1-16-15

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

ISSUE HIGHLIGHTS Volume 27 Issue 1 January 16 - 29, 2015

Tropp, Romirowsky and Singer orchestrate $15.37m for housing dev. Eastern Union Funding closes $18.75m construction loan inManhattan Beach

B 2015 Forecast

Eas tern Uni on Funding closed a deal for the develop- ment of three townhouses, seven condominium units and a fully automated 45- car garage in the Park Slope neighborhood of Brooklyn. Located at 346 13th St., the development site trad- ed on December 3rd. East- ern’s Marc Tropp, Shai Romirowsky and David Singer negotiated the $15.37 million acquisition and con- struction loan covering 70 of the project costs. It carries a floating rate of 3.75 over LI- BOR, with a floor of 4.75 on a 30-month term. Financing was provided by the United States arm of an Israel-based lender, Bank Leumi. The project sponsor, Amer- ican Development Group CEO Perry Finkleman , is actively expanding a portfo- lio that includes successful buildings, renovations, office space marketing and over 6,000 luxury and affordable residential units. n the buyer, whose name was not released. “Several challenges were faced in marketing The Gates,” said Gambuzza. “In addition to the effects of the economic turmoil in nearby Atlantic City, the property had Fred- die Mac debt that needed to be assumed.” Despite all the obstacles, several offers were produced and ultimately the best offer was selected based on the pur- chaser’s track record for repo- sitioning assets, understanding of the market and price. Somers Point is a four- square-mile municipality lo- cated in the eastern portion of Atlantic County, approxi- mately seven miles southwest of Atlantic City and 60 miles east of Philadelphia. It is a resi- dential community well known for its marinas, boating, and fine restaurants. n

ROOK L Y N , N Y — Eastern Union Funding orchestrat-

ed a develop- ment project planned for 1 0 2 W e s t End Ave. An entity o p e r a t i n g as 102 West End Pa r t - ners, LLC,

Jeff Seidenfeld

is heading construction of the seven story building, which will house 51 units in Brooklyn’s Manhattan Beach neighborhood. The building will consist of 48 luxury hous- ing units, three commercial spaces. Costs for the development site and construction com- bined are estimated at $26 million. Cushioning these costs was Eastern Union Funding’s Jeff Seidenfeld , who negotiated a 30 month loan with a floating rate of .25 over prime, with a floor of 4.5. Financing was provided

102 West End Ave.

the ground.” “Today’s brokers need to understand the trajectory of the construction market in order to meet the tidal wave of demand in this arena,” said Ira Zlotowitz , president of Eastern Union Funding. “Thanks, in part, to his capac- ity to structure sophisticated loans and sheer tenacity, Jeff is one of those best-in-class brokers.” In a separate transaction,

by Valley National Bank . “It’s a credit to a strong borrower and a robust con- struction market that this deal was able to close so smoothly,” Seidenfeld said. “We were able to translate the client’s vision to a very receptive lender, who, like the client, understands that construction is one of the biggest commodities on the market, and all parties came together to get this thing off

12-21A

Tranzon to auction ±41 acres Feb. 26 in Gettysburg, PA

Nat Gambuzza and John Veniero represented both the seller and the buyer Marcus & Millichap completes $11.4m sale of a 202-unit apartment complex in Somers Point, NJ

SOMERS POINT, NJ — Marcus & Millichap an- nounced the sale of The Gates at Somers Point, a 202-unit garden-style apartment com- plex in Somers Point, NJ. The commercial real estate

3C

Directory

DelMarVa.................................................................5-6A Financial Digest......................................................7-11A New Jersey....................................................... Section B Southern New Jersey. ............................................5-11B Pennsylvania.................................................... Section C Eastern Pennsylvania. ............................................ 5-11C

The Gates at Somers Point

investment asset sold for $11,400,000 or $56,436 per unit. The property is located on almost five acres at 555 Shore Rd. in Somers Point near Shore Medical Center. The complex is composed of five buildings with mature land-

scaping and a desirable unit mix of mostly two-bedroom units. Nat Gambuzza , vice presi- dent investments and John Veniero , associate, both in Marcus & Millichap’s New Jersey office, represented the seller, WWW Associates and

Upcoming Spotlights January 30, 2015 Economic Development

www.marejournal.com

Made with FlippingBook - Online catalogs