R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 25 Issue 20 Oct. 25 - Nov. 7, 2013 NAI KLNB brokers office sale for $2m

Tropp of Eastern Union works closely with Ellis of Greystone Greystone closes $15.9 million loan for multifamily property in Whitfield, MD


A N H AM , MD — Greystone provided $15.9 million in Fannie

needs, we were able to provide Whitfield Towne Apartments with not only a temporary financing solution, but a more permanent one as well,” said Billy Posey , CEO of Fannie Mae and Freddie Mac Lend- ing at Greystone. “We see the success of this transaction as a great example of the team’s ability to help secure short- term funding for our clients while keeping long-term finan- cial objectives in mind.” ZionAvissar, president ofAvis- R Company said, “Greystone was able to understand our plans, vision and underutilized potential of Whitfield Towne Apartments. Our team worked incredibly hard to gut-rehab a large percentage of the units and spruce up the asset in a very short amount of time.” ■

Mae financing for Whitfield Towne Apartments, a 322-unit property located in Lanham, MD. Andrew Ellis , originator in Greystone’s Maryland office, worked closely with the bor- rower to close the loan. This latest deal was the culmination of $34.2 million in funds across three loans in the last 18 months on behalf of Avis-R Company of Rock- ville, MD. For Whitfield Towne Apartments, Greystone refi- nanced a $11.5 million bridge loan, which was closed by Greystone inApril 2012, with a $15.9 million Fannie Mae DUS loan. The Greystone bridge loan enabled the borrower to take control of the property EDISON, NJ — Bussel Realty Corp. (BRC) , a cor- porate and industrial real estate services firm in New Jersey, announced its rep- resented Home City Inc ., a Egyptian linens distributor, in an 80,000 s/f long-term lease at Heller Industrial Park at 180 Mill Road in Edison. Vice president Jor- dan Metz of BRC was re- sponsible for the transaction. Home City will relocate from Linden. “My client, in the high-end


Retail Acquisition, Brokerage Services & Available Retail

Whitfield Towne Apartments

and invest $2.375 million in capital improvements, helping to obtain long-term financ- ing. Greystone worked closely with broker Marc Tropp of

Eastern Union Commercial throughout the loan process. “Through our strong relation- ship with Fannie Mae and un- derstanding of the borrower’s

Metz of BRC represents Home City, Inc. in 80,000 s/f deal at Heller Industrial Park

Executive Women In Business 11-17A

Section C

180 Mill Rd. Edison, NJ - Heller Industrial Park

on the transaction. Heller Industrial was represented in-house. Heller Park, consisting of 8.7 million s/f of industrial space, is currently near full occupancy and located next to Raritan Center, a 13 mil- lion s/f industrial park, which is also nearly 100 percent leased. “While this might be a relatively small sample of the industrial market, it is consistent with and indica- tive that the pendulum has clearly swung in key markets, with demand far outweighing supply for quality industrial product,” said Metz. ■

linens distribution business, needed a facility to accom- modate and consolidate its continued growth, so we went vertical with high ceilings and ESFR sprinklers to maxi- mize cubic storage capacity to give them a home for the long term,” said Metz. “In this competitive market for qual- ity space, we are delighted that the transaction was able to come to fruition.” The facility features 32’ clear ceilings, 10 loading docks, trailer parking, and ESFR sprinklers. Metz rep- resented Home City six years ago during a marketing cam-

paign that he implemented to attract Brooklyn-based companies to move to New Jersey. Since then, Home City expanded from 20,000 s/f to 40,000 s/f in two sepa- rate facilities and now into 80,000 s/f in Heller Industrial Park. “Because the market has gotten so hot, if you’re a tenant in the market, and you have the opportunity to lease or purchase quality in- dustrial space, move on it or someone else will,” said Metz. Senior vice presidents David Blitt and Robert Sager of BRC also worked with Metz


Shopping Centers ....................... 7-22A Owners, Developers & Managers..Section B Green Buildings ............................ 11-21B Executive Women in Business.... Section C

Upcoming Spotlight November 8, 2013 LENDERS DIRECTORY


Made with FlippingBook HTML5