News: Brokerage

Wernick of Redwood acts for AMS Acquisitions and Gillette in $13 million sale

Sayreville, NJ AMS Acquisitions LLC has purchased a senior housing community with 136 units for $13 million. The seller was Gillette, a development firm that started construction on the 86,000 s/f age-restricted housing project, Gillette Towers.

AMS closed on the deal with equity and a bridge loan from Castellan Real Estate Partners. Jeremy Wernick, of Redwood Advisors, represented AMS and Gillette.

Known as Gillette Towers, the first 80-unit building at 100 Kennedy Dr., completed construction and is now being leased. AMS plans to break ground on the second 56-unit building later this spring.

The two elevator buildings will share amenities that include: gym/fitness center, library/media and community room and tenant storage in each building, along with two outdoor gazebos, two bocce ball and shuffle board courts and a dedicated leasing /management office. Outdoor parking includes 136 spots The apartments are all one bedrooms.

“Sayreville has been a historically safe area with easy access to major highways, great shopping and retail,” said AMS acquisitions director Ari Mitnick. “Senior living communities for those 55 and up are in high demand in this greater area of Jersey.”

100 Kennedy Dr. is near an anticipated $2.5 billion Riverton redevelopment project that is set to transform the area.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their