9-14-12

F INANCIAL D IGEST

Mid Atlantic Real Estate Journal — September 14 - 27, 2012 — 7A

www.marejournal.com

Rosen leads $9.9 million loan closing Beech Street originates $23.1m for Meridian

Greenbaum, Rowe, Smith and Davis rep seller in portfolio sale HFF arranges $200 million Jersey City tower refinancing

J ERSEYCITY, NJ—HFF has completed the follow- ing transactions: HFF has arranged a $200 million refinancing for New- port Tower, a 1.1 million s/f, class A office tower in Jersey City. HFF worked on behalf of MEPTNewport Tower LLC, a subsidiary of Multi-Employer Property Trust and advised by Bentall Kennedy, to secure the seven-year, 3.5 percent fixed-rate loan through Pru- dential Mortgage Capital Company. The HFF team represent- ing the borrower was led by managing director Cary Abod and senior managing directors Whit Wilcox, Mike Tepedino and Tom Didio. In Florham Park, NJ, HFF has closed the sale of a nine- building industrial portfolio comprised of approximately 2.6 million s/f of primarily warehouse and office space in port-centric locations in northern New Jersey. HFFmarketed the portfolio on behalf of the seller, affili- ates of Avidan Management LLC. An affiliate of Cohen Asset Management, Inc., an industrial and commercial real estate investment firm, purchased the portfolio for an undisclosed amount. The portfolio includes a mix of bulk distribution, light industrial space, cold storage and office space, and is 98 percent leased to a diverse base of tenants. The prop- erties are located in South Brunswick, Edison, Eliza- beth and Bayonne, NJ. The HFF investment sales team representing the seller was led by managing di- rector Michael Nachamkin along with senior managing directors Jose Cruz, Andrew Scandalios and Jon Mikula, managing directors Kevin O’Hearn and Jeff Julien and associate director Michael Oliver. The lawfirmof Greenbaum, Rowe, Smith and Davis, LLP represented the seller. The legal team was led by Jack

Avidan industrial portfolio

Highland Park, Karl Place Apartments in Garfield and Stephens Street Apartments in Belleville, New Jersey. The HFF team represent- ing AIG was led by senior managing directors Jose Cruz andAndrew Scandalios along with managing directors Kevin O’Hearn and Jeff Ju- lien and associate director Michael Oliver. This is the fourth multi-housing portfo- lio HFF has closed for AIG, which now totals approxi- mately 2,600 units in an 18- month period. “This transaction is the sec- ond group of assets fromAIG that Vantage has purchased and the firm has performed exceptionally well during the process. Vantage has contin- ued to show their ability to consummate transactions in a difficult economic environ- ment,” said Cruz. In Washington, DC, HFF has closed the leasehold sale of Carroll Square, a 178,000 s/f, class A office property in the East End submarket. HFFmarketed the property on behalf of the seller, Seaton Benkowski & Partners. GLL Partners purchased Carroll Square for $121.4 million and assumed an existing loan on the property. Carroll Square is a 10-story building comprised of both new construction and seven late 19th century commercial townhomes. The HFF team represent- ing the seller was led by exec- utive managing director Ste- phen Conley and senior man- aging directors Jim Meisel, Dek Potts and Andrew Weir. Additional support was pro- vided by real estate analysts Matt Nicholson and Jessica Dickinson. ■

Four-property portfolio

BETHESDA, MD — Beech Street Capital, LLC provided $23.1 million in Fannie Mae conventional loans to refinance a four-property portfolio, to- taling 770 units, located in Tucson, Arizona, San Antonio, Texas and Sussex, NJ. David Cohen and Israel Shubert originated the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its cor- respondent relationship with Meridian. The borrower, new to Beech Street, was motivated to reduce the interest rate on the portfolio, despite the pre- payment costs on the current loans. Beech Street was able to deliver an attractive rate, along with interest-only peri- ods for each of the loans. Sunrise Ridge Apartments and Van Buren Apartments are located in Tucson, Arizona and consist of 340 units and 70 units respectively. Wellington EstatesApartments consists of 228 units and is located in San Antonio, Texas. Alpine Village Apartments consists of 132 units and is located in Sussex, NJ. The fixed-rate loans have NEWARK, DE — Joseph Sweeney, senior vice presi- dent and managing director of NorthMarq’s Philadelphia regional office, arranged first mortgage refinancing of $7.1 million for Southgate Apart- ments (shown right). Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Southgate RealtyAssociates, by

10-year and seven-year terms, all of which have some inter- est-only components. Beech Street has provided a $9.9millionHUD232/223(a)(7) loan to refinance Sterling Healthcare and Rehabilita- tion Center, a 164-bed skilled nursing facility in Media, PA. The transaction was originated by Joshua Rosen, executive vice president of Beech Street Capital. Working from Beech Street’s Chicago office, Rosen leads the company’s nation- wide healthcare efforts. Beech Street proposed a financing structure that will allow the borrower to take advantage of tremendous debt- service savings. “The pack- age held up wonderfully dur- ing HUD processing,” states Rosen. “The Beech Street team was able to issue a com- mitment quickly, speeding up the entire process for the bor- rower.” Beech Street provided a 31.5-year term with a very attractive interest rate, allow- ing the borrower to keep the same term and amortization period as the existing loan,” Rosen adds. ■

Newport Tower

Fersko, Esq. along with Re- gina Schneller, Esq. and Ken Bills, Esq. In addition, James C. McDonald of CFC Advisors acted as business consultant to Avidan Man- agement LLC. “This transaction repre- sents one of the largest sales of industrial property in northern New Jersey in the past several years. The land- constrained, infill locations have a long history of steady tenant demand including port driven exporters and importers requiring key loca- tions in close proximity to the Port of NewYork/New Jersey in Elizabeth, Newark and Bayonne. HFF is extremely pleased to have been a part of such a significant industrial transaction,” said Nacham- kin. In a separate NJ transac- tion, HFF has closed the sale of a three-property, 89-unit multi-housing portfolio. HFF marketed the prop- erties on behalf of the sell- er, AIG Global Investment Group. Vantage Properties, LLC’s affiliate, Candlebrook Properties purchased the of- fering for $12.4 million. The properties average 95 percent occupancy overall and are located withinMiddlesex, Bergen and Essex Counties. The individual properties are Highland Gardens in

NorthMarq arranges $7.1m mortgage for Newark, DE apts.

NorthMarq through its seller- servicer relationship with Fred- die Mac. ■

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