Summit by the Lake Scranton Pennsylvania
Summit by the Lake, Scranton, Pennsylvania

Kislak Completes $21.2M in Pennsylvania Multifamily and Commercial Sales

NEW JERSEY—The Kislak Co. Inc., based in Woodbridge, N.J., has sold four multifamily properties and one mixed-use property in eastern Pennsylvania for a combined total of approximately $21.2 million.

These separate transactions include:

  • The $8.0 million sale of Summit by the Lake, a 137-unit property in Scranton that was 95 percent occupied at the time of closing. Each unit has a private patio or balcony, central gas HVAC system, wall-to-wall carpeting and reserved parking. Amenities include a tennis court, laundry facilities and 24-hour maintenance. Financing was arranged by Donald Jacquin of Spencer Savings.
  • The $5.9 million sale of Willow Gardens, a 176-unit property in Highspire, a suburb of Harrisburg, which includes two two-story buildings. At the time of the disposition, the property was more than 90 percent occupied.
  • The $5.5 million sale of the Bethlehem Silk Mill, a 61-unit property in Bethlehem comprised of one-, two-, three- and four-bedroom loft-style units in a converted former silk mill factory. Financing was provided by Spencer Savings Bank. At the time of closing, the property was 98 percent occupied.
  • The $1.0 million sale of Livingston Apartments, a 36-unit property in Allentown. A bank foreclosed on the property, obtained possession and engaged Kislak on an exclusive basis to market the property for sale. The purchaser plans to renovate the building and has plans to restore it. Senior Vice President Matt Weilheimer represented both parties in the transaction.
  • The $825,000 sale of the Abraham Lincoln Hotel and Residences, a mixed-use property with 104 hotel rooms, 52 senior apartments and 53,000 sq. ft. of commercial space, located in Reading.
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