Real Estate Journal — January 16 - 29, 2015 — 11A


M id A tlantic

F inancial D igest

EARNY, NJ — First Ni agara ’ s Com- mercial Real Es- The Passaic Ave. site will feature a 88,000 s/f BJ’s Wholesale Club and other retail First Niagara finances $30 million redevelopment project in Kearny, New Jersey K

“We have worked with First Niagara many times over the past years,” said Alan Cas- noff , president of DVL, Inc. “They understand the devel- opment process, as well as the need to customize the transac- tion to meet the requirements of the project.” Ryan Crouthamel , First Niagara’s vice president of Commercial Real Estate who is managing the transaction for the Bank said, “First Ni- agara is committed to pro- viding financing for projects that revitalize neighborhoods throughout the region.” n

tate Group has closed on a $30 million loan with DVL Kearny Holdings, LLC , a wholly-owned subsidiary of DVL, Inc. , for the redevelop- ment of an industrial site in Kearny. The site will be anchored by an 88,000 s/f BJ’s Whole- sale Club with an additional 52,000 s/f of retail space. The site at 132-144 Passaic Ave. and is part of the Passaic Avenue Redevelopment Plan, is expected to be completed in the fourth quarter of 2015. WILLIAMSPORT, PA — Washington Trust’s Com- mercial Real Estate Group recently provided $7.752 mil- lion to Chartwell Laurel Street, LLC to refinance a newly constructed Residence Inn in Williamsport and $8.025 mil- lion to Warwick CHI, LLC to refinance and upgrade Sprin- gHill Suites in Warwick, RI. Both properties are a part of Chartwell Hotels, a full- service hotel development and management company operat- ing properties throughout the Eastern United States. Opened in January 2013, the 97-room Residence Inn is located at 150West Church St. in Williamsport, PA. The 97- unit hotel consists of extended- stay suites catering to the de- mands of an emerging natural gas market in the area. The 107-room SpringHill Suites property is located a quarter- mile from I-95 in Warwick, RI. The property recently under- went complete room renova- tions as well as the addition of a new lobby. Residence Inn and SpringHill Suites are both part of the Marriott Modern Essentials brand. “As brands of Marriott, both Residence Inn and SpringHill Suites are well-established names in the hospitality in- dustry,” said Joseph Mar- cAurele , Washington Trust chairman and chief executive officer. “With the growing gas industry in North Central Pennsylvania and Warwick’s close proximity to Providence and Boston, both properties are poised for growth.” n Washington Trust provides $7.752m for a refinance of a Residence Inn

132-144 Passaic Ave. rendering

WHENEXECUTIONMATTERS, M&TDELIVERS. Acquisition of 196-Unit Garden Apartments Yardley, PA $27,075,000 $10,137,000 $23,025,300 $20,000,000 FHA 221(D)(4) LOAN NewConstruction Financing 160-Unit Garden Apartments Frederick, MD FREDDIEMAC LOAN Acquisition of 120-Unit GardenApartments Dover, DE CONDUIT LOAN Acquisition of 182,583 sf Retail Center Phillipsburg, NJ FANNIEMAE LOAN

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