O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
HILADELPHIA, PA — Colliers Interna- tional Capital Mar- For the refinancing of Campus Heights Student Housing – Penn State Harrisburg Colliers International’s Capital Markets Team arranges over $28m in financing P
Treitel , and vice president, Steven Helmreich , who are both based in the company’s Iselin, NJ office. The three multifamily prop- erties are located at 500, 525 and 555 Main St. and total 118 units. “We were able to leverage our relationship with a local New Jersey bank to provide our client with a loan that in- cluded interest-only and a very favorable blended rate where the first few years of the loan term started with a below- market rate,” said Treitel. n ed to take advantage of the low interest rate environment and lock in long term, fixed rate financing,” said Banas. “This was the second time we refinanced the property for the sponsors, having arranged the original financing for Phase I. This new financing included the refinance of both Phases I & II.” “This is a great example of our long term commitment to our clients,” said Wood. “The 12-year (7-year fixed with a 5-year reset) fixed rate loan am- ortizes over 30 years at 4%with maximum loan-to-value.” n
HI-LIGHTS F eb . 26 - M ar . 10, 2016 kets (CICM) , a provider of commercial real estate finance and capital markets expertise, has arranged $28.078 mil- lion of debt for the refinance of Campus Heights Student Housing, serving the Penn State Harrisburg campus. Campus Heights consists of 111 units for a total of 444 beds. Kristopher Wood and John Banas , both senior vice presidents/directors in CICM’s Philadelphia office, arranged the loan.“The borrower want-
Campus Heights
MeridianCapital arranges $21.5minfinancing forpurchaseof threemultifamily communities
CHATHAM, NJ — Merid- ian Capital Group , one of America’s most active debt brokers, arranged $21.5 mil- lion in acquisition financing for the purchase of three mul- tifamily properties in Cha- tham, NJ on behalf of Madi- son Hill Properties . The seven-year loan, provid- ed by a balance sheet lender, features a step-up rate struc- ture and competitive blended rate of 3.43%with interest-on- ly payments. This transaction was negotiated by Meridian senior vice president, Elliot
Green Buildings & Envtl. Services
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How NOT to sell your listing short
By Amy Hawley & Michael Jeitner
555 Main St.
Marcus &Millichap sets price per door record WASHINGTON, DC — Marcus & Millichap an- nounced the sale of 1204 Tal- bert St. SE, a vacant 29-unit apartment property located in Washington, DC. The asset sold for $2.9 million, or $100,000 per unit. Per costar, this represents the highest price per unit in 2015 of properties east of the river over 10 units. a private local investment en- tity, was also secured byWebb. After a fire in early 2015, the previous owners began a full renovation of the property. Jamaal S. Claggion, Ph.D., the managing member of Claggion SE Holdings, LLC, will com- plete the renovation and begin leasing in late 2016.
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Production underway at Crystal Windows PA
“The Talbert Street property is a valuable long term hold,” Webb said. “The investor was drawn to the opportunity to purchase recently renovated, vacant units that will fill with market rate tenants and various Washington program tenants.” The property is only two blocks from the Anacostia met- ro station. Proposed develop- ments are scattered around the
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Cameron Webb worked with Stacey Milam , first vice president investments, Chris- tian Alves , and Jesse Mates , all investment specialists in Marcus & Millichap’s DC of- fice, to market the property on behalf of the seller, a real estate development and in- vestment company. The buyer, Claggion SE Holdings, LLC,
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1204 Talbert St. SE
surrounding area. 1204 Talbert Street SE is also located three blocks from the intersection of Good Hope Road and Martin Luther King Jr. Ave, a hub of development in Historical Anacostia neighborhood.
“This location is prime for development,” Webb conclud- ed. “We see Anacostia as one of the first submarkets east of the river that will rapidly appreciate but it is still afford- able for investors.” n
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