Mid Atlantic Real Estate Journal — March 14 - 27, 2014 — C
www.marejournal.com
F inancial D igest Secures seven-year deal with 30-year amortization
Gore of Capital & Venture Resources arranges $124.5 million PA/NJ multifamily refinance H AMILTON, NJ — Jo- seph Gore , working from the Hamilton,
high rise in Cherry Hill, NJ, Amity Gardens Apartments, a 194-unit garden style complex in Douglasville, PA, Gover- nor Sproul Apartments, 272 units in Broomall, PA, and The Commons at Fallsington and Wellington Woods Apart- ments, a combined 170 units in Morrisville, PA. “We had everything work- ing in our favor,” said Gore. “Steady cash flows, great self managing sponsorship and numerous lenders with very big appetites. We quoted the Agencies, insurance compa- nies, CMBS and the Banks.
Without a doubt, the Regional Banks were the best with both dollars and rate. The demand for this type of product is such that our lenders are looking to expand down to the Mid-At- lantic States and are looking at property types other than multis. ” Capital &Venture Resources Ltd. is a boutique real estate investment advisory group providing unique lending so- lutions. In addition to the Hamilton, NJ office, Capital & Venture Resources has offices in Ridgefield, CT and Buffalo, NY. n
NJ office of Ca p i t a l & Venture Re- sources Ltd., a r r a n g e d $124,500,000 in first mort- gage financ- i n g o n a five-property
Joseph Gore
multifamily portfolio located in Southern New Jersey and Eastern Pennsylvania. Gore secured a seven-year deal with 30-year amortization on these properties with an all-in rate of less than 3.75%. The five properties were Cherry Hill Towers, a 434-unit ARCP names Ezzell as exe. vice president NEW YORK, NY AND PHOENIX, AZ — American Realty Capital Properties, Inc. (“ARCP”) and Cole Capi- talTM , ARCP’s private capital management business, jointly announced today the appoint- ment of Michael Ezzell as ex- ecutive vice president of private capital markets. “We are extremely pleased and excited to have Mike Ez- zell head the day-to-day op- erations of Cole Capital, the leading sponsor of non-traded, net lease REITs,” said David Kay , president of ARCP. “In his role as the head of product and business development at Cole Capital, Ezzell has been an integral member of the man- agement team that successfully launched multiple new product offerings and raised more than $9 billion of capital since he joined the company. Along with the rest of ARCP’s senior management team, I look forward to collaborating with Mike as Cole Capital con- tinues to develop and market world-class net lease invest- ment products with a focus on producing durable income and which best meet the needs of investors and financial profes- sionals.” With more than 16 years of experience in the financial services industry, Ezzell most recently served as senior vice president, product and busi- ness development at Cole Capital. n
Capital & Venture Resources, Ltd.
RECENT TRANSACTIONS
Amity Garden Apartments Douglassville, PA 194 Units $9,500,000
Governor Sproul Apartments Broomall, PA 272 Units $25,000,000
Cherry Hill Towers Cherry Hill, NJ 434 Units $42,500,000
The Commons at Fallsington Morrisville, PA 463 Units $31,500,000
Wellington Woods Apartments Morrisville, PA 257 Units $16,000,000
So. Jersey Portfolio Camden & Burlington 1,110 Units $50,000,000 Blanket Mortgage
Creative Capital for Commercial Real Estate
Capital & Venture Resources, Ltd. 52 State Highway #33 Suite C Hamilton, NJ 08619 Phone: 609-587-1400 | Fax: 609-586-8732
Email: joe.gore@capitalvr.com
www.capitalvr.com
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