M id A tlantic F inancial D igest F eaturing M ultifamily F inancing Shawn Rosenthal of CBRE represents Post Brothers CBRE arranges $183m in financing for Presidential City Apartment Complex
Real Estate Journal — August 12 - 25, 2016 — 5A
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HILADELPHIA, PA — CBRE Capital Mar- kets’ Debt & Structured Finance team has arranged a $183 million loan for the refi- nance of Presidential City, a class A apartment complex in Philadelphia. Shawn Ros entha l o f CBRE’s Midtown Manhattan office secured the three-year interest-only loan with two one-year extension options on behalf of Post Brothers , a multi-family property de- velopment company based in Philadelphia, headed by Mat- thew and Michael Pestronk . Financing was provided by Starwood Capital . “The financing markets were extremely impressed with the quality of the renovations to date, the interiors of the units, and the unique and expansive amenities. The Pestronk broth- ers truly created a destination Class A multifamily asset, unmatched in the Philadelphia P BETHESDA, MD — Capi- tal One announced that it has provided BDMG a $66.7 million Fannie Mae loan to fund its acquisition of Gates of Cipriano, a 591-unit apart- ment complex in Greenbelt, Maryland. The loan has a 12- year term. Meridian Capital Group senior managing director Abe Hirsch and managing direc- tors Jacob Katz and Zev Karpel negotiated the financ- ing on behalf of the borrower, working with the Capital One Multifamily Finance team. “The Gates of Cipriano is well-situated to take advan- tage of the exciting develop- ment proposed for the area surrounding the Greenbelt Metro Station,” said Grace Huebscher , president of Cap- ital One Multifamily Finance. “This prime location and our excellent working relation- ship with Meridian Capital and Fannie Mae helped us to create a tailored financing solution that met BDMG’s
area,” said Rosenthal. “The CBRE teamwas able to help us obtain a loan that was commensurate with the world- class environment that we’ve created in one of Philadelphia’s most significant and historical apartment communities,” Post Brothers president Matthew Pestronk said. Located at 3900 City Ave., Presidential City is comprised of four high-rise towers that of- fer an unparalleled diverse se- lection of apartment layouts. In 2014, Post Brothers launched its plan to perform full gut renovations to each of the four buildings, transforming them into luxurious, high-efficiency residences that provide a rare mix of quality, accessibility and value. Post Brothers recently opened its centerpiece, the five- acre Sora Pool Club. Designed and built with a sleek South- east Asian-inspired aesthetic, Sora mirrors contemporary VIP day clubs and resorts,
carbon-free electric heating and cooling systems. Living areas are accented with quartz windowsills, energy star appli- ances and exotic, sustainable Sapele hardwood flooring. Kitchens feature antimicro- bial quartz countertops, wood grained drawer spaces and high gloss cabinetry. Resi- dents will also find premium integrated stainless steel ap- pliances and unique features such as glass tile backsplash and a movable island, all of which are highly customizable to each resident’s preference. Phase I of the project, which includes redeveloping Wash- ington Tower (180 units) and Madison Tower (265 units) in addition to creating the Sora Pool Club, has been completed. Phase II, which includes re- developing Jefferson Tower (331 units) and Adams Tower (242 units), is underway. The property is expected to be fully leased in 2017. n Case entered into a joint venture agreement with a NY-based real estate cred- it fund in early 2016 and is expanding its platform. Responding to the middle market’s need for smart situ- ational capital, Case provides financing solutions for a range of transitional properties, including multi-family, in- dustrial, retail, land and office assets. Its funds are typically deployed as note purchases in addition to bridge and ac- quisition loans or rescue and restructure capital. Case helps local entrepre- neurs take advantage of near- term profit opportunities. The principals of Case evaluate each loan, property and real estate debt purchase based on its own merits, the borrower’s or seller’s situation and busi- ness plan, and whether local market conditions allow the firm to execute proven value creation strategies. n with more than 40 years of residential development ex- perience.”
Presidential City
embody the portrait of urban class and stylish living. Rooms feature recessed LED overhead lighting and energy-efficient,
designed as an ideal location for relaxation and recreation. Presidential City’s one-, two-, and three-bedroom residences
CapitalOnecloses$66.7mFannieMaeloan for acquisition of multifamily property
Case Real Estate Capital funds $15.15m first mortgage bridge loan
ROCHELLEPARK, NJ — Case Real Estate Capital, LLC (Case) through Case
Inves tors I I I , L L C has provid- ed a $15.15 million first m o r t g a g e bridge loan to SAMTD A c q u i - s i t i o n s
Sandy Herrick
Woodbridge LLC , a New Jersey-based residential de- veloper, to facilitate the ac- quisition of 7.1 acres of fully entitled land in Woodbridge, NJ. The property is approved for construction of 355 resi- dential units. Case expects to be taken out by a construction lender within a year. “We are very excited to be doing business with SAMTD,” said Sandy Herrick , found- er and managing principal of Case, a commercial real estate investment firm head- quartered in northern New Jersey. “They are a trusted participant in New Jersey
Gates of Cipriano
needs for its acquisition of the complex.” Located at 8501 Greenbelt Rd., Gates of Cipriano is min- utes from I-95 and 295 and a short distance from Washing- ton, DC. It’s also across the street from NASA’s Goddard Space Flight Center. “It was a pleasure working with Meridian and Capital
One in order to facilitate the loan in an expedited fashion,” said BDMG president Avi Bernstein. Capital One Bank’s Com- mercial Real Estate Group offers a comprehensive array of financing solutions for prop- erty owners and developers nationwide, including balance sheet and agency lending. n
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