- DC

The Duchess is Hudson Waterfront’s newest luxury complex Gebroe-Hammer finalizes $166m sale of NJ Gold Coast hi-rise development

ISSUE HIGHLIGHTS Volume 29 Issue 21 November 10 - 23, 2017

Lender’s Directory N 19-22A

and a veranda boasting yoga decks, a sandbox, co-working space and child-friendly spaces. The interiors were designed by a world-renowned designer with extraordinary kitchen and bath features as well as the new owners’ hallmark finishes and furnishings. “The Duchess has set a new standard for Hudson Water- front living, where renter-by- choice tenants value a high-end lifestyle, ‘front-door’ transit conveniences and proximity to NYC as well as its views, which they can bask in at any time of day from their apartment- homes,” said Brecher. “New Jersey’s Gold Coast is an ideal market that aligns with the buyer’s business strategy to of- fer differentiated multi-family product within in-demand sub- markets like North Bergen.” Founded in 2007, Post transaction. The sale of a 16,500 s/f of- fice building at 2121 Rte. 22, Bridgewater, NJ from Bridge- water East Associates to Capi- tal Care BR, LLC. The sales price was $2,546,250. Gregg Nowell and Douglas Sitar were the salespeople in this transaction. The sale of 3.7 acres of land at 1711 Rte. 34 in Wall Twp., NJ from Wall Land LLC to New Jersey State Firemen's Association. The sales price was $999,000. Robert Jan- Tausch and Douglas Sitar were the salespersons in this transaction. The sale of 11 acres of land at 300-500 Madison Ave. in Manalapan, NJ from Madison Exchange LLC to J&J Commer- cial Exchange LLC. The sales price was $950,000. Robert JanTausch was the salesperson in this transaction. The sale of an 8,300 s/f in- dustrial building at 5007 In- dustrial Rd. in Wall Twp. from Fourkay Realty LLC to

Brothers Apartments is a ver- tically integrated ownership, management and real estate development firm offering con- temporary luxury residences throughout the PA, NY and NJ metropolitan areas. Situated adjacent to Hack- ensack Meridian Health/Pali- sades Hospital, The Duchess offers a mix of studio and one-, two- and three-bedroom lay- outs, ranging from 600 s/f to a three-bedroom, three-bath 2,600 s/f penthouse. In addi- tion to a River Rd./Palisades Center “front door” bus stop offering service via the 156, 158, 159 and 188 lines, the three-building interconnected 12-story complex is minutes fromEdgewater Ferry Landing at Port Imperial (1.6 miles), I-495 and the Lincoln Tunnel as well as the George Washington Bridge. n MAG Enterprises. The sales price was $792,000. Brian Schrader and Robert Jan- Tausch were the salespeople in this transaction. The sale of an 8,000 s/f office building at 6 Wesley Court in Middletown, NY from the In- ternational Union of Operating Engineers, Local 825 to Seneco Enterprise. The sales price was $585,000. Douglas Sitar, William Sitar Jr., and Joseph Allegro were the salespeople in this transaction. The sale of a 4,800 s/f retail building at 57 Main St. in Bradley Beach, NJ from 57 Main LLC to CJB Realty As- sociates . The sales price was $420,000. Brian Schrader was the salesperson in this trans- action. The sale of a 3,750 s/f retail building at 5201 Pacific Ave., Wildwood, NJ from National Loan Investors, LP to Ahn Nguyen. The sales price was $150,000. Robert Bogash was the salesperson in this transaction. n

orth Bergen, NJ — Gebroe-Hammer Associates has final- ized the $166 million sale of the Hudson Waterfront’s new- est River Road luxury hi-rise, The Duchess in North Bergen, representing the developer, LWH Urban Renewal LLC of Edgewater, and the buy- er, Philadelphia-based Post Brothers . Managing director Joseph Brecher spearheaded the Gebroe-Hammer team that included managing director David Oropeza , senior vice president Eli Rosen and se- nior vice president Nicholas Nicolaou . The transaction marked the official closing of the development agreement for the land parcel brokered by Gebroe-Hammer in 2014. A three-towered, 320-unit building located at 7601 River Rd., along North Bergen’s short

STIHL plans $25M expansion in Virginia Beach

The Duchess

stretch of River Rd. waterfront, The Duchess is the newest first- class urban-chic apartment building recently welcoming its first tenants to Phase I. Leasing opened this past spring for the uniquely styled and amenitized complex, which includes a water terrace with a heated outdoor pool, private cabana beds and sun chaises


Beacon Comm’l. RE inks sale of PA office building

Bill Sitar Jr. of Sitar Realty Company brokers industrial sale totaling$124.4m


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NJ; Washington, NJ; Brook- field, CT; Farmington, CT; Newington, CT; New Milford, CT; Boston, MA ; H y d e Pa r k , MA ; Quakertown, MA; Somer- ville, MA; and South Boston, MA; and Fair- less Hills, PA. Bill Sitar Jr. was the salesperson in these transactions. The sale of a 36,408 s/f retail center at 3 Walter Foran Blvd., Flemington, from Arnav In- vestments, LLC to Flemington Partners, LLC. The sale price was $5.6 million. Giorgio Vasilis was the salesperson in this transaction. The sale of an 80-room hotel at 2015 Burlington Mount Hol- ly Rd., Westampton from 2015 Burlington Mount Holly Rd., LLC to Westampton Realty, LLC. The sales price was $3.75 million. Thomas Palumbo was the salesperson in this Bill Sitar Jr.

