M id A tlantic Real Estate Journal — The Best of 2020 — March 19 - April 15, 2021 — 5C The MOST SIGNIFICANT/UNIQUE FINANCIAL DEAL of 2020 Procida Funding & Advisors Metro Place North Bergen, NJ Marcus & Millichap York Market Place East York, PA JLL NJ/PA The Hamilton Phases I & II Philadelphia,PA
Size of property: 234,091 s/f Loan Size: $52,500,000 Institution: MTC Urban Renewal Company, LLC Financier: Procida Funding, LLC Location: 4816-4828 Tonnelle Avenue, North Bergen, NJ Procida Funding provided a $52,500,000 loan for the ground- up construction of a 214-unit apartment complex in North Bergen Township, NJ. Procida stepped into a stalled, half- built project and negotiated a partnership dispute buyout that resulted in our loan going to repay the previous construction loan which was provided by Santander Bank. Metro Place will feature a mix of studio, one-bedroom, and two-bedroom rental units. Located directly adjacent to the Tonnelle Avenue Station of the Hudson Bergen Light Rail, Metro Place will benefit from a clubhouse inclusive of a pool, gym, and entertainment space for tenant use.
Size: 304,974 Broker: Brad Nathanson
Anchored by 74,541 s/f Giant Food Markets with an Ahold Delhaize Guarantee for over 25Years, recently renewing two years early for 10 years given 15 percent sales higher than chain average. Co-Anchored by 125,353 s/f. Lowe’s Home Improvement Store for over 25 Years, with sales more than 42 percent of the chain average. At 98 percent occupancy, YorkMarketplace provides a prominent retailer lineup backed by over 81 percent corporate leases with average sales psf of $442.00 from 70 percent of the tenants. Over 57,000 employees within three miles highlighted by the corporate headquarters for Harley Davidson, Post Consumer Brands, Caterpillar, and WellSpan Health.
Size of property 576 Units Institution: Radnor Property Group Financier: Santander Bank and Mack Real Estate The Hamilton is a two-phase 576-unit core, ClassAmultifamily development. In Q1 2020, JLL completed a refinance of Phase I and placed a new construction loan and mezzanine loan on Phase II. When complete, The Hamilton will offer a highly competitive mix of studio, one bedroom and two bedroom units which will meet the demand of luxury finishes and large-scale common areas and amenities.
The TOP FINANCIAL DEAL of 2020
Meridian Capital Group Parkvue at Livingston Livingston, NJ
JLL NJ/PA 1101 Chestnut Street Philadelphia, PA
Progress Capital THE ELEMENT Jersey City, NJ
Institution: National Real Estate Advisors, LLC Financier: Wells Fargo Size of property: +/- 415,000 s/f The Project site is located at 1101 Chestnut St. in Philadel- phia, Pennsylvania and is part of the East Market Develop- ment. This location will help support Jefferson’s mission to engage and improve the health of the Center City com- munity by offering access to medical care within the insti - tution’s highest priority clinical programs. The Project will consists of a +/- 415,000 s/f medical office building includ - ing three below ground floors with 320 parking spaces. The seventeen story building will be a medical office building for Jefferson, one of the top ranked hospital systems in the nation according to U.S. News & World Report rankings.
Institution: Tall Pines Capital Financier: Kathy Anderson of Progress Capital Size of property: 2.73-acres Kathy Anderson secured an $84 million construction loan plus $36 million of equity to develop The Element, located at 400 Claremont Ave. The 6-story building features 631 units, 277 of which are studios starting at $1,200 per month. The building offers over 70,000 s/f of amenities including a full-size heated pool, fitness center, outdoor bar and dog walk. Additionally, tenants have access to private shuttles to the PATH train. It’s no wonder these smaller apartments remain in high demand amongst millennials who are willing to trade SF for plentiful amenities, affordability and a key location. The Element is one of the first large developments to be built in a QOZ along New Jersey’s Gold Coast.
Institution: Squiretown Properties Financier: Greystone Size of property: 220 apartments
Meridian arranged $50 million in financing to refinance Parkvue at Livingston, a five-building multifamily prop - erty containing 220 spacious one- and two-bedroom units. The 10-year Freddie Mac loan features a rate of 2.94% and five years of interest-only payments followed by a 30-year amortization schedule. Despite challenges presented by COVID-19, Meridian was able to negotiate favorable terms for our client, including a historically low interest rate and no debt service reserves, ensuring the ongoing success of the property.
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