Mid Atlantic Real Estate Journal — January 11 - 24, 2013 — A Arranging a $19m new construction loan for a 116-unit luxury rental project Scott of Commercial Mortgage Capital closes two multi-family deals totaling $34m F inancial D igest
www.marejournal.com
L
IVINGSTON, NJ – Mark Scot t ’s Commercial Mort-
product trade anywhere from a 4% to 4.8% cap – an indi- cation that this product is indeed favored by investors. However, we are also seeing an increased interest among investors looking to purchase older product at a lower ba- sis since there is ultimately more upside following either a cosmetic renovation or major rehab.” He also noted that the office and industrial markets, which have tradi- tionally been more sluggish than multifamily, are also picking up some noticeable momentum. CMC arranged a $19-mil- lion new construction loan for a 116-unit luxury rental project located in Rahway, NJ. The property will consist of units ranging from 785 s/f, one-bedroom/one-bath homes to 1,320 s/f, two-bedroom/ two-bath residences. The building will also contain a large lower level lobby with In other news, Procida Funding & Advisors an- nounces that it has engaged Cortland Fund Services, LLC as fund administrator for its private equity real estate fund, the 100 Mile Fund. Cortland clients in- clude some of the country’s leading private equity firms with $11 billion under ad- ministration. Cortland will provide enhanced investor servicing and other back office support and services for the Englewood Cliffs, NJ based Fund. Procida’s 100 Mile Fund completed its first operating year and antici- pates a 15% IRR net realized gains to its investors. The addition of Cortland to the fund’s professional teamwill increase the firm’s primary focus, providing bridge, mez- zanine and equity financing to the $2 million to $20 mil- lion real estate market in the ers “Pillar of the Industry Award.”
an elevator and mailroom. Rahway currently boasts a burgeoning downtown popu- lated with restaurants, shops and small offices. The town’s revitalization has been firmly underway following the ex- pansion and renovation of the local train station, which anchors the town’s Central Business District, as well as the inclusion of an adjoining public plaza, in the early 2000s. The second multifamily loan that CMC arranged was a $15-million, self-liquidating 15/15 loan that was secured with a major life company for a 236-unit project located in Woodbridge, NJ. The town- ship offers some of the best transportation options in the state, including train sta- tions at Metropark, Avenel and Woodbridge. In other news, Mark Scott’s Commercial Mortgage Capi- tal (CMC) announces that tri-state area. “This will al- low us to focus on what we do best and also enhance your checks and balances to en- sure accuracy and transpar- ency” said William Procida. Since inception in October 2011 the 100 Mile Fund has completed 27 transactions totaling over $50 million. “We have been very pleased to work with the profession- als at Procida Funding,” said Stephanie Golden, Manag- ing Director of Cortland. “Third-party administra- tion of private equity real estate funds is becoming the standard practice for Funds such as Procida. Our ser- vices bring transparency to investors and allow Procida to focus on what they do best. The breadth of expertise at Cortland administering real estate funds, limited partners, and the unique investment structures is a perfect solution for the 100 Mile Fund.” n
it has closed two office/flex financing deals for a total of $17.45 million. “The office lending en- vironment has been vis- ibly loosening up as of late and Commercial Mortgage Capital has been able to underwrite and successfully close several office financ- ing transactions in the past month,” noted Mr. Scott. CMC arranged a $9.4-mil- lion loan for a recently reno- vated two-building, 45,000 s/f office complex located directly at the Yonkers, NY train station. Major tenants include the New York State DMV, St. Joseph’s Hospital and The Energy Project. The office asset is part of i.Park Hudson, a 1.1 s/f mixed- use facility, which features an on-site café, conference rooms and additional park- ing. Most significant, the City of Yonkers has recently completed a $20-million
project to daylight the Saw Mill River, located directly in front of the property. In addition, Mr. Scott se- cured a 25-year, $8.05-million self-liquidating refinance loan for a flex office/ware- house complex located in South Brunswick, NJ. The property, Stouts Lane Busi- ness Complex, consists of three multi-tenanted, one- story modular industrial buildings containing a total of 150,000 s/f. 45 Stouts Lane contains 65,000 square feet and is 92.3% leased to seven tenants who occupy spaces ranging from 5,000 s/f to 20,000 s/f. Meanwhile, 49 Stouts Lane contains 40,000 s/f and is fully leased to Metaverse, an Internet-based art gallery. Lastly, 51 Stouts Lane comprises 45,000 s/f and contains spaces ranging from 2,500 s/f to 20,000 s/f. The building is 94.4% leased to three tenants. n
gage Capi- tal (CMC) , a leader in real estate finance that a r r a n g e s permanent, construction and mezza- nine loans
Mark Scott
for a wide range of com- mercial properties including multifamily, office, retail, industrial and healthcare facilities primarily in New York, New Jersey and Con- necticut, announced that it has closed two multifamily financing deals for a total of $34 million. “The two mul t i fami ly transactions speak to the strength of this market in the Tri-State region,” said Mr. Scott. “We have seen top- quality multifamily rental ENGLEWOOD CLIFFS, NJ — Procida Funding & Advisors , a leading real estate investment and ad- visory firm announced the closing of an $18 million bridge loan on behalf of its 100Mile Fund. The loan con- sists of 8 multifamily build- ings totaling 419 units. The main collateral is located in East Orange with additional collateral in West NewYork, NJ and Elizabeth, NJ. The firm’s founder Wil- liam Procida has been a prominent leader in the tri-state area real estate market for over 30 years, building over one billion dol- lars in projects and financ- ing more than two billion dollars. In addition to being a media commentator, with frequent appearances on CNBC and Fox Business, he has received the New York City “Developer of the Year Award” and the National Association of Home Build-
Procida Funding & Advisors fund’s $18m loan for 8 multi-family portfolio
Morris & Stewart of Cronheim arranges $8m in financing
Tolleson, AZ
TOLLESON, AZ - Dev Morris and Andrew Stew- art have arranged perma- nent financing of $8,000,000 for a 283,358 s/f distribu- tion facility. The 10-year fixed-rate loan was placed with American United Life Insurance Company, whom Cronheim represents as correspondent and servicing agent. The interest rate was
locked in March 2012 for a forward commitment to fund the loan once the existing loan opened to prepayment at par in October 2012. The subject property is a single- tenant light manufacturing and warehouse facility. The building has a net rentable area of 283,358 s/f, with clear ceiling heights of 30 feet. n
Made with FlippingBook - Online Brochure Maker