Real Estate Journal — Owners, Developers & Managers — August 25 - September 14, 2017 — 21B
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Aanonsen assisted by Brown originated the acquisition financing Grandbridge closes a $23.65 million multi- family acquisition in Falls Church, VA F alls Church, VA — Grandbridge Real Estate Capital closed will be managed by an affiliate of Morguard.
20,561 s/f of retail space, and 12,796 s/f office space. The total net rentable area (including all residential and commercial) is 130,545. The commercial (retail and office) is 25.6% of the total rentable square footage. The five-story midrise apartment building is situated on approxi- mately 1.5 acres of land. There are two levels of below grade parking beneath the building. In conjunction with a ground lease, the borrower has a 99- year leasehold interest in the property. The property was 99.04% occupied at closing and upon acquisition, the property
Onsite amenities include a clubroom, fitness center, con- cierge, Wi-Fi lounge, two pri- vate courtyards with fireplaces and grills, and bike storage. Select units feature gourmet kitchens with granite island countertops, stainless appli- ances, wood laminate flooring in living room and kitchen, ce- ramic tile flooring in bathroom, walk-in closets, programmable thermostats, washer/dryer in unit, high-speed internet, cable, and telephone, and a balcony, patio, or terraces. n
a $23.65 million first mortgage loan secured by a 104-unit mul- tifamily, mid-rise community in Falls Church. Washington, DC-based senior vice president Paul Aanonsen , assisted by Patrick Brown, CCIM , originated the acqui- sition financing for a repeat client, Morguard Corpora- tion (Morguard) . Morguard is a real estate investment company whose principal ac- tivities include the acquisition and ownership of commercial and multi-unit residential real estate properties. The fixed rate loan was funded through Fannie Mae’s DUS Early Rate Lock multi- family loan product, enabling Grandbridge to structure the nonrecourse financing with 60 months of interest-only, a 10- year term and 30-year amorti- zation. The transaction closed with an interest rate of 4.045%. “This transaction had several different moving pieces, includ- ing a commercial component and ground lease. With such a strong and experienced bor- rower, we were able to go from application to close in less than 5 weeks,” said Aanonsen. Built in 2014, Northgate at Falls Church is a mixed-use building containing 97,188 s/f of net rentable multifamily space, SG Blocks names Adams National sales director BROOKLYN, NY — SG Blocks, Inc. , a designer, in- novator and fabricator of con-
Northgate at Falls Church
Holiday Decor
Highest Quality Live Foliage
tainer-based structures, announced that Brian Adams has been named n a t i o n a l sales direc- tor. In this role, Adams
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Brian Adams
Plant Rentals
Plants & Planters
will work directly with Paul Galvin, chairman and CEO, to develop and oversee the national and international sales strategy and its tacti- cal implementation for SG Blocks. He will be based in Dallas, TX. “As SG Blocks continues its rapid expansion, we are thrilled to welcome Brian, a prominent executive with over 30 years of experience, to the team,” said Galvin. n
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