Iselin, NJ — Sitar Realty Company of Iselin announced the following real estate sale transactions: The acquisition of 6,272 self-storage units measur- ing 673,558 s/f of industrial space with a purchase price of $124,464,308. Prime Group Acquisitions, LLC purchased properties in Clinton, NJ; Lin- denwold, NJ; Phillipsburg,

December 14, 2017 New Jersey Medical Properties Summit For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com


Financial Digest: Featuring Lender’s Directory Spotlight. ............5-26A DelMarVa.......................................................29-31A New Jersey................................................. Section B Pennsylvania.............................................. Section C

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Real Estate Journal


Mid Atlantic Real Estate Journal

Mid Atlantic R eal E state J ournal Publisher, Conference Producer ...................................... Linda Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ...................................................................Kim Brunet AVP, Conference Producer . ................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Office Manager ......................................................................Miriam Buttrick Contributing Columnists ........ Michael Novak, Atlantic Environmental So- lutions Inc.; David C. Scott, Greenbaum, Rowe, Smith & Davis LLP; David Wolf, ON Collaborative Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 21 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal

Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.

Millennials vs. Boomers: Tailoring Multifamily Homes to Today’s Twin Targets W David Wolf hat do Millennials, the laidback digi- tal natives dubbed “Generation Me” by social sci- entists, have in common with the driven, disciplined Baby Boomers who spawned them? Quite a bit when it comes to lifestyles. As Boomers downsize and Millennials finally enter the real estate market, both generations are gravitating to- wards the same type of housing: multifamily homes in vibrant urban areas. Ironically, Boomers are opt- ing out of large, high-mainte- nance homes at the same time their budget-conscious Millen- nial children are finally buying first residences. Both genera- tions want smaller dwellings in culturally rich cities and suburbs, with restaurants, shopping, services, entertain- ment and public transporta- tion nearby, notes realtor.com. Multifamily condos fill the bill for both groups. Yet while each generation has broad similarities, they

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also have distinct differences. Since both cohorts dominate the multifamily housing mar- ket at the moment, notes the National Association of Realtor, builders and developers need to be spot-on in the multifamily housing they target to either age group, and strike an in- spired balance of features and amenities in those designed to appeal to both. Easier said than done? Not in the age of big data. From the analytics-driven research we do at ON Collaborative to understand what resonates with each market segment, it means taking a deep-dive into each generation’s wants and needs to develop hyper-local business plans that maximize each project’s sales velocity

and price. Here are the most salient issues multifamily developers must keep in mind as they de- sign and build their offerings. Know Each Generation’s Pleasure and Pain Points Each generation places dif- ferent demands on multifamily developments. It’s more than a matter of tweaking unit size or making interior design features, common spaces and amenities as impartial as pos- sible. It’s critical to assess what each cohort needs and develop a site-specific mix of elements for each project. To date, multifamily develop- ers have relied on snazzy Wi-Fi lounges, complimentary gour- met coffee bars and lush com- continued on page 26A

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Issue Date: November 24, 2017

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M id A tlantic R eal E state J ournal Patterson-Woods Commercial Properties/CORFAC International receives PlatinumAward CORFAC recognizes 2017 Standards of Excellence Winners D enver , CO — CorfaC Interna- tional recognized tional, including serving as the organization’s President in 2016.

a challenge to single out a few for special recognition,” said CORFAC International 2017 president Ray Lyons, CCIM, MRICS, SIOR . “I am pleased and honored to announce this year’s award recipients.” Standards of Excellence Award individual recipients include: John Homsher, CCIM , of Podolsky Circle/CORFAC International , Des Plaines, IL, received the Charlie King MVP Award in recognition of his devoted and exceptional service to CORFAC Interna-

four individuals and four member firms with Stan- dards of Excellence Awards during the 2017 Fall Summit Awards Dinner in Denver. The awards recognize mem- bers for their dedication and commitment to the CORFAC International affiliate net- work as well as member firms that demonstrate excellence. “The CORFAC lnterna- tional network includes so many top-shelf people and companies that it is always

Adam Tarantur, CCIM , of Podolsky Circle/CORFAC International received the Olen Monsees Award for consistently exceeding ex- pectations on any task put before him. Adam has been instrumental in growing CORFAC's Next Generation membership and creating op- portunities for them to excel in the organization. Steve Lane of Voit Real Estate Services/CORFAC International in Irvine, CA, received the Thomas B. Hayes, Jr. Award for creativ- ity and innovation within CORFAC. Steve introduced a new, interactive deal-making format at the Spring Confer- ence in San Diego earlier this year to create relationship- building opportunities among members. Ra y Ly on s , CC IM , MRICS, SIOR , of Realty Advisors Ltd., Brokerage/ CORFAC International in Toronto, received the Steven H. Podolsky International Member of the Year Award, which recognizes outstanding members from outside of the U.S. who expand the visibil- ity, collaboration and reach of CORFAC globally. As current President and past Interna- tional Committee chair, Ray has been instrumental in the organization’s growth and expanded reach worldwide. The Standards of Excel- lence Awards also recognize CORFAC firms that perform to the highest standards and contribute to the organiza- tion’s growth based on six criteria: Leadership, Partici- pation, Referrals, Industry Awards, CORFAC Branding and Reporting. Winners are recognized in three categories: Platinum, Gold, and Silver. The 2017 winning firms include: Platinum Award Winners • Podolsky Circle/CORFAC International • Patterson-Woods Com- mercial Properties/COR- FAC International Gold Award Winners • TRI Commercial/COR- FAC International Silver Award Winners • Weber Wood Meding- er/CORFAC International CORFAC congratulates all winners on their accomplish- ments. n

