M id A tlantic F inancial D igest F eaturing 1031 S potlight 10-year Freddie Mac loan, provided by Capital One Multifamily Finance Meridian arranges $33.8 million in agency financing for the purchase of the Sutton Pointe Real Estate Journal — March 10 - 23, 2017 — 5A
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basis to find the solution that best fits a client’s needs,” said Grace Huebscher , presi- dent of Capital One Multi- family Finance. “As always, we’re happy that we were able to help a client achieve its goals.” In Pennsylvaina, Merid- ian arranged $9 million in financing for the refinance of the Hampton Inn Manheim located in Manheim, PA. The five-year loan, pro- vided by a balance sheet lender, features a fixed rate of 4.87% and was negotiated by Meridian vice president, Josh Munk , who is based in the company’s Iselin office. The Hampton Inn Man- heim, located at 2764 Leba- non Rd., is a four-story, 95- key hotel. The property fea- tures spacious guest rooms and suites with wireless internet connection in each room. On-site amenities in- clude a business center, laun- dry facility, fitness center, a pool and a large events and
meeting room. The Hampton Inn Manheim is situated di- rectly off of the Pennsylvania Turnpike and is located in the heart of Pennsylvania Dutch Country, where visi- tors enjoy close proximity to various tourist attractions, including Hershey Park, Sturgis Pretzel Factory and Tanger Outlets Lancaster. “It has become a challenge to arrange financing for sea- sonal assets, such as hotels because of increasingly strict bank regulations,” explained Munk. “While CMBS dy- namics allow for hotels to be placed in large loan pools with a variety of loan sizes and property types, it is more difficult to negotiate balance sheet loans for hotel assets,” he added. “Despite the chal- lenges we faced, Meridian’s strong lender relationships allowed us to identify the optimal lender in the market and close at a lower rate than originally quoted with added proceeds.” n developing the firm’s national multifamily lending platform. Prior to that, he was also chair- man and CEO of Cushman & Wakefield Sonnenblick Gold- man, the NY real estate-based investment banking group. Prior to Cushman & Wake- field, MacManus held various senior leadership positions during a nine-year career with GMAC Commercial Mortgage Corp. (GMACCM). From 2003- 2006, he served as president of GMACCM and CEO of its North American Operations where he managed mortgage banking and seven other lend- ing platforms comprising a $10 billion balance sheet and $22 billion in annual originations. Prior to joining GMACCM, MacManus was a senior VP at Midlantic Bank (now PNC) headquartered in NJ. “A10 Capital is the most exciting business story in U.S. commercial real estate finance today,” said MacManus. “Jerry and his team have built a plat- form that is better positioned to meet the needs of middle
atawan, NJ — Meridian Capi - tal Group , one of
America’s most active debt brokers, arranged $33.8 mil- lion in agency financing for the purchase of the Sutton Pointe multifamily property located in Matawan. The 10-year Freddie Mac loan, provided by Capital One Multifamily Finance , features a floating rate of 2.73% over the 30-day LI- BOR rate and three years of interest-only payments. This transaction was negotiated by Meridian senior vice pres- ident, Russ Drebin , who is based in the company’s Iselin office. Sutton Pointe, located at Two Sutton Dr. in Matawan, NJ, is a two-story, 241-unit garden-style apartment com- plex. The property is conve- niently located off of the Gar- den State Parkway at Exit 120 and is easily accessible from New Jersey Transit. Sutton Pointe is also in close PHILADELPHIA,PA — Marcus & Millichap Capi- tal Corp. (MMCC) arranged $10.75 million in financing for luxury apartment project in Philadelphia. Matthew Rosenberg , a director in MMCC’s Philadel- phia office arranged the debt placement. Rosenberg worked closely with Phil Sharrow , multifamily and mixed-use investment sales professional in Marcus & Millichap’s Phila- delphia office. “Our advisory approach gave the client the option to sell or refinance and based on their financial goals the borrower ultimately decided to take advantage of the competitive terms MMCC was able to source,” added Sharrow. The loan was structured with a seven-year fixed term at 3.65 percent with a five-year rate reset option. The loan was a maximum cash-out refinance. The historic building in Fish-
Sutton Pointe
proximity to downtown Ma- tawan, where tenants enjoy a variety of shopping, dining and entertainment. Each unit of the property features modern kitchen appliances, hardwood floors, a washer and dryer, and spacious closets. Community ameni- ties include on-site parking, a fitness center, a pool and a playground.
“In this rapidly evolving market Meridian was able to secure 82% loan-to-cost financing at a favorable rate, as well as a flexible prepay- ment penalty that is aligned with the sponsor’s needs,” said Drebin. “Our working partnerships with Meridian and Freddie Mac allow us to tailor our approach on a case by case
Marcus &Millichap’s Rosenberg 10.75MCash- Out refinance for Historic Philly renovation
A10 Capital hires TomMacManus
Boise, ID — A10 Capital , one of the nation’s leading pro- viders of middle-market com-
mercial real estate loans, a nn o un c e d t h a t T om MacManus ha s j o i ne d the firm in a newly created role -- presi- dent, strate- gic accounts.
Tom MacManus
“Tom brings executive lead- ership and over 35 years of commercial real estate finance experience,” said Jerry Dunn , A10 Capital co-founder and CEO. “He will deepen our rela- tionships with key commercial real estate firms, an initiative that will further strengthen A10’s momentum. We are de- lighted to welcome him to the firm.” Pr ev i ous l y , MacManus served as president and COO of ARA Finance, a national full- service mortgage finance firm, where he was responsible for
Chesterman building exterior & interior
town was home to the largest hosiery manufacturing facility until the Chesterman-Leeland Company took over in 1938 and transformed the factory to produce ammunition and stain- less steel. 401 Memphis Street has since been repurposed into a 57-unit apartment building,
averaging 700 s/f per unit. The property features a mix of one bedrooms, two bedrooms and two bedrooms plus den. Build- ing amenities and features include in-unit washer and dryers, meeting rooms, park- ing, exposed brick and stainless steel appliances. n
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