14A —November 10 - 23, 2017 — Lender’s Directory — Financial Digest — M id A tlantic
Real Estate Journal
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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
RECENTLY CLOSED LOANS
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
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