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www.marejournal.com F inancial D igest F eaturing T he L ender ’ s D irectory Senior vice presidents Drebin, Fisher, and Jackson negotiate transaction Meridian Capital Group arranges $70 million in financing for the Hatfield Village multifamily H atfield, PA — Meridian Capital Group , America ’s M id A tlantic Real Estate Journal — November 10 - 23, 2017 — 5A

Hartfield Village is conve- niently located just off the PA Tpke. (Rte. 476) and minutes from routes 309, 63, 463, and 202. The community is sur- rounded by numerous parks and recreational facilities, including the Hatfield Commu- nity Park and Aquatic Center, XL Sports World, and the Hat- field Ice Arena. Various shop- ping centers and restaurants are just a few minutes away. “A loan of this size will typi- cally be financed by one of the agencies or via the CMBS market, but our borrower was specifically seeking a flex- ible balance sheet financing solution,” Jackson explained. “Given the track record and reputation of the sponsorship and the quality of the asset, Meridian was able to engage a balance sheet lender that was comfortable with a loan of this size and obtained a flex- ible structure with no reserve requirements.” n

most active dealmaker, nego- tiated $70 million in balance sheet financing to refinance Hatfield Village, a multifam- ily community in Hatfield, on behalf of Scully Company. The seven-year, fixed-rate loan, provided by a local bal- ance sheet lender, features a rate of 3.70% and two years of interest-only payments. This transaction was negotiated by Meridian senior vice presi- dents Russ Drebin, David Fisher , and Scott Jackson , who are all based in the com- pany’s Iselin, NJ office. Located at 2058 Maple Avee. is a garden apartment com- munity situated on a serene 70-acre park-like setting. The property consists of 35 three- story brick buildings, totaling 997 units. Community ame- nities abound, including an Olympic-size swimming pool,

Hatfield Village

state-of-the-art fitness center, picnic areas, tennis and bas- ketball courts, and walking trails along the beautifully

manicured grounds. Apartment amenities in- clude wall-to-wall carpeting, fully-equipped modern kitch-

ens, individually controlled heat and air conditioning, abundant closet space, and 24- hour emergency maintenance.

Commercial Mortgage Capital arranges $48.5 million in construction financing for new apartment in New York

LIVINGSTON, NJ — Mark Scott , of Commercial Mort- gage Capital (CMC) , has

s t r u c t u r e d and c l o s ed $48.5 million in construc- tion financing for Phase II of Southgate at Middletown. Phase II of Southgate at

Mark Scott

Middletown is comprised of 201 luxury apartments and follows the highly successful and fully leased 108 luxury apartment units of Phase I, completed in 2017. Middletown is located in Orange County, NY. The sub- ject property is located .25 mile north of I-84; .25 mile west of Route 17M, and .5 mile north of US Route 6/CR-56 or midway between the New Jersey border and Newburgh, New York. Since its inception in 1996, Commercial Mortgage Capital (CMC) has been a leader in real estate financing. n

Southgate at Middletown

6A —November 10 - 23, 2017 — Lender’s Directory — Financial Digest — M id A tlantic

Real Estate Journal


L ender ’ s D irectory

By Reilly Noetzel, Barley Snyder Five commercial real estate due diligence considerations you may be forgetting


additional land development and permitting requirements. These overlays may increase a buyer’s requirements or impose additional conditions related to the subdivision and land development approval process. 4. Condominium and Planned Community Con- cerns. A property often is subject to a condominium or planned community dec- laration. Some hallmarks of these ownership structures include common areas shared by owners of each property within the condominium or

planned community, as well as unit owners’ associations charged with administering the properties and enforc- ing any regulations. It is important to review any dec- larations (and accompanying plats) affecting the property to determine the obligations of each owner within the com- munity containing the prop- erty. Ask about items like signage permission, shared access, parking and potential amendments or additions to the planned community or condominium. 5. Leases. A lease encum- bering a property can be a due diligence nightmare. Leases often contain hidden clauses and rights. A tenant’s right of first refusal could be det- rimental for a buyer in any transaction, especially if the right is initially undisclosed and the tenant later refuses to consent to a waiver of that right. It is important to obtain an estoppel certificate from any tenant at the property you are purchasing. These certificates help to ensure the lease you are assuming is valid and enforceable. In the event that a buyer is obtain- ing financing for its purchase, a tenant, in connection with an estoppel certificate, may also request a subordination and non-disturbance agree- ment (SNDA). SNDAs subor- dinate the tenant’s leasehold interest to the buyer’s mort- gage, but assure the tenant will not be “disturbed” in its occupancy of the property in the event of a foreclosure of the mortgage. These items require additional negotia- tion, so be sure to adequately review them during any due diligence phase. In order to review any of these due diligence items, it is important at the outset of a transaction to ensure the seller discloses all available information and documenta- tion related to the property. Additional investigation may include searching the local re- corder of deed’s office, obtain- ing a zoning compliance letter or engaging an appraiser to appraise the property. Reilly Noetzel is an as- sociate in Barley Sny- der’s Lancaster, PA office, whose practice includes both real estate and con- struction. Contact him at rnoetzel@barley.com or at 717-399-1561. n

he due diligence phase is crucial to any real estate transaction.

