MARE journal.com
Mid Atlantic Real Estate Journal — January 13 - 26, 2012 — 3
M ID A TLANTIC R EAL E STATE J OURNAL In multifamily loans in the Tri-State area DeerwoodReal Estate Capital arranges $12.86 million
Applied Bank 601 Delaware Ave • Wilmington, DE 19801 P: 302-326-4200 (Ext. 29512) www.appliedbank.com
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NGLEWOOD Cliffs, NJ — Deerwood Real Es- tate Capital, a commer-
in Newark. The loan provided the borrower with 75% LTP. The loan came with a 7-year term with a 30-year amortiza- tion and was arranged by Abe Katz and Mark Silbersher. Also secured was a $5.85 million loan for a 98-unit apart- ment building in Eastern PA. The loan provided the borrower with 75% LTV to refinance the existing loan at a very competi- tive rate for a 5-year term with a 30-year amortization. “It cer- tainly feels great when a client states at the closing table that in all of his 50 years in the mul- tifamily business, Deerwood
Real Estate Capital ran the smoothest underwriting pro- cess and achieved the fastest closing,” Russell Kimyagarov noted. The loan was arranged by Russell Kimyagarov and Joe Hercenberg. In Brooklyn, NY, Deerwood arranged financing for a $4.65 million bridge loan for a va- cant loft property that will be converted to a multi-family property. The loan provided the borrower with a very high loan to cost ratio to acquire the asset and reposition it. The deal was arranged by David Rosenberg. ■
Carl Kruelle, SVP Chief Lending Ofßcer carl_kruelle@appliedbank.com
cial mortgage b r o k e r a g e and advisory firm, recently closed on a $2.36 million loan for a 43- unit apart- ment building
Tim Cole, VP Commercial Real Estate Lending timothy_cole@appliedbank.com
Abe Katz
Louis Stackeni, Business Development lou_stackeni@appliedbank.com
LIVINGSTON,NJ — Mark Scott, of Commercial Mortgage Capital announced the closing of two loans for a combined total of $24.8 million. The first loan, $10.8 million in financing was arranged through Provi- dent Bank for the Promenade in Summit. The Promenade is a mixed-use property with 15,700 s/f of retail on the ground level, and 22 luxury apartments above. The second closing for $14 million helped the clients capture a favor- able rate on a self-liquidating loan for their 424 unit garden apartment complex in Morris county New Jersey, through one of CMC’s correspondent lenders. ■ Comm’l. Mortgage Capital announces $24.8m financing Hopkins Sampson & Brown brokers 6,000 s/f lease MORRISTOWN, NJ — Hop- kins Sampson & Brown Real Estate Advisory Services, LLC announced the signing of a lease at 340 Speedwell Ave. Suzanne Kiall Benedetto rep- resented the tenant, The Red Oaks School and the landlord, The Morristown Columbian Club for 6,000 s/f of expansion space for the private school. In other news, Hopkins Sampson & Brown announced the recent approval of a 10,000 s/f church, NJ Family Life, to be located at 6 Emery Ave., in Randolph. Benedetto and Randee Stolar represented the Church. Demo and construction has begun. In a separate transaction, The Washington, DC basedAs- sociation of Flight Attendants - CWA signed a lease to move to 570 Broad St., Newark. Kai Campbell represented the ten- ant in a direct deal with the building’s owners, the Berger Organization. ■
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