M id A tlantic F inancial D igest F eaturing M ultifamily F inancing Transaction originated by Cassidy and Banks of Marcus & Millichap Greystone provides $29m bridge loan for student housing in College Park, MD
Real Estate Journal — August 15 - 28, 2014 — 5A
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and is in close proximity to Washington, DC and Balti- more, MD. The transaction was origi- nated by Jared Cassidy , Associate Director, Marcus & Millichap Capital Cor p. and Payton Banks , associ- ate vice president, Marcus & Millichap . “Student Housing is ob- viously a sector where it’s important to understand the unique nature of the tenancy in order to provide the optimal loan. Greystone has that capability and we were grateful for the opportu- nity to bring our expertise to bear,” said Marty Lanigan , head of Greystone’s Portfolio Lending Group. n
OLLEGE PARK, MD — Greystone , a national provider of
HILLCREST HEIGHTS, MD —Retail industry veteran Carl Verstandig , CEO and president of America’s Re- alty , purchased the Iverson Mall in Hillcrest Heights last week. The property sold for $27 million, or $43 p/s/f. Marc Tropp of Eastern Union ’s Maryland office ar- ranged the 4.4% seven-year acquisition loan with a re- gional balance sheet lender. Eastern Union also introduced another repeat client to the deal, facilitating a partnership which contributed the $9 mil- lion equity component on top of the loan amount. Tropp said the plan is to redevelop the property, which is garnering interest from na- tional tenants, creating mas- sive upside potential. “Carl buys an average of 18-22 shopping centers an- nually at this point, he has a great relationship with many national retailers, and his leasing experience was criti- cal to the success of this deal,” Tropp said. “The property sits between three metro stops, and it is only a matter of time before the market pushes closer to the site.” Verstandig will invest $4 million into upgrading the The bridge financing terms for The Enclave at 8700 include a 24-month floating rate loan with two 6-month extensions, and an interest- only period for the first 18 months. The Enclave at 8700 is a mixed-use student hous- ing property with parking garage and first-level retail. multifamily and healthcare mortgage loans, announced it provided a $29,275,000 bridge loan on a student housing property in College Park. The transaction was closed by Andrew Ellis , a senior mortgage originator at the firm.
building also boasts a 24- hour complimentary shuttle bus, study lounge, electronic key access, fitness center and The Enclave at 8700
With 94 total furnished 2-, 3-, and 4-bedroom suites each containing private kitchens, bedrooms and baths, the
Wi-Fi for 369 student resi- dents. The Enclave at 8700 is located within a mile of the University of Maryland,
Eastern Union Funding negotiates $21.5 million for DC-suburb shopping mall trade
Cronheim Mortgage secures $16m for two retail properties
Waterbury Crossing
1996 and 1997, respectively. The second $8,000,000 fi- nancing was arranged for a 126,800 s/f, two-building retail center, located in Pittsfield, MA. The asset was constructed in 1975 and is currently occu- pied by eight retail tenants in- cluding TJ Maxx, Petco, Home Goods, Sally Beauty Supply, and Planet Fitness, among others. The majority of the center was previously occupied by a Kmart who vacated the center in 1997. The Kmart space has since has since been subdivided to accommodate the current roster of tenants. The sponsor, Phoenix Merrill Road, LLC, has owned the subject since 2004. n
WATERBURY, CT/PITTS- FIELD, MA — Dev Morris , Allison Moravec , and An- drew Stewart , arranged a total of $16,000,000 for two retail properties, located in Waterbury, CT and Pittsfield, MA. The financings were both structured on a 10/30 basis, and were arranged for affiliates of Phoenix Realty Management . The first financing, totaling $8,000,000, was arranged for Phoenix Waterbury LLC, and secures Waterbury Crossing, a 69,400 s/f, 100% occupied retail center. Both Sports Au- thority and Petsmart are long- time tenants of the property, having occupied space since
Iverson Mall
Iverson Mall, with plans to improve a portion of the build- ing—a section used for office space that is currently 25% occupied. Additionally, the new management will redo the parking deck and exte- rior lighting as an additional safety measure. “Everyone has this idea that indoor shopping malls are going blank, but in many markets, like DC, that just doesn’t hold true,” Verstandig said. “We’re getting a lot of notice from big box anchors, and tenancy for a few of them is one of many exciting pos-
sibilities for the space.” Iverson is anchored by Bur- lington Coat Factory and Forman Mills, a regional dis- count-design retailer. Other shops include Foot Locker, Kay Jewelers, Bank of Amer- ica, AT&T, Payless Shoes, and GNC. With this transaction, Ver- standig owns 239 shopping centers in 35 states. Tropp is also arranging financing for Verstandig’s purchase of a $125 million portfolio span- ning five states, a deal which is scheduled to close in two weeks. n
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