24C — March 29 - April 11, 2019 — The Best of 2018 — M id A tlantic

Real Estate Journal



Benchmark Construction Dickson College, High Street Residence Hall, Carlisle, PA

M & E Engineers Unilever North America HQ Englewood Cliffs, NJ

Warfel Construction Company UGI Utilities Headquarters Denver, PA

LEED Platinum Renovated Size: 336,966 SF

LEED Platinum New Size: 40,000 SF

LEED Silver New Size: 93,000 SF

Unilever redeveloped a Five building campus into a single state-of-the-art workplace. The building is now highly-ef- ficient and is built to meet the standards of LEED Plati- num and WELL (a first in NJ!). Some key features include an improved building envelope (windows & insulation), 500kW of solar panels, and decentralized high efficiency boilers. By consolidating other offices, the renovation achieved a 41% reduction in square footage while housing more employees. Various techniques and strategies are in use so that they are on track for a 50% reduction in potable water demand, 50% reduction in CO2 emissions, and 50% energy reduction.

This residence hall is only one of approximately 50 LEED Platinum for Home certified projects in Pennsylvania, and it’s the only one directly associated with an institution of higher education. Additionally, the accumulated LEED points for this project far exceeded the Platinum threshold, making it one of the highest point earners of all national higher education facilities. The four-story, 140-student resident hall is the newest addition to Dickinson College’s on-campus housing. The exterior facade of the building is a combination of zinc panels and locally quarried limestone.

UGI Utilities is a natural gas and electric utility serving 700,000 customers in 45 Pennsylvania counties and one county in Maryland. The new UGI Headquarters in Denver, PA houses approximately 350 employees. A combined heat and power plant (CHP) that uses natural gas to simultane- ously generate electricity and useful thermal energy was in- corporated into the building plan. CHP systems use thermal energy that would have otherwise gone to waste, thereby raising the total efficiency of the facility.

The TOP FINANCIAL DEAL of 2018 Northmarq Camelot at Cinnaminson Loan: $38 million

Post Brothers Apartments Presidential City Refinancing Loan: $280 million

Procida Funding & Advisors Nyack College Loan: $38.5 million

Institution: Borrower/Kaplan Companies Financier: Life Insurance Company Location: Cinnaminson, NJ

Loan Type: Debt Consolidation Financier: Procida Funding & Advisors / 100 Mile Fund Location: Nyack, NJ Size of property: 4,450,000 SF Procida Funding provided Nyack College with a $38.5 million debt consolidation and working capital loan on behalf of The 100 Mile Fund, which Procida exclu- sively manages. The school plans to use the funding to consolidate operations at its New York City loca- tion and monetize its Nyack campus through enroll- ment efforts and the elimination of duplicate expenses and services.

Gary Cohen, managing director and Marc Nevins, invest- ment analyst at NorthMarq’s NJ regional office, arranged the $38 million refinance of Camelot at Cinnaminson, a 405-unit multifamily property located at 198 Camelot Court in Cinnaminson, NJ. The permanent fixed rate loan was structured with a fully amortizing 30-year term. NorthMarq arranged financing for the borrower, Kaplan Companies, through its correspondent relationship with a life insurance company. “Kaplan Companies is a full service real estate invest- ment and development company active in the residential, commercial and construction business in and around New Jersey,” said Cohen. “NorthMarq was hired by Kaplan to arrange long term financing and we were successful in ar- ranging a 30-year self-amortizing loan with a national life company. The interest rate was set in the beginning of May enabling the borrower to lock in favorable terms months before their existing loan was open to prepayment.”

Institution: Ackman-Ziff Financier: Natixis

Location: 3900 City Ave., Philadelphia, PA Size of property: 1,017 units, 850,000 SF

Post’s $280 million refinancing of Presidential City Apart- ments further solidifies its position as the definitive mar- ket leader in revitalizing outdated assets and elevating the community to a world-class standard. At 1,000 total units with a three-acre resort-style amenity center, Presidential City is a shining example of high-end living that provides a luxurious quality of life just minutes from the city proper. Post’s refinancing is affirmation that its ambitious plan to revitalize the city’s largest residential redevelopment has succeeded, and that the company can execute a reposition- ing effort at virtually any scale. Specific improvements included upgraded floor layouts, upscale interior finishes, in addition to the now-renowned Sora Pool Club.

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