First Bergen Title Insures More Than $1.5B in Transactions Over Past Year
March 18, 2014
Hackensack, N.J.-based First Bergen Title Agency insured a total of more than $1.5 billion of real estate financing and purchase transactions in New Jersey in the past year.
The residential real estate sector’s rebound was also reflected in the total, accounting for $1 billion of the transactions insured by First Bergen.
“The year-long trend was that residential properties were in great demand, and those that did become available drew considerable interest from investors,” said Allen Meccia Jr., one of the firm’s managing members. “We expect that trend to continue in 2014.”
Among the residential transactions insured by First Bergen – all rental apartment properties – were financings of $95 million in Hudson County; $15.45 million in Bergen County; a $15.06 million purchase financed by Fannie Mae and the New Jersey Housing and Mortgage Financing Agency in Passaic County; $8 million in Monmouth County; and $7.65 million purchase and financing in Bergen County; among others.
The firm also insured more than $550 million of commercial transactions – mixed-use, industrial, warehouse/industrial and office.
“Mixed-use properties also saw continued improvement in demand in 2013,” according to Meccia.
Major transactions included a $22.5 million financing in Hudson County; a $20 million financing in Bergen County; a $18.35 million construction mortgage in Bergen County; and $11 million financing, also Bergen County.
Other significant transactions during 2013 consisted of a $32 million policy by First Bergen, encompassing a single transaction in Bergen County. Warehouse/industrial included $27.75 million for a portfolio in Bergen and Middlesex counties.
“We see increasing momentum as the real estate industry continues to rebound from the recession and its after-effects, with the first quarter of 2014 starting off stronger than it has in several years,” Meccia said. “Projects we are currently working on include $130 million for an adaptive reuse in Hudson County, and $51 million in financing for another project, among others.