8A — June 9 - 22, 2017 — Creative Financing — Financial Digest — M id A tlantic

Real Estate Journal


C reative F inancing

Investing more than $10,000 per unit in interior and exterior upgrades Lucern Capital Partners breathes fresh life into Mt. Airy Asset

ucern Capital Part- ners, a real estate pri- vate equity firm head- quartered in Lakehurst, New Jersey, has acquired W i l t s h i r e Arms at the intersection of Critten- den Street and East Mt. Airy Avenue, in the Mt. Airy section of Philadelphia. The new owner plans to breathe fresh life into the asset, investing more than L Frank Forte

$10,000 per unit in interior and exterior upgrades, with the goal of repositioning the asset as a higher quality workforce product over the next twelve months. “We are incredibly excited to be part of the rapid trans- Riviera Beach, FL — Denholtz Associates , a pri- vately held, fully integrated real estate development, in- vestment and management company, has secured a five- year, $3.975 million refinanc-

formation of the historic Mt. Airy neighborhood. Our mis- sion is to invest in rental communities that serve the workforce demographi c, while providing above-mar- ket quality and management. Once complete, this asset ing on two of its flex proper- ties totaling 69,094 s/f at 7655 Enterprise Dr. and 7656 Byron Dr. in the Flamingo Commerce Center in Riviera Beach. Zach Nimhauser and Michael Brown of Ban-

will be the undeniable choice for renters in the immedi- ate area,” said Frank Forte, managing partner of Lucern Capital Partners. Frank Forte is managing partner of Lucern Capital Partners. n yan Commercial Capital negotiated the terms of the refinance with Mercantil Commercebank . Flamingo Commerce Cen- ter is a two building, single- story industrial complex of- fering front and rear load grade-level warehouse space with 24’ ceiling heights, ide- ally suited for office, ware- house, light assembly, show- room and light distribution requirements. Situated on 4.07-acres, the property is prominently located in the Sandlake Industrial Park between Northlake and Blue Heron Boulevard. With frontage on Inter- state 95, the property also offers easy access to the near- by Port of Palm Beach and PalmBeach Airport. Florida’s Turnpike is located two miles west of the property along the Bee Line Highway, which offers access to Miami to the south, and Orlando to the north. Cur rent l y 100 per cent leased, the Flamingo Com- merce Center includes a wide range of tenants making it an important piece of the Denholtz multi-tenant investment strat- egy. Tenants include Fastenal, Red Cross, Avid Gear, Maine-ly Remodeling, Vinyl Doctor, Tor- mentor Products, and Florida Kickboxing Academy. A 6,050 s/f lease was recently signed at the property by CTS3, an authorized Xerox partner. “At the core of the Denholtz investment strategy is a long- term strategic vision with an emphasis on opportunistic financing and refinancing of our holdings while building and maintaining strong re- lationships with local capital partners, no matter the mar- ket or business cycle,” said Stephen Cassidy , president of Denholtz Associates. This refinancing showcases the ad- vantages of this strategy and how we leverage our relation- ships with capital partners and understanding of local market conditions to ensure strong risk-adjusted returns through- out our portfolio.” n

Denholtz Associates secures $3.975m refinancing

Wiltshire Arms

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