can create an opportunity for a reduction in purchase price or additional purchase incentives. Here are five due diligence items to consider: 1. Access. Consider wheth- er the property you are pur- chasing has sufficient legal access. Some easements and access agreements may not be recorded, in which case it is important to speak with the sellers regarding the property’s current access ar- rangements. 2. Stormwater Manage- ment. Storm water manage- ment facilities may implicate

various maintenance and repair obligations set by state environmental agencies. In Pennsylvania, the existence of a property’s post-construc- tion stormwater management facility could mean numerous state maintenance obliga- tions, as well as specific notice and consent requirements for subsequent property trans- fers. 3. Zoning Overlays. Al- though a property’s zoning classification is a common due diligence consideration, municipalities often enact overlay zones which impose

When prop- erly drafted in an agree- ment of sale, it can allow buyers to ob- tain ample i n f o r m a - t i on about a property.

Reilly Noetzel

Perhaps most importantly, it could give buyers additional negotiation leverage. An un- foreseen issue exposed during a due diligence investigation

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Real Estate Journal — Financial Digest — Lender’s Directory — November 10 - 23, 2017 — 7A


M id A tlantic

L ender ’ s D irectory

Q Rogozinski rejoins Greystone Bassuk to boost capabilities for real estate advisory team Greystone provides $54m in HUD- insured financing for two skilled nursing facilities in Queens, NY u e e n s , N Y — Greystone , a real es- tate lending, invest-

due to the smaller size – yet it’s still a critical component of the capital stack,” said Rob Russell , Head of CMBS produc- tion at Greystone. “Combining the flexibility of CMBS with Greystone’s capabilities to ex- ecute mezzanine financing for our clients make this a game- changing loan product.” In other Greystone news, Ken Rogozinski has joined Greystone Bassuk , one of its real estate advisory companies, as an executive managing direc- tor. In this newly created role, Rogozinski will help expand Greystone Bassuk’s Agency

origination capabilities with a focus on developing cutting- edge solutions for the group’s large and sophisticated client base. In addition, Rogozinski will also help build structured debt products and complex, spe- cialized financing solutions for real estate owners and devel- opers seeking debt and equity for construction and portfolio refinancing of multifamily and mixed-use assets. Rogozinski was most recently chief credit officer and a co- founder of Dreadnought Capital Management, an SEC regis- tered investment advisor. n

ment and advisory company, announced it has provided $54.24 million in HUD-insured mortgage loans to refinance two skilled nursing facilities in Queens, NY. The separate transactions were originated by Fred Levine , managing director in Greystone’s Monsey office. Brookhaven Rehabilitation and Healthcare Center in Far Rockaway and Cypress Garden Center for Nursing & Rehabili- tation in Flushing received 30- year self-amortizing FHA loans at low, fixed rates. Brookhaven Rehab, a 298-bed facility refinanced for $21.92 million. Cypress Garden is a 278-bed facility refinanced for $32.32 million. Both facilities are part of the SentosaCare network. “I always appreciate the confidence and certainty of execution with which Greystone shepherds us through the HUD loan process. It’s been a pleasure to secure long-term permanent financing for a growing portfolio of assets and being able to focus on the resident experience,” said Ben Philipson of SentosaCare. “Brookhaven Rehab and Cy- press Garden are both unique facilities in that they are quite large, but also very special- ized and personable for each of their focused resident groups, whether it is for nutrition or palliative care or a culturally accommodating environment,” said Levine. “By securing this long-term financing for both facilities, the borrowers can continue to invest in them for the benefit of the residents and continue to provide services that are in great need for the Queens community.” Greystone has launched a CMBS mezzanine loan plat- form to complement its exist- ing CMBS platform. The new mezzanine loan product is intended to accompany a newly- originated CMBS first mortgage loan from Greystone. Terms for Greystone CMBS mezzanine loans include: • Loan size of $500,000 to $5 million • 5- and 10-year terms; same as first mortgage • 75-85% LTV • Interest-only, or consistent with senior mortgage loan • 12-15% coupon varying with LTV, DSCR, market and

Brookhaven Rehabilitation and Healthcare Center


meets a need for capital that is overlooked by traditional pro- viders of mezzanine financing

• Non-recourse “This mezzanine loan product

Delivering the deal.

Understandingwhat’s important.

