The Kislak Company Inc. announced on Tuesday the $7.3 million sale of two multifamily properties in Newton.
- Stonewood at Newton, a 32-unit complex located at 31 Paterson Ave;
- Swartswood Gardens, a 32-unit complex located at 4-20 Swartswood Road.
Kislak’s Joseph Keenan, senior vice president, and Justin Lupo, vice president, handled the assignments exclusively on behalf of the seller, an undisclosed client, and procured the buyer, a private investor.
“To say this deal had challenges would be an understatement.” Keenan said. “We were weeks away from closing when COVID-19 hit. New Jersey locked down and the prior lender temporarily ceased financing. The transaction became a total team effort to extend the timeline, find a new source of financing and guide it to closing all while maintaining pre-pandemic pricing. I am grateful for my team at Kislak and our ability to work together to overcome any challenge that’s thrown at us.”
Stonewood at Newton is comprised of garden apartments in two brick buildings each with 16 units. The buildings include four studios, 16 one-bedrooms and 12 two-bedrooms. Swartswood Gardens includes two, garden-style buildings with 32 units — 24 one-bedroom units and eight two-bedroom units.
“During these unprecedented times, we continue to experience a ‘new normal’ personally and professionally,” Lupo said. “The new normal in real estate transactions can be challenging especially with recent more stringent changes in lending requirements. The Newton sales were no exception as we needed to overcome many obstacles prior to closing. Fortunately, the real estate professionals at Kislak, among others involved, were able to resolve all issues and bring the transactions to a close.”
Both properties had recent improvements and offer on-site parking. They are within close access to Route 206.