O wners , D evelopers & M anagers
Mid Atlantic Real Estate Journal — Section B
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Proscia and Turley secure financing on 185 units Cronheim Mortgage secures $14.5 million for New Jersey multifamily properties
EWJERSEY—Janet Proscia and David Turley of Cronheim Mortgage secured a total of $14.5 million in bank financ- ing on 185-units in northern and central New Jersey in three separate transactions. These were $5.4 million for 97-units in Ewing; $6.7 million for 36-units plus 13,167 s/f of commercial space in Newark; and $1.5 million for 52-units in Hackettstown. The $5.4 million 10/30 in Ewing carried a 3.75% interest rate at a 75% LTV. Turley commented that, “This lender had originally N HI-LIGHTS Dec. 20, 2013 - Jan. 16, 2014
WASHINGTON, DC — Fol- lowing completion of a $10 million renovation, New York City-based Aria Develop- ment Group has leased 90 percent of the 83 elegant, fully renovated rental apartments at The Bond, located in Wash- ington, DC’s prestigious West End neighborhood. Most new residents have moved in. To celebrate stabilization of the project, Aria held a memorable ribbon-cutting reception for lo- cal VIPs, media, and residents, and announced a $5,000 dona- tion to Martha’s Table. “The Bond, Washington’s newest residential project in the West End / Dupont sub- market, has leased up in just a few short months since we completed our full-scale reno- vation,” said Joshua Benaim , Aria’s managing principal. “Without exception, people have loved the property, with many apartment hunters re- porting that it’s their ‘favorite building in DC.’ As developers, this is something we love to financed the acquisition of the property and we were success- ful in securing a cash-out refi for ownership in just a year and a half.” In the Ironbound Section of Newark, the multi- family over day care center building was completed just two years ago and is attrac- tive and fully leased. Proscia said, “The owners rolled from construction loan into a mini- perm at an uncompetitive rate. We went to market and secured a favorable financing which has dramatically im- proved the cash flow for own- ership. In addition, they were able to cash out some of the trapped equity for their next project. This was a win-win!” Last but certainly not least, North Morris Apartments in Hackettstown was the ben- eficiary of a 10-year refinance with one of northern New Jersey’s banks who offered a 30-year amortization with a going in rate of just 2.99%
97 Units in Ewing, NJ
for 5-years and increasing in the sixth year to 3.99%. While this was just $1.5 million loan request, Cronheim was able to source a very competitive, non-recourse transaction for
the client. Proscia commented that, “All three of these deals were done with different New Jersey banks. The New Jersey banks are an excellent alterna- tive to the agencies for aggres-
sive pricing, solid leverage and uncomplicated execution. We are proud of our long standing relationships that allow us to execute deals for our clients in this space.” n
The Bond Apartments in Washington, DC are 90% leased Rapid Leasing follows $10 million renovation by Aria Development Group
Building Services & Suppliers
hear.” Aria acquired the building at 1230 New Hampshire Ave., NW from the International Monetary Fund last year and invested $10 million in renova- tions. IMF had used the build- ing for corporate housing. K. David Meit, CPM® , president and CEO of Ocu- lus Realty , which is leas- ing and managing The Bond, added: “We are thrilled with the market’s response to date. Leasing pace has exceeded our expectations due to the community’s combination of a central location, old world charm, and cutting-edge tech- nology. The Oculus leasing and management team have made The Bond a warm and inviting home.” The Bond is ideally situated between Dupont Circle, Wash- ington Circle, Georgetown, and the downtown Golden Triangle. It is the first new rental apart- ment building to deliver in the Dupont Circle / West End neighborhood since Boston
7-11B
Arcadia Properties completes $16m outpatient center
ALSO INSIDE Green Buildings........13-19B USGBC NJ........................21B IREM...........................24-25B NJAA................................23B 12B
1230 New Hampshire Ave.
Properties’ highly successful Residences on The Avenue. The Bond is the largest of several Washington, DC invest- ments to date by Aria Develop- ment Group, which has also
developed the ultra-luxury oceanfront condominium 321 Ocean in Miami’s South Beach, along with luxury mixed-use projects in New York City’s SoHo and West Village. n
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