At M&T Realty Capital Corporation, we understand that speed and certainty of closing complicated transactions is important for commercial real estate clients. We have more than 160 years of experience building relationships, providing seamless execution, and tailoring financing solutions to meet your unique needs. With $3.4 billion in commercial and multifamily loans closed in 2016 alone, M&T Realty Capital Corporation offers the know-how and experience you need to close deals with confidence. To find out how we can deliver for you, call 1-800-737-2344 or visit learnmore.mandtrcc.com.

Equal Housing Lender. ©2017 M&T Realty Capital Corporation. M&T Realty Capital Corporation is a wholly owned subsidiary of M&T Bank.

8A —November 10 - 23, 2017 — Lender’s Directory — Financial Digest — M id A tlantic

Real Estate Journal


L ender ’ s D irectory

By Sanford Herrick, Case Real Estate Capital, LLC Abundant Capital for Commercial Real Estate in New York Metro Area and Mid-Atlantic Regions


poised to continue that trend throughout 2018 and beyond. SanfordHerrick is found- er and managing principal of Case Real Estate Capital, LLC. Industry veteran Sanford Herrick has orchestrated in- vestments in more than $5 billion worth of commercial properties. In 2013, he found- ed Case, which has surpassed the $125 million mark in in- vestments. n Olshan Properties names Chang exec. VP of finance NEW YORK, NY — Olshan Properties announced the ap- pointment of Wayne Chang as executive v i c e p r e s i - dent, finance. Chang will be responsible f or l eading financial dis- ciplines at the company in- cluding over- seeing accounting, finance, audit, and tax compliance. Chang brings more than 15 years of leadership in real estate finance to Olshan Prop- erties. He has extensive expe- rience in accounting, financial reporting, budgeting, tax plan- ning and compliance. “We’re delighted to welcome Wayne to Olshan Properties where his superb real estate finance experience, strategic mindset and results-oriented focus make him the perfect complement to our exceptional leadership team,” said chief ex- ecutive officer, Andrea Olshan . Prior to joining Olshan Prop- erties, Chang served as the Chief Financial Officer for Pre- ferred Real Estate Investments, Inc. where he was responsible for the oversight of all financial reporting, bank covenant and tax compliance requirements for lending institutions and third party investors across a diverse and entrepreneurial spectrum of operating, con- struction, and holding compa- nies. Previous positions also included chief financial officer for Skilken Real Estate and VP of Finance and Administration for U.S. Properties Group. Chang earned a Bachelor of Science and Bachelor of Arts in Finance and Accounting as well as a MBA with a minor in real estate from Ohio State University. n Wayne Chang

he abundance of capi- tal available for com- mercial real estate is

Even though transaction volume has declined since early 2016, it remains well above historical averages. Looking to 2018, interest rates and terms will likely remain favorable, even with so much rollover debt coming into the market. More than $1 trillion worth of U.S. commercial real estate loans is set to mature over the next three years. Demand for Private Lending on Transitional Assets and Those Nearing Stabilization Banks and the CMBS mar- ket have continued to originate loans for stabilized properties,

although are much less active than their pre-recession lev- els. This pullback has created even more demand for private lenders to originate loans, particularly for transitional assets and those nearing sta- bilization. In response to the needs of clients and market conditions, Case Real Estate Capital, LLC (Case) recently introduced a small loan program that originates lower-interest loans in the $2 million to $8 million range for properties nearing stabilization. This ‘bridge light’ small loan program cov-

ers all asset types, including office, retail, industrial, manu- facturing, hospitality, self- storage and selected entitled land. Typically, these loans will have an initial term of one to two years with extension op- tions of up to two years. Case’s goal, with all of its lending, is to create additional profit op- portunities for property own- ers and developers. Case’s areas of interest – New York metro area, Mid- Atlantic region and Florida – have performed well in the decade since the financial crisis peak of 2007 and are

driving lend- ers to pres- ent aggres- s i ve t e rms and respond to the needs o f o wn e r s and develop- ers when vy- ing for deals

Sanford Herrick

throughout the New York metropolitan area, the Mid- Atlantic region and Florida. This liquidity exists at all pric- ing and lending levels.

Real Estate Journal — Financial Digest — Lender’s Directory — November 10 - 23, 2017 — 9A


M id A tlantic

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Hidden Forest ApArtments 602 Hidden Forest Court FAirless Hills, pennsylvAniA A 238 unit apartment complex The undersigned arranged the above acquisition financing.

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10A —November 10 - 23, 2017 — Lender’s Directory — Financial Digest — M id A tlantic

Real Estate Journal


L ender ’ s D irectory Smith, Riordan, and Efron led the team in transaction Walker & Dunlop’s new High-Yield Lending Group closes $29.4 million in financing

ethesda, MD — Walker & Dunlop, Inc. announced today that it closed $29.4 million in fi- nancing for Copper Cove Vil- lage and The Falls, two unaf- filiated class A multifamily projects located in Plymouth, Massachusetts and Hudson, New York, respectively. The transactions were closed by Walker & Dunlop Commer- cial Property Funding, LLC (WDCPF ) , the New York City- based, wholly owned high-yield first mortgage and mezzanine lending platform of Walker & Dunlop, Inc., which pro- B

