March 2023

6A —March 2023 — Financial Digest — M id A tlantic Real Estate Journal

F inancial D igest

Columbia Bank provides $14.95M construction loan Progress Capital secures financing for The Kontos Group

BWE closes over $93 Million in permanent & bridge financing

• Silver Spring, MD Medi - cal Office, a $16,400,000 permanent loan to finance a medical office building. • Gaithersburg, MD Medi - cal Office, a $6,600,000 per - manent loan to finance an office with a medical/urgent care center. • Gaithersburg, MD Office, a $4,900,000 permanent loan to finance an office building. • Gaithersburg, MD Office, a $3,800,000 permanent loan to finance an office building. • Silver Spring, Office, a $5,500,000 permanent loan to finance a mixed office/ medical building. • Germantown, MD Life Sciences Center, a $26,138,000 bridge-to-per - manent loan to finance the conversion of an existing office building into a class A life science building. “BWE’s guidance and pro - fessionalism enabled Guard - ian to achieve our targeted results,” said Tony LaBar- bera, president & CEO of Guardian Realty Investors, LLC. “Our joint efforts pro - vided visibility and clarity in the uncertain fog of in - creasing interest rates and the tightening of the Fed. BWE’s “roll-up-your-sleeves efforts” to understand the real estate and markets was instrumental to coordinat - ing and closing the multiple options available. We would also like to thank our lending partners at Five-Star Bank, MainStreet Bank, and Sum - mit Community Bank for their excellent work on these transactions.” MAREJ Bob Cohen said, “The Glen - side area is ripe for redevelop - ment. The office building is older, and the owners are look - ing to change the use. Owner - ship is anticipating approvals to raze the office building and build a 60 unit apartment building. The location is great as Glenside is supported by a strong school district, abuts northwest Philadelphia and is easily accessible to center city.” The multi-tenant, two sto - ry, class c office building is 48,000+/-sf and sits on approx - imately 1 acre. It has parking for 75 vehicles and is located directly at the Glenside Train Station. MAREJ

WASHINGTON, DC — Bellwether Enterprise Real Estate Capital LLC (BWE) , a national commer - cial and multifamily mort - gage banking company, an - nounced the closing of eight individual loans totaling $93,073,000 for eight office, medical office and life science buildings in the Washington, DC, metropolitan area. Steve Shaw , executive vice president, Alec Jen- kins , vice president, Chaz Wattles , transaction man- ager and Bill Wrench , se- nior transaction manager, all from BWE’s Washing - ton, DC, office, arranged the loans from a variety of lenders on behalf of the bor - rower, Guardian Realty Investors, LLC . “We partnered closely with Guardian Realty’s pro - fessionals to identify the best loan terms for each transaction. In this post- COVID difficult financing environment, the strength of sponsorship continues to be important,” said Shaw. “We look forward to continu - ing to work with long-time as well as new clients to secure financing for projects across the Mid-Atlantic.” The eight refinance trans - actions, which closed in late 2022, are: • Fairfax, VA Medical Of - fice, a $15,500,000 perma - nent loan to finance a medi - cal office building. • Rockville, MD Medical Office, a $14,235,000 perma - nent loan to finance a medi - cal office building. GLENSIDE, PA — Rich- ard Natow , president of PRESTIGE GROUP, INC. announced that Prestige Group Capital Market/Con - sulting Division was respon - sible for arranging a $2.6 million loan to refinance an office building located at 115 E Glenside Ave., Glenside. PRESTIGE GROUP’s Capi - tal Marketing/Consulting Division, under the leader - ship of Bob Cohen , EVP, was contracted by the owner, a local developer to assist them in securing a loan to refinance their existing mort - gage. Through the relation - ships that Bob Cohen has developed, we were able to help secure the owners a loan

ress Capi- tal secured a $14.95 mil - lion construc - tion loan for The Kontos Group (own- er/developer) of Hunter Lofts, a re - development project lead by Kontos Construc- tion Ltd. (general con - tractor), fea- turing a 57- unit building to be built at 140 W. Web - ster Ave., Roselle Park. R

