18A — January 29 - February 11, 2016 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers &M anagers Places loan on behalf of Dranoff Properties in 2nd deal HFF closes $165.4m sale of Mid-Atlantic apt. portfolio F

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LORHAM PARK, NJ — Holliday Fenoglio Fowler, L.P. (HFF) has closed the sale of a 12-property apartment portfo- lio totaling 2,811 units located in NJ, PA and DE. HFF marketed the offering on behalf of the seller, AIG Global Real Estate Invest- ment Corp. An undisclosed buyer purchased the portfolio for $165.4 million free and clear of existing debt. This transaction represents the largest multi-housing sale of 2015 in New Jersey, according to Real Capital Analytics.

The Left Bank aerial

The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz, An- drew Scandalios and Mark Thomson , managing director KevinO’Hearn and associate directors Michael Oliver and Steve Simonelli. Philadelphia, PA — HFF arranged $88 million in financing for The Left Bank, a 282-unit, luxury loft apart- ment complex in Philadelphia. Working on behalf of the borrower, Dranoff Proper- ties , HFF placed the five-year, fixed-rate loan with a regional community bank. The Left Bank is located at 3131 Walnut St. The property has a mix of studio, one-, two- and three- bedroom units averaging 971 s/f. In addition to the residen- tial component, the property also includes 98,707 s/f of of- fice space and 22,605 s/f of retail, which are both 100% occupied. The HFF debt placement team representing the bor- rower was led by senior man- aging director JimCadranell and managing director Ryan Ade . n NJ Chapter of the AIA installs Lee as 2016 President Elect MORRISTOWN, NJ — The New Jersey chapter of the American Institute of Architects (AIA-NJ) an- nounced that Ben Lee, AIA , will serve as the organiza- tion’s 2016 president elect. Lee will be formally in- stalled during AIA-NJ’s annual awards gala, which will be held on Jan. 30 at the Park Savoy in Florham Park. n

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