vides funding on investments collateralized by multifam- ily, commercial, hospitality and healthcare related real estate assets. The program capitalizes both stabilized and transitional assets across all property types in the United States. Copper Cove Village and The Falls are unique projects with similar characteristics; each had less than 80% of construction completed and needed rescue capital to finish the projects. Additionally, with Copper Cove located in Plym- outh and The Falls in Hudson,

both are located in secondary markets approximately 40 miles from the nearest major metropolitan areas of Boston, Massachusetts and Albany, New York, respectively. WD- CPF refinanced the existing construction loans in addition to 100 percent of the remaining construction costs needed to complete the projects. Geoff Smith, Kimberly Riordan , and Randy Efron led the team at Walker & Dunlop. Smith said, “The lack of directly comparable proper- ties of similar quality created a challenge in determining both current and stabilized prop- erty valuations. Fortunately, in both instances the quality of construction and the local market desire for new, Class A housing provided us with the comfort to finance the last stage of the projects.” Upon stabilization, the team expects both properties to be refi- nanced via Fannie Mae and/ or Freddie Mac ’s permanent loan programs. Once complete, both Copper Cove Village and The Falls will feature attractive on-site amenities, such as fitness cen- ters and activity areas. Copper Cove Village, a 42-unit luxury multifamily community, is located on 1.6 acres across the street from the waterfront in historic Plymouth Harbor. Residents will benefit from unrivaled coastal views and ac- cess to nearby attractions such as retail shops, golf courses, boat marinas, beaches, and bike trails. The property is comprised of three buildings with six one-bedroom units and 36 two-bedroom units. Transformed from a historic building into luxury living, The Falls is a 116-unit multifamily community with deep-rooted ties to the Hudson community. Located on a 20-acre site, the property is comprised of a three-wing apartment build- ing and 116 one-, two- and three-bedroomunits. The main lobby, central corridor, and the renovated former Greenpoint Elementary School provide space for expansive common area amenities to include an event venue in the former gym- nasium, commercial offices, and retail. The Falls enjoys a prime location, within walking distance of the Warren Street downtown commercial district, and is less than a mile fromCo- lumbiaMemorial Health in the heart of the Hudson Valley. n

Copper Cove Village

Investors Bank . Our Commercial Real Estate Lending Team has the experience and local knowledge to get the job done fast. Call us today!

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Real Estate Journal — Financial Digest — Lender’s Directory — November 10 - 23, 2017 — 11A


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L ender ’ s D irectory

Recent Closings 2017 commercial & multifamily loantransactions

Multifamily Agency Debt 119 units $3,000,000 Clarksville, TN Multifamily Agency Debt 264 units $18,953,000 Wilmington, NC Land Loan Bank Loan 9.12 acres $1,000,000 Nashville, TN Industrial Life Company 37,700 sf $2,270,000 Jackson, MS Multifamily Agency Debt 20 units $1,311,000 Memphis, TN Multifamily Agency Debt 171 units $2,920,000 Millington, TN Multifamily Life Company 164 units $16,100,000 Arlington, TN

Multifamily Agency Debt 239 units $5,360,000 Nashville, TN Retail CMBS 45,450 sf $2,175,000 Florence, SC Hotel Life Company 154 rooms $20,000,000 Tuscaloosa, AL Multifamily Agency Debt 108 units $5,000,000 Morrow, GA Multifamily Agency Debt 192 units $13,680,000 Mebane, NC Multifamily Agency Debt 202 units $13,800,000 Charlotte, NC Multifamily Bank Loan 78 units $2,550,000 Memphis, TN

Multifamily Life Company 54 units $1,250,000 Clinton, MS Multifamily Agency Debt 400 units $25,500,000 Birmingham, AL Multifamily Local Bank 184 units $3,150,000 Memphis, TN Multifamily Life Company 240 units $13,650,000 Hernando, MS Office Life Company 100,000 sf $4,650,000 Jackson, MS Multifamily Agency Debt 232 units $18,225,000 Charlotte, NC

Industrial/Office Bank Loan

“We are a direct cource for bridge loans and equity” 22,500 sf $885,000 Pearl, MS Your Direct Source for Bridge Loans Barry Katz Faircap Group 1600 60 Th Street, rooklyn, NY 11204 P: 212-710-4018 | F: 212-710-4019 | C: 917-776-6312 Email: Bkatz@FairCapGroup.com

Barry Katz FairCap Group 1600 60 th street Brooklyn, NY 11204 P: 212-710-4018 F: 212-710-4019

12A —November 10 - 23, 2017 — Lender’s Directory — Financial Digest — M id A tlantic

Real Estate Journal


L ender ’ s D irectory

Banas, Wood, Levitt and Canino handle transaction Colliers International’s Capital Markets team arranges $26.1 million in financing R osedale Apart- ments – Hershey, PA — The Colliers

Philadelphia Capital Mar- kets team led by John Banas, Kris Wood, Chad Levitt and Jordan Canino arranged $26.1 million in financing for the refinance of a portfolio of two properties: Pioneer Woods, a 160-unit apartment com- munity located in Lancaster, Pennsylvania, and Rosedale Apartments, a 160-unit mul- tifamily complex located in Hershey, PA. Built in 1974, Pioneer Woods consists of 14 buildings situ-

