12D — March 18 - April 21, 2022 — The Best of 2021 — M id A tlantic Real Estate Journal www.marej.com The MOST UNIQUE FINANCIAL DEAL of 2021 JLL Capital Markets Broad&Halsey Street Portfolio Newark, NJ Rittenhouse Capital Advisors University of South Florida in Tampa SCOPE Vine Street Apartments Philadelphia, PA
Size: 232-unit, 570-bed student apartment complex Location: Tampa, Florida Financier: George Johnson Institution: Rittenhouse Capital Advisors RCA sourced a bridge loan for the acquisition of the 232- unit, 570-bed student apartment complex located at the Uni - versity of South Florida, located in Tampa, Florida. RCA sourced the loan for their client, College Town Communi - ties, who specializes in the development and management of student apartment buildings. Founded in 2002, the develop - er’s portfolio houses approximately 4,000 students. College Town Communities has locations at Penn State University, Lehigh University, University of Delaware, University of Alabama, Shippensburg State, Kutztown State and Bing - hamton University in New York. The project comprises 23 apartment buildings and was con - structed in 1971. College Town plans on upgrading the over - all project with unit and common area improvements and intensive management. Property amenities include pools, sundecks, fitness center and a clubhouse. The property also offers parking and direct access to each unit.
Size: 83,635 SF / 120-units Financier: Regional Bank
SCOPE Capital Group arranged $19.6 million in construc - tion financing for Vine Street Apartments, a 120-unit mul - tifamily development in the Loft District of Philadelphia, PA. The loan was funded by a regional bank to an affiliate of the Meritis Group. SCOPE Capital Group’s managing director Matthew Rosenberg negotiated the financing with the collaboration from SCOPE’s investment sales group. The approximate loan to cost amounted to 60% includ - ing $15,000,000 in hard construction costs. The loan was provided by a regional balance sheet lender and features a permanent conversion option to non-recourse and a no pre- payment penalty option to exit the loan at any time. Located at 1201-15 Vine Street, the project includes a two-story vertical overbuild above the Jarvis Building to be connected to a separate eight-story ground-up residential build. The proposed plans, created by Cadre Design, will preserve the building’s existing brick exterior. The entire project will be 83,635 SF which will encompass 120 new residential units and a 36-space automated parking garage.
Location: 707 Broad Street and 153 Halsey Street, Newark, NJ Financier: ACORE Capital, LP Institution: SHIFT Capital, The Hanini Group and CoInvest The portfolio consists of 707 Broad Street and 153 Halsey Street (totaling over 816,000 square-feet of office) and a 901-space parking garage at 261 University Place. Originally built in the 1920’s 153 Halsey Street and 707 Broad Street are leased on a long-term basis to The State of New Jersey who houses more than 3,500 employees across 35 departments on site. The prop - erties are positioned in the heart of the multi-tower Prudential Insurance Campus in Newark’s Central Business District. Size of property 816,000 s/f office
The TOP FINANCIAL DEAL of 2021
JLL Capital Markets Essex County Distribution Warehouse Newark, Essex County, New Jersey
SCOPE Vine Street Apartments 1201-15 Vine Street, Philadelphia, PA
Size: 83,635 s/f Financier: Regional Bank
SCOPE Capital Group arranged $19.6 million in construction financing for Vine Street Apartments, a 120-unit multifamily development in the Loft District of Philadelphia, PA. The loan was funded by a regional bank to an affiliate of the Meritis Group. SCOPE Capital Group’s managing director Matthew Rosenberg negotiated the financing with the collaboration from SCOPE’s investment sales group. The approximate loan to cost amounted to 60% including $15,000,000 in hard construction costs. The loan was pro - vided by a regional balance sheet lender and features a permanent conversion option to non-recourse and a no prepayment penalty option to exit the loan at any time. Located at 1201-15 Vine Street, the project includes a two-story vertical overbuild above the Jarvis Building to be connected to a separate eight-story ground-up residential build. The pro - posed plans, created by Cadre Design, will preserve the building’s existing brick exterior. The entire project will be 83,635 SF which will encompass 120 new residential units and a 36-space automated parking garage.
Size of property: +/-850,000 SF Financier: Life Insurance Company A +/- 850,000 SF warehouse and distribution facility leased to a credit tenant in Newark, New Jersey
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