OSELLE PARK, NJ — Kathy Anderson and Caillin Boles of Prog-

Hunter Lofts

remaining six units will be affordable, with half being marketed with a preference to US military veterans. The premises take up more than an acre near Roselle Park High School and the Locust Street entrance to the Roselle Park Train Station. Roselle Park offers residents an urban-suburban mix feel and is rated as one of the best places to live in New Jersey. MAREJ

Columbia Bank provided the construction loan, which carries a 36-month interest- only period with a 10-year permanent conversion option. Redevelopment plans in - clude transforming the for - mer site of H&H Building Supply into a mixed-use property with 57 residential units and 4,000 s/f of com - mercial/retail space. of the 57 residential units, 51 will be market rate, while the

Kathy Anderson

Caillin Boles

Walker & Dunlop closes $46M refi for four-property assisted living portfolio

FHA Finance, out of Walker & Dunlop’s Philadelphia office. “A big differentiator for us is our deep understanding of the industry challenges operators face, the intricacies of HUD financing, and how to best set our borrowers up for success in navigating the HUD-insured loan programs.” The portfolio refinancing comprised the following assets: Wheelock Terrace, a 70-unit assisted living facility in Ha - nover, New Hampshire. The subject is an 11.45-acre site lo - cated near two hospitals within a 15-mile radius. Windham Terrace, a 71-unit assisted living facility in Wind - ham, New Hampshire. The sub - ject is a 7.397-acre site located near four acute-care hospitals within a 15-mile radius. Woodstock Terrace, a 42-unit assisted living facility in Wood - stock, Vermont. The subject construct a one-story specula - tive industrial building com - prising 146,570 rentable s/f with 36’ clear ceiling height, 18 loading docks, 15 trailer and 91 car parking spaces. The site is located within 5-miles of the NJ Tpke. and roughly 30 miles from the Port of New York and NJ. It is optimally located with - in the Exit 9 submarket which has grown into one of the most active markets in the state.

is a 1.878-acre parcel located near six hospitals within a 25- mile radius. Valley Terrace, a 61-unit as - sisted living facility in White River Junction, Vermont. The subject is an 8.677-acre site lo - cated near five hospitals within a 30-mile radius. All four properties include room, board, social activities, three daily meals, scheduled transportation, 24-hour su - pervision, and assistance with activities of daily living (ADLs). “Frank Cassidy and his team at Walker & Dunlop were with me every step of the way. I thank them for initiating the bridge loan process and the “return to HUD” plan well over two years ago. We are thrilled with the successful closing of the recent HUD portfolio re - finance,” said Kate Heaton , managing member of Terrace Communities. MAREJ

BETHESDA, MD — Walker & Dunlop, Inc. an- nounced that it closed a $46 million 232/223(f) refinancing of Terrace Portfolio, a group of four assisted living facili - ties located in Vermont and New Hampshire. Walker & Dunlop’s Frank Cassidy led the senior hous - ing finance team in refinancing a bridge loan that the Walker & Dunlop team previously ar - ranged in December 2020 to facilitate a partner buyout and re-leverage the portfolio. The bridge loan was structured as eligible debt in anticipation of the HUD takeout. “We are excited to bring this deal full circle, from bridge loan to permanent HUD financing. We understood our client’s vi - sion from the beginning and helped them successfully ex - ecute their business plan,” said Cassidy, managing director of

Prestige Group arranges $2.6M to refi office building with a southeast Pennsylva - nia credit union.

EAST BRUNSWICK, NJ — G.S. Wilcox & Co. to an- nounced that it has completed $19.97 million in construc - tion financing for a warehouse building to be built on spec in East Brunswick. The non-re - course financing was secured by Bridget Wilcox , partner, and Al Raymond , principal, from a regional bank on a 3-year term with extension options. The proceeds will be used to “Despite the pullback from lenders, we remain active in procuring construction financ - ing for top sponsors,” said Wil - cox in a prepared statement. Founded in 1994 by Gretchen S. Wilcox, G.S. Wilcox & Co. has been providing debt and equity solutions to developers, real estate private equity firms, institutional investors, and other owners of commercial real estate for over 29 years. MAREJ G.S. Wilcox & Co. completes $19.97M construction loan

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