www.marejournal.com F inancial D igest F eaturing C reative F inancing H Company also, advises on the equity and debt capitalization totaling $39.4 million in DC HFF secures $80 million refinancing in Hoboken, New Jersey and $16.6m construction loan in Raleigh oboken, NJ — HFF has secured an $80 million refinancing for M id A tlantic Real Estate Journal — July 11 - 24, 2014 — 5A
North Independence at The Shipyard, a 185-unit luxury multi-housing community in Hoboken. Working on behalf of Iron- state Development, HFF placed the 12-year, fixed-rate loan with a life insurance company. Loan proceeds were used to pay off an existing mortgage. The HFF debt placement team representing the borrower was led by senior managing di- rector Thomas Didio and asso- ciate director Samuel Seiden . Raleigh, NC — HFF has secured a $16.6 million con- struction loan for the develop- ment of the 135-room Aloft Raleigh. Working on behalf of a part- nership between The Bernstein Companies, TME Investments and Michael Sandman, HFF Chadds Ford, PA — KarMar Realty Group, Inc. consulted on a transaction to arrange $34 million in financ- ing for three class “A” office buildings in the Philadelphia suburban marketplace. “KarMar has a business relationship with an SEC- registered New York City- based institution that invests in properties or loans backed by commercial real estate,” NEWYORK,NY — Eastern Consolidated has arranged the sale of a vacant corner lot in Harlem for $13 million. HAP Investment Management purchased the site, located at 2211-2217 Third Avenue and 214-216 East 121st Street from Tahl Propp Equities. Eastern Consolidated senior director MatthewSparks represented both sides in the transaction on an exclusive basis. Situated on the southeast corner of 121 Street and Third Avenue, the 17,661-square-foot site includes 100 linear feet of Third Avenue retail, and is zoned for 91,600 residential buildable square feet, as of
Wingate Apartments,
lion from CIH principals, and $1.5 million from a CIH private syndicate. The HFF team represent- ing the borrower was led by director J . Brenden Flood , managing director Cary Abod , senior managing directors Alan Davis and Dave Nachison and associate director Bret Thompson . n
DC. HFF, working on behalf of the borrower, CIH Ventures, Inc., which took assignment of the tenants’ rights through the District’s Tenant Opportunity to Purchase Act, placed a $27.6 million, 10-year loan with M&T Bank (Fannie Mae) along with $8.5 million in equity through The Zitelman Group, $1.8 mil-
The Aloft Raleigh
placed the five-year construc- tion loan with First Tennessee Bank. The HFF team representing the borrower was led by manag- ing director Mark Remington . WASHINGTON, DC —HFF
has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714- unit high-rise and garden-style multi-family housing commu- nity in southwest Washington, or owned by banks, non-banks, enterprises and individuals.” This is the second transac- tion of this type that KarMar Realty Group, Inc. has assist- ed with in the past six months. The first transaction involved retail shopping centers in sub- urban Philadelphia and had a financing value of $5.9 mil- lion. Given the private nature of the transactions all parties requested anonymity. n Founded in 1981, Manhat- tan-based Eastern Consoli- dated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled ex- pertise in the greater New York marketplace to an im- pressive worldwide roster of institutional and private investor clients. The 60-per- son team of brokers, who, combined, offer fluency in 15 languages, come from a wide diversity of entrepreneur- ial and professional back- grounds. n Levy, of Tahl Propp. The sell- ers’ attorney was Adrian Zuck- erman of Seyfarth Shaw.
Karmar assists with $39.9million financing said KarMar president, Mar- shall Soss .
NorthMarq arranges $3.5m refinancefor175HighlandAve.
“The investor is well-capital- ized and, depending upon the quality and speed of the avail- able information, can move very quickly to consummate a transaction in a discreet and professional manner. The in- vestor will also consider situ- ations involving other quality assets, that is C&I, consumer, etc., with credit outstanding to right. “There’s huge demand for new residential and retail development in Harlem along the Third Avenue corridor,” said Sparks, who has arranged multiple Harlem real estate transactions, with several others in the pipeline. “The neighborhood has exploded over the past several years, with new rental and condo properties, retail, and other ancillary projects that support the area. This large corner site at East 121 Street is ideal for additional new construction.” The buyers’ attorneys were Brian Beller, Esq. of Phillips Nizer, and Neda Barzideh-
Eastern Consolidated secures $13million
175 Highland Ave.
borrower, Winhall Realty, LLC through its relationship with a correspondent life company. Major tenants on the property include Practical Computer Applications, Foodtec Solution Inc. and Heifetz Rose LP. “In a very competitive mar- ket the loan closed smoothly due to the expertise and the ex- perience of both the borrower and life company lender,” said Hegenbart. n
Needham, MA — Joseph Hegenbart , and Ryan De- madis , producers in North- Marq Capital’s Boston based regional office arranged the $3.5 million refinancing for 175 Highland Ave., a 39,640 s/f office building located in Needham. The transaction was structured with a 10 year term and 25 year amor- tization schedule. NorthMarq arranged financing for the
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