Mid Atlantic Real Estate Journal Lender’s Directory — Financial Digest — November 9 - 22, 2018 — 5D
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L ender ’ s D irectory
Spencer Savings Bank’s Guerrero makes a difference in New Jersey
ommercial Mort- gage Capital (CMC) arranged financing in the amount of $35.5 mil- Commercial Mortgage Capital arranges $35.5M in financing Prior Proper Planning Prevents Poor Performance C Close to the Madison Train Station, less than a mile from Rte. 24, providing quick access to Rtes. 78 and 287.
ELMWOOD PARK, NJ — Jose B. Guerrero , chairman, president and CEO, Spencer Savings Bank was recently honored with the David Sar- noff Award for Advocacy at the Sixth Annual New Jersey Im- migrant Entrepreneurs Awards at the Asian Indian Chamber of Commerce Multi-Chamber Event in Monmouth Junction. The awards honor immigrant entrepreneurs making a differ- ence in New Jersey. “We congratulate this year’s winners for their contributions to the State of New Jersey and recognize the importance of im- migrants to NJ’s economy and society,” said Katherine Kish, executive director, Einstein’s Alley. The New Jersey Immigrant
Entrepreneur Awards honor immigrant business leaders helping New Jersey communi- ties thrive. The awards were created to highlight the social and economic contributions of NJ’s immigrants to communi- ties throughout the state and celebrate the important role of immigrants to today’s economy. The Immigrant Entrepreneur Awards are named for great, historic New Jersey immigrant entrepreneur. Guerrero, a native from Spain has spent over three decades serving as president, chairman and chief executive officer of the Board for Spencer Savings Bank. Under his lead- ership, Spencer has spent de- cades making its community a better place to live and work.
point run up in rates. As rates continue to pressure upward, many of our clients are seeking to lock in today’s rates for a long term loan prior to project completion. Contact CMC today to dis- cuss your project! Commercial Mortgage Cap- ital, a partner of US Realty Capital , leverages strong, long-term relationships with a national network of pro- viders to create innovative financing solutions. Mark Scott is principal of Commercial Mortgage Capital.
The borrower, the KRE Group locked in a low, long- term, self-liquidating loan while construction of this beautiful project was under- way. CMC’s life insurance lender locked the rate for this loan in Q3 of 2017. After com- pletion and a predetermined leasing target was achieved, the loan funded in Q3 of 2018. CMC was able to secure this great financing deal before the recent 80+ basis
lion secured by Rose Hall, 100 brand new luxury apartments in Madison, NJ. Rose Hall
is steps from Ma d i s o n ’ s best restaurants and shopping. Mark Scott continued from page 4D Financing pitfalls in the age of . . . for the year plus what it would take to evict the master tenant and the underlying tenants and re-let the building. This assumes we could get a mortgage to take out the construction financing in the first place. I think she was a little starry eyed at the thought of getting 20% more rent and hadn’t fully thought through this plan yet. We are working on yet an- other co-living multifamily development where the client was approached by an opera- tor requesting changes to the unit mix, but not in a way that would make the units difficult to lease conventionally, and they are signing a management contract with revenue sharing rather than a master lease. This one I feel more confident about our chances of being suc- cessfully able to finance into a permanent (?) giving the abil- ity to replace the operator and keep the owner and lessor of the units. The bottom line is that there are a lot of Uber drivers driv- ing around that don’t realize that driving for Uber could render their current auto in- surance invalid and if things go wrong they will have a big problem. You don’t want to be the landlord equivalent of the Uber driver not knowing you may wind up in jeopardy. Be cautious and skeptical when dealing with disruptive tech- nology in what is still a highly fragmented nascent industry. A lot of this stuff just plain doesn’t make sense. R. Brenner Green is a 20-year veteran in commer- cial real estate finance and President of Real Property Capital, Inc., a full-service commercial mortgage bank- ing firm based in the Phila- delphia suburbs.
Real Estate Finance Debt and Equity Solutions
RECENTLY CLOSED LOANS
$35,500,000 100 Apartments Madison, NJ
$1,350,000 12 Multifamily Units Montclair, NJ
$19,360,000 124 Multifamily Units Wappingers Falls, NY
For more information contact: Mark Scott at 201.787.7111 or mscott@newcommercialmortgage.com Visit us online at www.newcommercialmortgage.com Commercial Mortgage Capital, a proud partner of US Realty Capital, leverages strong, long-term relationships with a national network of providers to create innovative financing solutions. CMC is ranked #41, a top financial intermediary for 2018!
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