Real Estate Journal — July 26 - August 8, 2019 — 3A
www.marej.com
M id A tlantic
M id A tlantic R eal E state J ournal
HILADELPHIA, PA JLL Capital Markets secured permanent fi- Orcutt obtains financing on behalf of Alliance Partners HSP JLL Capital Markets secures financing for 186,000 s/f Philadelphia redevelopment P
Old City submarket. JLLman- aging director Chad Orcutt secured the financing on behalf of Alliance Partners HSP (Alliance) . The loan was provided by Tristate Capital Bank . The fully-redeveloped project is 100% leased to three tenants with a weighted average lease term of 14 years. Yards Brew- ing Company leases 70,000 s/f for its brewery and taproom, the City of Philadelphia’s Archives Department leases 68,000 s/f for office space and document storage and Target leases the remaining 48,000
s/f for an “urban format” retail store. “We are pleased to work with our client, Alliance Part- ners, on the refinancing of their SoNo development. The combination of an exceptional redevelopment, high-quality tenancy and strong sponsor- ship allowed for easy execution of this financing assignment. TriState Capital Bank was great to work with on closing the loan, having the sophis- tication to understand and finance a leasehold interest on a long-term ground lease,” said Orcutt.
nancing for t h e l e a s e - hold interest in the SoNo commercial building, a 186,000 s/f, m i x e d - u s e property lo- cated at 456
Chad Orcutt
N. Fifth St. (SoNo). The build- ing occupies an entire city block between Philadelphia’s rising Northern Liberties sub- market and the established Gebroe-Hammer tops competitors . . . “The anticipated lowering of in- terest rates by the Fed this year just adds more fuel to this fire.” Among Gebroe-Hammer’s notable sales highlights in New Jersey during Q1 and Q2 is the $75 million North Jersey Metro portfolio sale of 487 units spanning the state’s most densely populated coun- ties of Hudson and Bergen. The seller was Madison Hill Properties and the buyer was a private investor. As follow up, Gebroe-Hammer also arranged the $58.5 million sale in May of New Providence Gardens, a 232-unit garden-apartment community located within one of the most affluent corners of the state. Other key Garden State trades include the $17.87 mil- lion sale of 168 units and $16.59 million sale of 134 units at 100 Swartzwood Rd., and 2 Center St., in Newton and Sus- sex, N.J., respectively. The firm also has closed over $78 million in urban-core sales spanning Bayonne, East Orange/Orange, Elizabeth, Irvington, Jersey City, Newark, Plainfield and Union City. The Greater Philadelphia/ Northeast Pennsylvania met- ro has been another hotbed of activity for Gebroe-Hammer’s market specialists. Since Jan- uary, the firm has arranged over 16 trades encompassing 2,070+ units valued in excess of more than $210 million. The garden-style and mid- rise/high-rise properties in- volved in these transactions are located in Philadelphia, Bucks and Chester counties as well as South Jersey’s Atlan- tic, Burlington, Camden and Gloucester counties. continued fromFront Cover
456 N. Fifth St.
Dev Land Near DC & Amazon HQ2 FREDERICKSBURG, VA • 68 Oakenwold Lane 31+/- acres. Currently there are 5 billboards on the property with leases. Leases and income will transfer to new Buyer. Due diligence materials available upon request. Located approx 45 minutes south of Arlington via I-95. Arlington is the location of the new Amazon HQ2. Located along I-95 with 5 interstate interchanges. 25 miles South of Washington Capital Beltway. 50 miles north of Richmond, VA
Auctions: 12pm, Wed Aug 21 at Holiday Inn Express, 5422 Jefferson Davis Hwy, Fredericksburg
Prefer Not to Wait for the Auction? Submit a Pre-Auction Offer!
800.801.8003 • williams auction .com/Fredericksburg
VA WILLIAMS & WILLIAMS MARKETING SERVICES, INC. RE LIC 0226 023368; MONTE LOWDERMAN AUC LIC 2907003508. BUYER’S PREMIUM (BUYER’S FEE IN WI) MAY APPLY.
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