A — March 14 - 27, 2014 — Mid Atlantic Real Estate Journal
www.marejournal.com
www.marejournal.com In New Jersey, Pennsylvania and Maryland Meridian Capital Grp. negotiates $31m in financing for mixed-use, multifamily, retail/ind. properties F inancial D igest Mid Atlantic Real Estate Journal — March 14 - 27, 2014 — Section C
N
e w Y o r k , N Y — Meridian Capi- tal Group, LLC an-
and 24,800 s/f of office space. The loan features a rate of 2.05% over the 30-day LIBOR swap and a five-year term. The borrower was able to take full advantage of a low floating rate for the first 12 months, while locking in a fixed rate for the remainder of the term. This transaction was negotiated by Emil DePasquale . A new mortgage of $4.975 million was placed by Merid- ian on the 78-unit Washington Court Apartments multifam- ily property located on Lehigh Street in Easton, PA. The loan
features a rate of 4.13% and a seven-year term. This transac- tion was negotiated by David Fisher . Meridian negotiated $4.62 million in acquisition financ- ing for the purchase of a Sta- ples-anchored shopping center totaling 26,115 s/f located on Deptford Rd. in Deptford, NJ. The loan features a rate of 3.75% and a seven-year term. This transaction was negoti- ated by Israel Schubert .
Carla NicoleApartments mul- tifamily property located on Boulevard East in West New York, NJ. The loan features a rate of 3.50% and a seven-year term. This transaction was ne- gotiated by Elliot Treitel . Meridian negotiated a new mortgage in the amount of $3.65 million on a four-story, 44-unit multifamily property located on Summit Ave. in Union City, NJ. The loan fea- tures a rate of 3.63% and a sev- en-year term. This transaction was negotiated by Treitel. A new mortgage of $2.3 mil- an $8 million refinance for “The Pottery Building,” a Phil- adelphia construction project. The loan was originated and arranged by senior managing director Eli Breiner and loan analyst Abraham Miller. The loan was supplied by Fox Chase Bank at a rate of 4.75 percent on a two year term. Most notably however, the arrangement covers 100 percent of hard and soft costs and demands no fresh equity from the borrower. But this arrangement also has broader implications. With overseas investors im- patiently lining up to purchase American real estate, Eastern’s latest deal reflects the increas- ing presence of one small but significant pocket of Middle Eastern-based buyers. Over a three year period, Israel emerged as the third largest investor of American soil, according to Reuters in an article published the week before this deal closed. For a country barely the size of New Jersey to keep up with the likes of Germany, China and Canada seems to defy common sense. Breiner, on the contrary, thinks it makes perfect sense. “Think about it like this,” he said. “You’re an Israeli with funds for a building. You can look in your local market, or you can increase your options
lion was placed by Meridian on a 39-pad manufactured housing community located on Washington Boulevard in Jessup, MD. The loan features a rate of 4.13% and a five-year term. This transaction was ne- gotiated by Jim Bologno . Meridian negotiated a new mortgage in the amount of $1 million on a four-story, 14-unit multifamily property located on Lawton Ave. in Cliffside Park, NJ. The loan features a rate of 3.50% and a five-year term. This transaction was ne- gotiated by Steve Tessler . n by a factor of ten by compari- son shopping in America.” Reuters also pointed to Is- rael’s size as incentive for their increasingly ambitious spending habits. They quote Robert Ivanhoe, global real estate practice chair at the Greenberg Traurig law firm. “There appears to be a need for greater diversification and for finding additional opportuni- ties because Israel is a small country and domestic invest- ment opportunities are lim- ited,” he said in the article. Still, one question lin gers. How does such a small coun- try have so many powerful investors? The Jerusalem Post asked the same question in November. Their answer may antagonize Americans frustrated by their 401k. “One big reason is the large amount of money Israelis put in their pension funds, which in turn invest some of the money abroad,” wrote the Jerusalem Post in their November article The US system of 401k retire- ment funds limits investment to exchange-traded funds and mutual funds.” “Israel is leading the pack right now.” said Eastern presi- dent Ira Zlotowitz, in refer- ence to foreign investors. “The most important thing we can do is stay informed and, as always, be the most trusted advisors in the market.” n
nounced the f o l l o w i n g transactions: Me r i d i an negotiated a newmortgage in the amount of $10.68 mil- lion for the Lofts at The
David Fisher
Mill mixed-use property lo- cated in Scranton, PA. The property contains 112 units
A new mortgage of $3.788 million was placed by Merid- ian on the five-story, 45-unit Eastern Union Funding’s David Metzger and Nate Hyman originate $22.72 million loan
March 14 - 27, 2014
1031 SPOTLIGHT HI-LIGHTS
Riverwalk — Duane Reade
Howell, NJ — Eastern Union Funding negotiated a $22.72 million refinancing on a 44-unit mixed-use on Roos- evelt Island inManhattan. The loan was originated by senior managing directors David Metzger and Nate Hyman . Metzger and Hyman secured a 10-year fixed rate loan on the 14,909 s/f property. The loan was provided by Inves- tors Bank. The deal services portions of two 16-story residential buildings, Riverwalk Place and Riverwalk Landing, re- spectively located at 455 and 425 Main St. The properties are a blend of housing units and eight commercial spaces,
anchored by a Starbucks and Duane Reade. Developed by Related Com- panies in partnership with Hudson Companies in 2006, the property belongs to a planned community which will eventually be home to nine buildings, 2,000 new housing units, centralized retail com- mons surrounding the subway station, affordable housing and recreational facilities for island residents. The team has already com- pleted the first six residential buildings, a new Main Street, ball fields as well as retail and childcare facilities. Philadelphia, PA — Eastern Union Funding closed
5-14C
www.marejournal.com
Made with FlippingBook - Online catalogs