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

ISSUE HIGHLIGHTS Volume 26 Issue 3 February 14 - 27 , 2014 Property Managment- IREM Conference & Expo Spotlight

For Camelot at Cinnaminson Harbour in Cinnaminson, NJ Meridian Capital Group arranges $40m in permanent financing C INNAMINSON, NJ – Mer idi an Capi ta l Group, LLC , a leading

Philadelphia, PA, Trenton and Cherry Hill, NJ. The commu- nity features state-of- the-art amenities including an outdoor pool, fitness center and business center. “When we began working on the financing for this property it was 55% occupied. Merid- ian leveraged its long-standing lender relationships andmarket knowledge to obtain 75% loan- to- value terms for our client based on a stabilized occupancy proforma,” said Munk. “This financing structure is extremely desirable for developers because they can forgo waiting for the property to lease up to 90% oc- cupancy for 90 days; it provides them with the ability to tap their equity quickly and invest in new projects,” he added. n

BALTIMORE, MD — Fin- marc Management, Inc. , a Bethesda, Maryland-based commercial real estate firm, has announced the sale of the Port Covington property in the southern section of Bal- timore City for $35 million to 2701 Port Covington Drive, LLC and their affiliates. Since 2002, the 58.71-acre site has supported a 142,000 s/f Wal-Mart, which continues to operate, and a 130,000 s/f former Sam’s Club, which closed in 2008. national commercial real estate finance and advisory firm, nego- tiated $40 million in permanent financing for Camelot at Cin- naminson Harbour, a luxury multifamily complex located in Cinnaminson. The five-year loan features a competitive fixed-rate of 3.64% and a 30-year amortization period. This transaction was negoti- ated byMeridian Capital Group vice president, Josh Munk . Camelot is a recently con- structed 405-unit waterfront multifamily complex. The property is part of Villages at Cinnaminson Harbour, conve- niently located just outside of

Section D

Gebroe-Hammer arranges $4.655m sale of multi-family package

Camelot at Cinnaminson Harbour

Finmarc Management sells 58-acre Port Covington retail development for $35 million

FC-B

Finmarc acquired the Port Covington property in March 2005, which is ideally posi- tioned off East Cromwell St. and the Hanover Rd. exit off I-95, with initial plans to de- velop approximately 150,000 s/f of additional retail space. “We realized the property was suitable for many dif- ferent development options,” said David B. Fink , prin- cipal – managing director for Finmarc Management. “Given its strategic position- ing on the waterfront, imme- diate proximity to the down- town core and large amount of available acreage, the site has long been considered ideal to support a mixed use of residential, retail and office development. It remains one the largest urban waterfront development sites available in the Mid-Atlantic region and could easily support a user in need of several million square feet of new develop- ment.” “With sale of this asset, over the last 18 months, along with our partners we have acquired or disposed of over $279,000,000 in assets and

Rittenhouse Realty Advisors sells housing portfolio for $23.8m

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Directory

DelMarVa........................................................ 7-10A Financial Digest............................................. 11-18A New Jersey.................................................Section B Central New Jersey.......................................... 7-11B Pennsylvania..............................................Section C Western PA................................................... 12-16C PA’s Engineer’s Spotlight. ................................ 5-11C

Port Covington, Baltimore, MD

60 acres in the early 1990s and subsequently constructed a state-of-the-art printing and distribution plant. The newspaper explored the pos- sibility of re-locating its entire operations from its current site on Calvert Street to Port Covington, although the plan never materialized. n

are actively seeking addi- tional real estate investment opportunities,” Fink added. The Port Covington retail development was part of a 130-acre assemblage formerly owned by CSX and used by Western Maryland Railway as a rail yard. The Baltimore Sun acquired approximately

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