Pioneer Woods

Rosedale Apartments

ated on 34 sprawling acres. The current unit mix is 45 one-bedroom apartments, 71 two-bedroom apartments, 28 three-bedroom apartments, and 16 two-bedroom, two-story townhouses. The property is currently stabilized at 95% occupancy. Built in 1972, Rosedale con- sists of 25 buildings (6 two- story and 19 three-story) with beautiful views accompanied by a pool, fitness center, and tennis courts. The current unit mix is 80 one-bedroom apart- ments and 80 two-bedroom apartments, featuring four dif- ferent style apartments rang- ing from 566 s/f to 1,070 s/f. n HFF announces $14.5m refinancing for office property in Princeton, NJ FLORHAM PARK, NJ — Holliday Fenoglio Fowler, L.P. (HFF) announced the $14.5 million refinancing for 1 Independence Way, a 113,998 s/f office property in Princeton. The HFF team worked on behalf of the borrower, Nor- mandy Real Estate Part- ners , to secure the 10-year, fixed-rate, securitized loan through LoanCore Capital . 1 Independence Way is lo- cated just north of Princeton University off of U.S. Route 1 in Princeton. The office property was completed in the 1980’s and is fully leased to S&P Global and ALK Tech- nologies Inc. The HFF debt placement team representing the borrow- er included senior managing director Jon Mikula and as- sociate Matthew Pizzolato . HFF and Holliday GP Corp. are licensed New Jersey real estate brokers. n

Recently Closed Loans

$6,360,000 $35,000,000 $20,400,000 252-Unit Multifamily Bridge Loan 161-Unit Multifamily Permanent Loan Office Construction Loan Tulsa, OK Philadelphia, PA Bethlehem, PA 80% LTV, 36 Months, LIBOR + 450 bps 75% LTV, 10/30, 5.5%, Non-Recourse, Full-Term I/O 90% LTC, 24 Months, 4.625%

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Real Estate Journal — Financial Digest — Lender’s Directory — November 10 - 23, 2017 — 13A


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L ender ’ s D irectory

Over 50 Years Providing Real Estate Valuation Services!

Serving New Jersey, Pennsylvania, New York

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Patrick B. Ard, MAI Rodney Copeland, SCGREA Joseph Traks, MAI Joseph Wisniewski, MAI Cynthia Xu, MAI 2,258,000 SF Industrial Park Wood-Ridge, NJ

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14A —November 10 - 23, 2017 — Lender’s Directory — Financial Digest — M id A tlantic

Real Estate Journal


L ender ’ s D irectory

Grandbridge arranges $5.8mindustrial refinance

Refinancing will generate significant debt service savings LoveFunding secures $8.1mloan to refinance Magnolia Gardens T oms River, NJ — Love Funding an- nounced the closing of

an $8.05 million loan for the refinancing and repair of Mag- nolia Gardens Assisted Living Facility in Toms River, . The financing was secured by Love Funding senior di- rector Laura Saull-Smith through the U.S. Depart- ment of Housing and Urban Development’s 232/223(a)(7) refinance loan insurance pro- gram. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to

Fed Ex

NORFOLK, VA — Grand- bridge Real Estate Capital recently closed a $5.8 million first mortgage loan secured by 77,926 s/f industrial facility in Bessemer, AL. Norfolk based senior vice president Victor Pickett originated the trans- action for a repeat client. Funding for the fixed rate loan was provided by one

of Grandbridge’s insurance company correspondents and featured a 12-year term, 12- year amortization, and closed with a fixed interest rate in the low three percent range. “To win this loan the lender offered flexible prepayment, with no prepayment cost in the last 24 months of the loan to exit,” said Pickett. n CBRE brokers sale &arranges financing for Forks Town center in Easton, PA Easton, Pa — CBRE has successfully arranged for the sale and acquisition financ- ing of Forks Town Center, a 100,250 s/f shopping center located at 301 Town Center Blvd. in Easton, Northampton County. CBRE’s Brad Nathanson and John Colussi negotiated on behalf of the seller, Re- tail Properties of America, Inc. (RPAI) and identified the buyer, a joint venture between Triple Crown Corporation and J.C. BAR Properties Inc. CBRE’s Thomas Gor- man , senior vice president of Debt & Structured Finance, procured $18 million in financ- ing on behalf of the buyer. Built in 2002, Forks Town Center is located in the heart of the Lehigh Valley, approxi- mately 60 minutes north of Philadelphia and 90 minutes west of New York City. Within five miles of the shopping cen- ter there are over 120,000 resi- dents and average household incomes are nearly $79,000. The shopping center was 98 percent occupied at the time of sale and is anchored by a 66,792 s/f Giant Food Store with contiguous shop space and two pad sites leased by PNC Bank and Dunkin’ Donuts. Nathanson said “With the primary demand today being in grocery-anchored neigh- borhood shopping centers, investors are flocking to the market leader as an anchor as a flight to safety. With Gi- ant’s leading market share, Forks Town Center was highly demanded nationally given its prominence in an expand- ing submarket as the Lehigh Valley.” n

Magnolia Gardens Assisted Living Facility

12 years beyond the original mortgage term. Magnolia Gar- dens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program The current refinancing,

which locks in a lower inter- est rate for a 35-year term, will generate significant debt service savings. Magnolia Gardens Assisted Living Facility consists of 79 units and 120 beds. n


