F inancial D igest
Real Estate Journal — January 16 - 29, 2015 — 7A
www.marejournal.com
M id A tlantic
REXEL HILL, PA — Meridian Capi- tal Group, LLC , a Negotiated by Bologno and Gilbert, both based in the company’s Iselin, NJ office Meridian Capital Group arranges $40m in financing for the Drexelbrook Apartments D and interest-only payments for the full term. This transac- tion was negotiated by Merid-
ian Capital Group senior v i ce pres i - d e n t , J im B o l o g n o , and vice pres- ident, Paul G i l b e r t , who are both based in the
national com- mercial real estate finance and adviso- ry firm, ar- ranged a $40 million loan for the refi- nance of a the Drexelbrook
Jim Bologno
Paul Gilbert
company’s Iselin, NJ office. Drexelbrook Apartments totals 90 buildings and more than 1,200 units. The prop- erty is conveniently located in Upper Darby Twp., only eight miles fromPhiladelphia’s Cen- ter City. n
Apartments, a multifamily property located in Drexel Hill, on behalf of William Kay, a general partner of Drexelbrook Associates, LLC. The 10-year loan features a floating-rate of 129 basis points over the one-month LIBOR
Drexelbrook Apartments
CronheimMortgage arranges $30m in financing for 380,383 s/f property
Case Real Estate Capital’s SandyHerrick serves as speaker at MAREJ’s conference
continue to change given the state of the markets. An industry veteran, Herrick has invested in more than $4 billion of commercial proper- ties during the course of his 30+-year career. In early 2013, he co-founded Case, and the firm has steadily expanded to meet the needs of its cli- ents. Today, Case is active as a purchaser of sub- and non-performing debt and as a high-yield situational lender. It provides flexible, depend- able financing solutions for transitional properties located in the New York metropolitan area, as well as throughout the Northeast andMid-Atlantic re- gions and in Florida. Case also offers opportunities for local entrepreneurs, and its investor base is extremely diverse. n late November. The company plans to use the funding for growth capital, and antici- pates adding employees to its NJ workforce within the coming years. “We encourage emerging and established technology companies in NJ to take ad- vantage of the broad array of programs the State offers to support this important in- dustry,” EDA CEO Michele Brown said. n
NEWARK, NJ — Sandy Herrick , managing principal and co-founder of Case Real
The property is one mile from the Rte. 422 interchange, providing immediate access to the area’s major roadways, including: Interstates 76, 276 and 476 and Routes 202, 29, 23 and 363. Unlike many flex buildings in the area, the property has 24’ clear heights that allow for excellent tenant flexibility. Proscia said: “While this was a reasonable LTV/LTC request, the non-credit nature of the tenancies combined with lease rollover during the loan term presented some financing chal- lenges. One of the mitigating factors was significant capital committed by the tenants to their individual spaces. Ulti- mately the bank was comfort- able with the equity investment by the owner and their long- term commitment to this new acquisition.” Founded in 1897, David Cron- heimMortgage Corporation and its affiliate companies located in Chatham, NJ provide an array of real estate services including debt and equity for investment grade real estate. Through their Channel Real Estate Funds af- filiate they have provided mez- zanine and equity capital for numerous real estate projects in an efficient and cost effective manner. n
BURLINGTONCOUNTY, NJ — Andrew Stewart, Dev Morris, and Allison Moravec have secured $30 million in financing for a Walmart Supercenter an- chored property located in Burlington. The loan was structured with a 10 year term and 30 year amortization. The property is part of National Realty & Development Corporation’s 22 million s/f portfolio. The loan was placed with Voya Investment Man- agement, whom Cronheim represents as correspondent and servicing agent. The subject property, known as Liberty Square Center, is a 380,383 s/f shopping center anchored by Marshalls, Acme Supermarket, Toys-R-Us, and a recently expanded Walmart Supercenter. According to Dev Morris, “Walmart’s desire to expand speaks to the strength of this location and the submarket. The fact that they were able to remain open during the entire expansion and renova- tion process is a credit to Na- tional Realty’s expertise as an owner and manager, and the strength of its tenant relation- ships. As a portfolio lender, Voya provided a comfort level to the borrower in terms of
Estate Cap- i t a l , LLC (Case) , re- cently served as a featured speaker at Mid Atlantic Real Estate J o u r n a l ’ s ( MA R E J )
Sandy Herrick
New Jersey Real Estate Capi- tal Markets Conference in Newark. As part of the “Real Estate Equity Investors Re- quirements” panel, Herrick provided insights on a range of topics, including the type of investors active in today’s mar- ketplace and favored invest- ment asset classes as well as how underwriting standards TRENTON, NJ —Continu- ing the Christie Administra- tion’s commitment to growing the state’s vibrant technology industry, the NJ Economic Development Authority (EDA) announced that it has closed on a $1 million loan to support Bergen County-based Ivy Sports Medicine. The EDA approved the loan through the Edison Innova- tion VC Growth Fund in July and closed the transaction in
Liberty Square Center
rate lock and certainty of ex- ecution.” OAKS, PA — Janet Pro- scia and David Turley ar- ranged a five-year fixed rate loan totaling $4.75 million for a 57,600 s/f office/flex/ distribution property in Oaks. The debt was sourced from a regional bank, which funded a 65% LTV loan on a non- recourse basis. The single-story building constructed in 2006 is 100% leased to two tenants and is “best in class” in the market.
Medtech Co. secures $1m loan fromEDA
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