Yerushalmi?s Vision Group buys Jersey City complex

The company?s success in obtaining loans at good terms stand out against the ongoing sub-prime mortgage crisis.

Ariel Rosenberg -- 4 Nov
http://www.globes.co.il

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.

http://www.globes.co.il/serveen/globe ... p?did=1000270779&fid=1725