Acquisition & Financing Advisor 400 Acres 4,000,000 SF Office/Manufacturing/ Warehouse East Fishkill, NY $3,750,000 45,000 SF Industrial Smithfield, RI

$48,500,000 309 Apartments Construction Loan Middletown, NY

Real Estate Finance – Debt and Equity Solutions

For more information contact: Mark Scott at 201.787.7111 or mscott@newcommercialmortgage.com Visit us online at www.newcommercialmortgage.com 615 West Mt. Pleasant Avenue, Livingston, NJ 07039 | 973.716.0006

Real Estate Journal —November 10 - 23, 2017 — 15A


M id A tlantic

Thank you New Jersey

daniel d. cronheim, esq., cpM President and General Counsel David Cronheim Companies

catherine poulson Marketing Executive Federal Appraisal LLC

Special ThankS To our ModeraTorS, SpeakerS & SponSorS

Jose r. cruz Senior Managing Director HFF | New Jersey

William procida President Procida Funding & Advisors, LLC

Brad domenico Partner Progress Capital Advisors

kyle Schmidt Director - Investment Sales / Capital Markets Group Cushman & Wakefield

colleen Foy Vice President & Senior Relationship Manager M&T Bank Corp.

Joseph Franzetti Senior Vice President Berkadia Commercial Mortgage LLC

nat Gambuzza First Vice President, Investment Properties CBRE | Capital Markets

Gregory M. James Director Capital Markets NAI James E. Hanson

ron Shapiro Executive Director Rutgers Business School

nate kline Chief Investment Officer One Wall Partners

Michael Staton Vice President Mortgage Officer Community Preservation Corporation

John n. Taylor Vice President M&T Realty Capital Corp.

Timothy Touhey CRE Team Leader Investors Bank

kevin p. Welsh Executive Managing Director Newmark Knight Frank


For speaking and sponsorship opportunities, contact Linda Christman lchristman@marejournal.com | 781-740-2900

16A —November 10 - 23, 2017 — Lender’s Directory — Financial Digest — M id A tlantic

Real Estate Journal


L ender ’ s D irectory

Transforming vacant Seneca block building into newmixed-use development in Downtown Schenectady CPC and Jay Street 118 LLC announce completion of $650,000 project S chenectady, NY — The Community Pres- ervation Corporation

pliments on the new façade and we have already leased one- half of the new apartments.” Ray Gillen, Chair of the Schenectady CountyMetroplex Development Authority said, “The Seneca Block building has been transformed and we are excited to see the project lease- up and continue the revitaliza- tion of downtown Schenectady. We thank Mr. Smith and his partner and CPC for investing in our community.” Metroplex provided a $24,000 façade grant for the project. To finance the rehabilitation of 118 Jay St., CPC provided a $450,000 construction loan and a SONYMA-insured per- manent mortgage through their funding partnership with the New York State Common Retirement Fund. The devel- opment team has partnered with CPC on several previous projects, with both principals having extensive experience renovating and developing small to medium-sized multi- family buildings. CPC has financed 385 multi- family and mixed-use develop- ment projects in the Capital Region, bringing more than $730 million of private and public investment to cities like Schenectady, Troy and Albany. CPC is helping to finance a similar project in Troy – a multi-million project to trans- form the vacant manufacturing building at 444 River Street into a mixed-use development. As a nonprofit housing fi- nance company with a long history of serving communities throughout New York State, CPC understands the history of a community and the impor- tance of investing in a project that will breathe new life into downtown Schenectady. His- toric buildings, including for- mer hotels and factories which were once hubs of activity throughout New York can be put back into use as new hous- ing and retail space – again serving as anchors of activity and economic opportunity for neighborhoods large and small. The development team at 118 Jay Street took great pains to preserve as much original detail as possible while adding modern amenities and safety features that people have come to expect in a new development. 118 Jay Street has eight small and eight large one-bedroom units offering residents ample sunlight, views of City Hall, and the Mohawk Valley. n

tive reuse of this former hotel building, CPC and 118 Jay Street LLC are bringing new housing and retail opportuni- ties to the heart of Schenectady. The project will act as a commu- nity anchor and help to attract public and private investment to the surrounding area. Michael Skrebutenas , CPC’s senior vice president and regional director said, “At CPC we believe that you have to understand a community to help support its unique de- velopment needs. Investing in the rehabilitation of 118 Jay St. will help transform a long-

vacant building into a resource of housing and new economic opportunity that will serve the needs of the Schenectady com- munity for years to come. My sincere thanks to our partners Noah Smith and Theodore Haber, Schenectady County Metroplex, and our funding partners at the New York State Common Retirement Fund .” Noah Smith said, “We are pleased to work with CPC to bring this building back to life. So far the response to our project has been tremendous. Every day we are getting com-

(CPC) and Jay Street 118 LLC , a development team comprised of principals Theo- dore Haber and Noah Smith announced the completion of renovation work at the five- story Seneca Block building at 118 Jay St. in Schenectady, NY. Located across from City Hall, the Seneca Block build- ing now features 16 rental apartments along with 2,400 s/f of commercial space on the ground floor. Through the adap-

118 Jay St.


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