Mid Atlantic Real Estate Journal — September 14 - 27, 2012 — 9A
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F INANCIAL D IGEST
Cronheim organizes acquisition financing of $6.2m
20 properties at Temple University and UPenn MMCC arranges $6.9m loan for student housing portfolio
OKLAHOMA CITY, OK — Dev Morris and Andrew Stew- art have arranged acquisition financing of $6.2 million for a new, build-to-suit distribution facility owned by Monmouth Real Estate Investment Cor- poration (MREIC). The 12-year fixed-rate loan was placed with American United Life Insur- ance Co., whom Cronheim represents as correspondent and servicing agent. The interest rate was locked in December 2011 for a forward commitment to fund the loan upon completion of the build- ing and the tenant taking oc- cupancy and paying rent. The subject is a newly con- structed 119,912 s/f facility with 6,587 s/f designated as
office space. The tenant will utilize this facility as an au- tomated warehouse and sort- ing/distribution hub for small packages. According to Dev Morris, “Through one of our correspon- dent lenders, we were pleased to be able to provide a forward commitment at an attractive fixed rate, allowing the client to place the property under contract well before completion of the building, which not only eliminated interest rate risk in a volatile market but also pro- vided certainty of execution for the merchant developer. This is the second financing that Cron- heim has secured on behalf of MREIC within 6 months, total- ing $16.1 million.” ■
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HILADELPHIA, PA — Marcus &Millichap Cap- ital Corporation (MMCC)
a portfolio of student housing at Temple listed by Marcus & Millichap Real Estate Invest- ment Services’ agents Ken Wellar and Cory Longberger,” adds Wood. “Once we determined the cash equity needed to acquire the Temple properties and added the refinance of proper- ties already owned by the bor- rower at UPenn, we knew who the right lenders would be. The two lenders we ultimately chose provided the equity needed for the purchase of the properties through cash out in the refi- nance,” said Wood. ■
there is usually a “spike” in confidence and optimism im- mediately thereafter until normalacy returns. The conditions appear right for the last four months of this year to see increased ac- tivity. While the activity will not be anywhere near earlier year’s volumes, it could be a very good time to act as the period could see more sales and financings than at any other time during this year. Carpe diem! Bruce J. Coin is director of Bruce Coin Consulting, Inc. ■ continued from page 8A By Bruce Coin . . . Procida Funding’s invest- ments all of which have been successful include the Gull’s Cove condominiums in Jersey City, an office building in Free- hold known as Freehold Com- mons, a new rental building in Union City, the Union Park and Habitat for Humanity’s newRe- Store in Randolph. The Fix and Flip 1-to-4 family program has financed the acquisition and renovation of 44 1-to-4 family homes. ■ MANHATTAN, NY — Proci- da Funding’s 100 Mile Fund provided a loan-on-loan to RE- DEV Group for the acquisition of a $6.5 million construction loan. The loan is secured by a partially constructed 114-unit townhouse development known as Kerry’s Arbor in Franklin Township. This bedroom com- munity for Manhattan was identified by Money Magazine in 2008 on the list of “Top 100 Best Places to Live.” It is the tenth such transaction where Procida has provided the capi- tal to both buy the debt and finish construction. ProcidaFunding’s 100 Mi le Fund closes on another “half-built” John Banas and Kris Wood, directors in MMCC’s Philadel- phia’s office, arranged the loan for the Temple and UPenn assets. “The borrower was acquiring has arranged a $6.9 million loan for a portfolio of 20 student housing properties at Temple University and the University of Pennsylvania.
A half day seminar offered by IREM ® Delaware Valley Chapter 3 and Southern New Jersey Chapter 101 ARM ® Committees on October 23rd, 2012.
Speaker Salvatore Dragone, CCIM, CPM ® , ARM ® , VP/Director of Property Management, Rubenstein Partners, LP will discuss why great leaders succeed and how you can lead your teams to greater opportunities and alternately greater rewards. With over two decades of experience in property/asset management, development, marketing, leasing, customer service and team leadership, Dragone shares his knowledge on how to edge out the competition, increase efficiency within your organization, provide your team with tools to excel in the field of property management and leasing and train your employment base to think “new business.”
When: Tuesday, October 23rd, 2012 Where: Village of Pennbrook, Levittown, PA. Time: 1:00pm – 3:30 pm Cost: Member $25/ Non-Member $35 (Light refreshments provided)
Reservations and payment no later than October 17th, 2012.
Fax to: 856-786-3894 or register online: www.IREM101.org or www.IREM3.org For more information call 856-786-9260
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