEY TOTALING $52 MILLION LIVINGSTON, N.J., February 26, 2007 – Gebroe-Hammer, New Jersey's dominant real estate brokerage firm specializing in the sale of multi-family, retail and commercial investment properties, recently completed two major transactions totaling $52 million in southern New Jersey. The activity included a two-property package sale in Lindenwold and Haddonfield, and the sale of a residential complex with high-end retail space in Lakewood. Joseph Brecher, senior vice president, spearheaded the $26 million transaction in Lindenwold and Haddonfield, working with Barry Mermelstein and Steven Follman, area sales associates of Gebroe-Hammer. The firm was awarded the exclusivelisting to market the property on behalf of the seller. The team represented the buyer and seller, both of which are long-time loyal Gebroe-Hammer clients. Richard Kelin, Esq. of Feinstein, Raiss, Kelin & Booker based in West Orange, N.J., represented the buyer. Simon Gluck, Esq. of New York City represented the seller. The transaction involved Coachman Manor located at 401 East Gibbsboro Road in Lindenwold, a highly developed borough in central Camden County known for its easy accessibility to the New Jersey Turnpike and other major highways. The 30-building, two-story garden-apartment complex is comprised of 546 units. The other property, The Village at Haddonfield, located at 126 Kent Avenue, is a 32-building, two-story garden-apartment complex comprised of 324 units. The property is located only minutes from the downtown area with easy access to the PATCO Hi-Speedline. The historic town of Haddonfield is situated in South Jersey near Philadelphia, Cherry Hill and Marlton. The town has been rated by Philadelphia magazine as one of the most desirable places to live in the Delaware Valley. In Ocean County, Brecher worked with Steven Follman, area sales associate, on the $26 million sale of the newly constructed Washington Square Apartments, located at 417-419 Cedar Bridge Avenue in Lakewood. The two, four-story garden apartment buildings have a total of 144 units and include approximately 20,000 square feet of high-end retail stores. The duo was given an exclusive by the seller, a local developer, to effectuate this transaction. The property is situated on an eight-acre site fronting Cedar Bridge Avenue and Route 623. Lakewood is located near several major roads, including the Garden State Parkway. It is within an hour and a half of New York City, Philadelphia, and Atlantic City, and only a few miles from beaches, boardwalks, and malls. Complex Transaction Involves New Construction “The Lakewood multi-family complex involved new construction and had a very low occupancy because it was still being finished,” explained Brecher. “These factors made it much more challenging to sell.” As a result, Brecher’s team worked closely with the buyer and seller. “We were able to build strong relationships and trust so that both parties were confident that the transaction would be consummated professionally and in a timely manner,” he said. Since the complex was still partly under construction and occupancy was at a low level, the transaction also required bridge financing, which could be converted to permanent financing when occupancy reached a certain level, according to Brecher. “We worked with the seller to coordinate details of the financing while the team also helped the buyer create a vision on how the building would operate when fully occupied,” he said. Richard Kelin, Esq. represented the buyer in this transaction as well, while Kenneth Gleidman, Esq. of Lichter Gliedman Offenkrantz of New York City represented the seller. According to Kenneth Uranowitz, managing director, Brecher and his team bring extensive knowledge of the tri-state market and an excellent network of industry contacts to support the transactions they negotiate. “This is a well-respected team that understands their clients’ needs, desires, concerns and goals. They have the ability to meet challenges head-on even when it’s a financially complex transaction such as this.” “Our client relationships are built on a foundation of trust,” added Uranowitz. “At Gebroe-Hammer, we work hard to establish long-lasting relationships with our clients, earning their trust and confidence by getting the job done in the most professional manner despite the various obstacles and challenges that are inherent in each deal.” Uranowitz noted that the diversity and quality of multi-family product represented by Gebroe-Hammer brokers, combined with their years of experience, professionalism and tenacious approach distinguishes the firm from its competitors in the investment real estate sales industry and contributed to these transactions. Gebroe-Hammer, one of the most active brokerage firms in the New Jersey tri-state region, specializes in investment/sales of multi-family, retail, and office properties, and has consistently set new records for sales and numbers of residential units sold. In the month of December, for example, the Gebroe-Hammer brokerage team arranged more than $132 million in 13 sales. This milestone activity included transactions in New Jersey, New York and North Carolina and involved the sale of 1,845 residential units and more than 20,000 square feet of retail space, capping one of the company’s most active periods since its founding in 1975. In fact, Gebroe-Hammer experienced a record increase of more than 25 percent overall in revenues in 2006 as compared with 2005, which was another record-setting year. ### Gebroe-Hammer Associates 
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