Vision Real Estate Group LLC, owned by president and CEO Amir Yerushalmi, has bought a residential complex in Journal Square in Jersey City, New Jersey for $12 million. The six-building complex has 107 apartments. The company plans to renovate and sell the apartments at prices ranging from $135,000 for a 50-sq.m. studio to $330,000 for a 120-sq.m. four-room apartment. Total proceeds are estimated at $20 million. Renovations are expected to take two years.
Yerushalmi said that the project would be financed by establishing four companies that will represent US and non-US investors. The company’s success in obtaining financing for 80% of the project at 6% interest stands out in light of the ongoing sub-prime mortgage crisis.
Yerushalmi said, “Jersey’s advanced transportation network, proximity to Manhattan, and urban renewal projects make it an ideal location for investors.”
Vision Group has other residential projects in New Jersey and New York, including Brooklyn’s Greenpoint Lofts.
Published by Globes [online], Israel business news - www.globes.co.il - on November 4, 2007
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