22D — March 2023 — The Best of 2022 — M id A tlantic Real Estate Journal
The TOP FINANCIAL DEAL of 2022
Marcus & Millichap New Castle Industrial Portfolio
GREA Mid-Atlantic (formerly Rittenhouse Realty Advisors) Campus Heights Loan
Progress Capital Jersey City Waterfront Office Property
Brokers: James Conley and Neil Campbell from In- stitutional Property Advisors, a division of Marcus & Millichap. Financier: Barclays & Citi Harvey Hanna & Associates has landed $138 million in refinancing for an industrial portfolio in New Castle. The loan was co-originated by Barclays and Citigroup, with Barclays as the leading bank. The financing was arranged by James Conley, senior managing director and Neil Campbell, senior director capital markets of Marcus & Millichap Capital Corporation based in the King of Prussia office. The portfolio consists of 14 properties and encompasses 2.2 million square-feet. This transaction is a testament to lending enthusiasm for well-positioned logistics and manufacturing facilities.
Institution: GREA Mid Atlantic (formally known as Rittenhouse Capital Advisors) Purpose- built student housing community with a 5 year fixed rate. Reset option after 24 months, interest only pay - ments for 2 years and a 30- year amortization. This deal has flexible pre-pay terms and limited recourse.
Progress Capital’s Partner, Brad Domenico secured acqui- sition financing on behalf of a partnership between Vision Properties and Hana Financial, to purchase 70 Hudson Street, a 432,000 SF, state-of-the art office building located along Jersey City’s waterfront. The 12-story building received over $21 Million in up- grades and is occupied with credit tenants including TD Ameritrade, Gucci, Federal Home Loan Bank of NY, Fidessa and CVS on the ground-floor. The biggest residential development boom in recent years has transformed JC’s waterfront into a vibrant 24-hr Live/ Work/Play environment. While many office buildings are suffering through WFH issues, this well located and modern office building continues to thrive.
Progress Capital 3 ACRES Apartment Complex Jersey City The MOST CHALLENGING FINANCIAL DEAL of 2022
Larken Associates Westfall Town Center Matamoras, PA The LARGEST OWNERS PROPERTY of 2022
Progress Capital arranged refinance for Jersey City West Side Apartment Complex. Making decisions about permanent financing is always difficult. This turbulent rate environment makes it all the more challenging. In this case, a decision in March 2022 to enter into a 90-day rate lock by the owners of 3 ACRES Apartment Complex in Jersey City, was the RIGHT one. Kathy Anderson, Founding Partner of Progress Capital started exploring op- tions for a permanent loan in January 2022 to replace construction financing for 3 ACRES, a 629 multi-family building located at 400 Claremont Avenue, Jersey City. With leasing just started, the plan was to refinance during the 3rd-Quarter 2022. But then in February, Russia invades Ukraine, inflation accelerates, and the 10-year treasury spikes. Anderson managed to secure a $160,000,000 loan that permitted a forward rate lock PRIOR to stabilization. Management retained The Marketing Directors, who leased over 100 units per month, an all-time record for Jersey City, no less the West Side. A combination of off the chart leasing, the right unit mix at an affordable rent and ‘over the top’ amenities, three ACRES became the “It” place to live.
Westfall Town Center is a 203,907 SF grocery-anchored shopping center located at 111 Hulst Drive in Matamoras, PA. Situated in Pike County along PA Route 6 just across the border from New Jersey and New York, Westfall Town Center is anchored by a brand-new 73,000 SF ShopRite as well as a 25,000 SF full-size TJ Maxx. Additionally, the shopping center boasts a diverse slate of complimentary retail tenants and has a strategic location just a short drive from both New Jersey and New York, placing 104,534 people with an average household income of $114,346 within a 15-minute drive.
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