F inancial D igest F eaturing T itle /I nsurance
Real Estate Journal — October 16 - 29, 2015 — 9A
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M id A tlantic
10-year fixed-rate loans for two adjacent, 126-room, select-service hotels HFF arranges $36.19 million financing for two select-service hotels in Washington, DC W ASHINGTON, DC — Holliday Feno- glio Fowler, LP
red line is two miles from the hotel and accessible via a complimentary hotel shuttle, which also takes guests to the Washington Convention Center and other points of interest in Washington, DC. The HFF debt placement team representing the bor- rower was led by managing director Mark Remington . “This was a win-win be- tween borrower and lender,” Remington said. “The lender was able to keep and increase an existing loan to a long-time and valued client, and the bor- rower was able to right-size and improve its loan terms to reflect the competitive state of the lending market.” n
& Suites and the Fairfield Inn & Suites are both five- story hotels with a combina- tion of standard rooms and suites. Each hotel features a breakfast area, lobby, fitness center, swimming pool, busi- ness center and between 600 and 800 s/f of meeting space. The Holiday Inn Express & Suites, 1917 Bladensburg Rd., and the Fairfield Inn & Suites, 2305 New York Ave. NE, share 251 parking spaces on 3.6 acres at the intersection of Bladensburg Rd. NE and New York Ave. NE (U.S. Rte. 50), which is a direct artery to downtown Washington. The New York Ave.-NoMa station on Metro’s
(HFF) announced that it has arranged two loans totaling $36.19 million for the Holiday Inn Express & Suites and Fairfield Inn & Suites, two ad- jacent, 126-room, select-service hotels in Washington, DC. HFFworked on behalf of the borrower, Rocks Engineer- ing Co., to secure the $19.3 million loan for Holiday Inn Express & Suites and the $16.89 million loan for Fair- field inn & Suites with Burke & Herbert Bank. The fixed- rate loans each have a term of 10 years. The Holiday Inn Express
1917 Bladensburg Rd.
MMCC announces $11.781m in financing for The Factory sports complex in NC
Denholtz Associates completes $5.5 million refinancing in PA
7036 Snowdrift Rd.
is ideally located beside the Lehigh Valley International Airport, near the intersection of Airport Rd. and US 22 and boasts a distinctive façade, abundant tailboard loading facilities, and bay spacing in the warehouse sections of the building. Along with close proximity to retail, restau- rants, banks, and hotels, the facility is also near I-78 and PA 33 & 309. “Our reputation for integrity, innovation and commitment to our tenants and capital part- ners has earned us affiliations with some of the nation’s most prominent financial institu- tions, including TDBank,” said Stephen Cassidy , president of Denholtz Associates. “We’ve owned the buildings since 2002 and the properties are more than 90% leased, showcasing our expertise with multitenant industrial properties.” n
ALLENTOWN, PA — Den- holtz Associates , a privately held, fully integrated real es- tate development, investment and management company, has completed a $5.5 million refinancing with TD Bank of its two flex-industrial build- ings, 7036 Snowdrift Rd. and 969 Postal Rd., located in the heart of the Lehigh Valley in- dustrial market. Ari Klein of TD Bank negotiated the 7-year fixed-rate refinance. 7036 Snowdrift Rd., a 98,191 s/f flex-industrial building lo- cated on 8.47-acres in Upper Macungie Twp. features ample tailboard loading facilities, and optimally designed bay spacing in the warehouse portions of the building. The property pro- vides immediate access to I-78 as well as nearby PA 33 & 309. 969 Postal Rd., a 65,205 s/f flex-industrial building located on 5.9-acres in Allentown,
The Factory
balance sheet lenders,” said Cassidy. “We structured the loan around the unique facets of the property, its operations, and the important require- ments of the buyers, who are based in New York.” The seller, Ammons Build- ing Corp. , owned the property for 12 years, during which time they repurposed the building from a street-sweeper manu- facturing plant. Though Am- mons Building Corp. president Jeff Ammons will no longer be a part of the project, prop- erty manager Emma Bennett
will continue to manage The Factory. “The buyers want to keep ev- erything the same and bring in more family-oriented tenants,” said Greenspon. “The new owners support the phenom- enal job Jeff has done at The Factory and want to build on the existing synergies there.” At 187,695 s/f, The Factory is one of the largest sports complexes in the country. The Factory is 99.8% leased. The complex, built in 1964 and renovated in 2004, consists of five buildings. n
WAKE FOREST, NC — Marcus &Millichap Capital Corp. (MMCC) has arranged the financing of The Factory, a retail and sports complex in Wake Forest, NC. Jared Cassidy , a director inMMCC’s Washington, DC office, secured the financing. Matt Green- spon , vice president invest- ments in Marcus &Millichap’s Raleigh office, consulted on the buy side. The property sold for $17.85 million with an MMCC loan of $11.781 million. “MMCC secured the debt through one of our national
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