10A — March 13 - 26, 2015 — M id A tlantic
Real Estate Journal
F inancial D igest
HFF arranges sale and joint venture equity for 375-unit Riverwalk at Millennium in PA HFF closes sale and secures financing for 369,313 s/f industrial facility in Edison, NJ
DISON, NJ — HFF announced that it has closed the sale of and secured acquisition financing for One Truman Dr. South, a 369,313 s/f industrial ware- house facility in Edison. HFF marketed the property for the seller, IC/L-A One Tru- man Drive LLC, wholly owned by affiliates of Lubert-Adler Partners . Cohen Asset Management, Inc. (CAM) and institutional investors advised by J.P. Morgan As- set Management – Global Real Assets purchased the property free and clear of E
existing debt. Additionally, HFF was retained by the new owners to secure the fixed-rate loan through Principal Real Estate Investors . This was CAM’s second ma- jor acquisition in New Jersey since acquiring the Avidan Industrial Portfolio in 2012, which was arranged by HFF and was the largest industrial transaction in New Jersey that year. The HFF investment sales team representing the seller was led by managing director Michael Nachamkin , senior managing director Jose Cruz
One Truman Dr. South
Riverwalk at Millennium
and senior real estate analyst Robert Borny . The HFF debt placement team representing the pur- chaser was led by senior man- aging director Jon Mikula and director Michael Klein . CONSHOHOCKEN, PA — HFF announced that it has closed the sale of and ar- ranged joint venture equity and acquisition financing for Riverwalk at Millennium, a 375-unit class A multi- housing community in Con- shohocken. HFF marketed the property on behalf of the seller, River- walk Realty Company, Inc. A joint venture arranged by HFF between Scully Com- pany and Long Wharf Real Estate Partners LLC pur- chased the asset. Additionally, HFF worked on behalf of the buyer to place the 10-year, floating-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securi- tized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. Riverwalk at Millennium is situated on 7.89 acres at 309 Washington St. in Con- shohocken, a suburb north- west of Philadelphia that borders the Schuylkill River. The HFF investment sales team representing the seller was led by senior managing directors Mark Thomson , Zac Pierce and Jose Cruz and managing director Kevin O’Hearn . HFF’s debt and equity placement team was led by senior managing director Jim Cadranell and managing di- rectors Ryan Ade and James Conley. n
FANNIE MAE LOAN $27,075,000 Acquisition of 196-unit garden apartments Yardley, PA
FREDDIE MAC LOAN $10,137,000 Acquisition of 120-unit garden apartments Dover, DE
FHA 221(D)(4) LOAN $23,025,300 Newconstruction financing 160-unit garden apartments Frederick, MD
CONDUIT LOAN $20,000,000 Acquisition of 182,583 sf retail center Phillipsburg, NJ
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