Hackensack-based title insurance agency First Bergen Title Agency announced Thursday it has insured more than $1.5 billion of real estate financing and purchase transactions in New Jersey in the past year, said Allen Meccia Jr., one of the firm’s managing members.
According to the announcement, the residential transactions insured, which were all rental apartment properties were financings of $95 million in Hudson County; $15.45 million in Bergen County; $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; $7.65 million purchase and financing in Bergen County; among others.
The firm also insured more than $550 million of commercial transactions.
“Mixed-use properties also saw continued improvement in demand in 2013,” said Meccia.
Major transactions included $22.5 million financing in Hudson County; $20 million financing, $18.35 million and $11 million financing, all in Bergen County.
Other significant transactions in 2013 consisted of a $32 million policy by First Bergen, which was a single transaction in Bergen County. The warehouse and industrial space portfolio for Bergen and Middlesex counties was $27.75 million, the announcement said.
“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,” said Meccia. “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.
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