A — January 11 - 24, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
F inancial D igest
Honored during a meeting of the Philadelphia Chapter of the Appraisal Institute Mid-Atlantic Valuation Group’s Crognale receives MAI designation
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HILADELPHIA, PA — John Crognale, Mid-Atlantic Valua-
types of properties, and who advise clients on real estate investment decisions. The designation was granted in November 2012 and Crog- nale was honored during a meeting of the Philadelphia Chapter of the Appraisal Institute. By earning the MAI desig- nation, Crognale has joined an elite group of apprais- ers who have met rigorous professional requirements relating to education, test- ing, experience and dem-
onstration of knowledge, understanding a nd ability. The MAI designation is earned upon the successful completion of a graduate-lev- el curriculum, which includes a comprehensive exam, a written demonstration ap- praisal report and attaining 4,500 hours of qualifying ex- perience requirements. Also, designees must abide by both the appraisal profession’s Uniform Standards of Pro- fessional Appraisal Practice (USPAP) and the Appraisal
Institute’s Standards of Pro- fessional Practice and Code of Ethics. MAIs are recognized ex- perts in appraising proper- ties of all kinds and form a business network encom- passing markets nationwide and around the world. Cur- rently, about 5,650 real es- tate appraisal professionals hold the MAI designation, with another 7,900 practitio- ners seeking it. The Appraisal Institute is a global membership as-
sociation of professional real estate appraisers, with more than 25,000 members and 91 chapters throughout the world. Its mission is to ad- vance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advo- cates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional educa- tion and advocacy programs, and may hold the prestigious MAI, SRPA and SRA desig- nations. n TerraCRG arranges $12.7m in first mortgage financings Brooklyn, NY — Ter- raCRG announced $12.7 million in debt financing on recently arranged loans for several properties. TerraCRG arranged a $4.25 million, five-year fixed-rate first mortgage refinancing for an industrial property over 100,000 s/f in size. TerraCRG completed a $3 million, two-year floating rate first mortgage acquisi- tion financing for a 62,000 s/f industrial site. TerraCRG arranged a $5.45 million, five-year fixed-rate first mortgage acquisition financing for a multifam- ily portfolio comprised of six multifamily and mixed-use properties in the Bedford Stuyvesant neighborhood of Brooklyn, NY. Efrat Sharon, senior vice president of debt financing at TerraCRG, represented the firms. “We have been seeing in- creased levels of activity in the debt markets,” said Efrat Sharon, senior vice president of debt financing at TerraCRG. “Banks are looking to invest their capital in fixed-rate per- manent loans for stabilized assets, as well as in bridge transactions for transitioning properties with potential for upside.” n
tion Group i n Wa y n e h a s b e e n awarded the Appraisal Institute’s MA I d e s - i g n a t i o n , w h i c h i s held by ap-
John Crognale
praisers who are experienced in the valuation and evalu- ation of commercial, indus- trial, residential and other
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