F inancial D igest F eaturing I nsurance /T itle
Real Estate Journal — October 10 - 23, 2014 — 11A
M id A tlantic
An eight-story, 104-unit multifamily property with 10,900 s/f of retail space Meridian Capital Group arranges $31.5m in acquisition financing for The Sansom P and senior vice president, Alan Blank , who are both based in the company’s New York City headquarters. six weeks of signing the term sheet,” he said.
HILADELPHIA, PA — Meridian Capi- tal Group, LLC , a national commercial real estate finance and advisory firm, arranged a $31.5 mil- lion loan for the purchase of The Sansom, a multifamily property located in Phila- delphia, PA, on behalf of Pantzer Properties. The five-year loan, pro- vided by a regional balance sheet lender, features a com- petitive fixed-rate of 3.13% and two-years of interest- only payments followed by a 30-year amortization sched- ule. This transaction was ne- gotiated by Meridian Capital Group senior managing di- rector, Drew Anderman , HARRISON, NJ — First Niagara’s Commercial Real Estate Group has closed on a $16.9 million loan with The Hampshire Companies for the construction of a 104-unit market rate apartment com- plex on the site of the former David’s Cookies Factory in Harrison. The loan will fi- nance the construction of two, four-story buildings. Under the direction of Ber- FLORHAM PARK, NJ — HFF has secured $14.5 million in financing for Metro Park South, a 132,721 s/f, class A office building in Ma- tawan, New Jersey. HFF worked on behalf of the borrower, Denholtz As- sociates, to secure the three- year, floating-rate bridge loan with The Bancorp Bank. Loan proceeds will be used to pay off existing debt, execute a capital expenditure program that includes upgrades to the building’s lobby and common areas, and cover upcoming tenant improvements and leasing commissions needed to stabilize the property. Metro Park South is part of a three-building cluster of
of commercial real estate who is based in Plymouth Meeting, PA, and is manag- ing the transaction for the Bank commented, “First Niagara is committed to providing financing for proj- ects intended to revitalize neighborhoods throughout the region. We are pleased to work with The Hampshire Companies to move this project to completion.” n Founded in 1991, Merid- ian Capital Group, LLC is one of the nation’s largest commercial real estate fi- nance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illi- nois, Florida and California. Working with a broad array of capital providers, Merid- ian arranges financing for transactions ranging from $1 million to more than $500 million for multifam- ily, co-op, office, retail, ho- tel, mixed-use, industrial, healthcare, student housing, self-storage and construc- tion properties. n able to close in approximately 30 days, which helped the borrower meet their upcom- ing loan maturity.” Denholtz Associates is a privately-held development, investment and management company active in office, industrial, flex and retail real estate. Denholtz targets value-added real estate, al- lowing its combined sub- stantial in-house capabilities and financial resources to capitalize on opportunities that exist in the marketplace. Headquartered in Matawan, NJ, Denholtz Associates has 100 employees and maintains offices in Atlanta, Chicago and throughout Florida and New Jersey. n
gen Street Urban Renew- al, LLC , a joint venture of CrownPoint Group, LLC and The Hampshire Compa- nies, the project is expected to be completed in July 2015. The site, which is located at 400 S. Second Street in Harrison, N.J., is part of the Harrison Waterfront Redevelopment Plan. With the planned $256 million renovation of the Har- rison Path Station designed “Meridian negotiated a fixed-rate loan with a highly competitive interest rate, which enhances the spon- sor’s ability to execute their business plan,” said Ander- man. “By effectively coordi- nating with all of the parties involved to streamline the process, we successfully closed this financing within The Sansom is an eight- story, 104-unit multifamily property with 10,900 s/f of retail space. The property, is located at 1605 Sansom St., between 16th and 17th Streets.
First Niagara finances $16.9 million construction project at former David’s Cookies Factory in Harrison, New Jersey
to transform Harrison into a transit-oriented, residential location, residents of this new apartment development will have a 10-minute walk to the Harrison Path Station, for an easy commute to Jersey City, Hoboken and Manhattan. “The Hampshire Companies are dedicated to the revitaliza- tion of the Harrison Water- front and with First Niagara’s similar commitment, we have
taken a profound step for- ward in the realization of our shared vision,” said Norman Feinstein, Vice Chairman of The Hampshire Companies. “The development of this proj- ect will have a tremendous impact on the community of Harrison and is a critical step in the city’s growth and renaissance.” Yvonne Ulrich , First Niagara’s vice president tor Michael Lachs . “The borrower was seeking a loan that would provide them with the capital need- ed to refresh the building’s image in the market,” said Klein. “Upgrades to the lobby and common areas as well as the building’s exterior will help draw small and mid- size tenants that want to be located south of the Driscoll Bridge to an already tight submarket.” Bancorp quickly understood the borrower’s needs and was able to provide a non-recourse loan structure that will en- able Denholtz Associates to execute its business plan,” added Mikula. “Their process was seamless and they were
HFF secures $14.5 million financing for class A office property in Matawan, NJ
high-quality office assets lo- cated at 100 Matawan Rd. at Exit 120 of the Garden State Parkway and within minutes of the New Jersey Turnpike, Routes 1 and 9 and Inter- state 287. Amenities at the four-story building include an atrium lobby, 100 covered
executive parking spaces, on-site café and abundant parking. The HFF debt placement team representing the bor- rower was led by director Michael Klein along with senior managing director Jon Mikula and associate direc-
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