F inancial D igest
M id A tlantic Real Estate Journal — December 18 - January 14, 2020 — 7A
www.marej.com
S3 Capital provides 24-month floating-rate loan, and was negotiated by Filler & Koschitzki Meridian Capital Group arranges $60 million in financing with S3 Capital Partners
RONX, NY — Merid- ian Capital Group arranged $60 million in financing with S3 Capital Partners for the construction of a multifamily property in the Mott Haven neighborhood of the Bronx, NY on behalf of JCS Realty . The 24-month floating-rate loan, provided by S3 Capital, features a LIBOR-based rate, full-term interest-only pay- ments and was negotiated by meridian managing director, Isaac Filler , and associate, Yossi Koschitzki , who are both based in the company’s New York City headquarters. “S3 Capital is excited to continue our long-standing relationship with JCS Realty and their team. They have a proven track record and will MIAMI, FL — Bob Har- rington and Paul Whalen , vice presidents of North- Marq’s Miami office, com- pleted the $41.777 million refinance of a multifamily portfolio in Southern Vir- ginia. The three-property portfolio contains a combined 724 units. The transaction was structured with a 10- year term, interest rate in the upper 2%’s with 5-years of interest only followed by a 30-year amortization sched- ule. NorthMarq arranged the fixed rate loan for the bor - rower through the company’s status as an Optigo lender. Properties include: • Reserve at Deer Run Apartments - Newport News, Virginia (232 Units) B • Newpo r t Commons Apartments - Newport News, Virginia (272 Units) • Jefferson Pointe Apart - ments- Prince George, Vir- ginia (220 Units) The Prince George prop- erty has an approximately 30 percent military concen- tration from nearby Fort Lee, while the two Newport News properties qualified as
tall and contain 215 units across 190,000 s/f. Residents will benefit from immediate proximity to the 4 and 5 sub- way lines at the 138th Street – Grand Concourse station in addition to various shops, restaurants, supermarkets, and schools. “Relationships always play an important role in negotiat- ing deals and are often what allow us to achieve exception- al outcomes for clients. In tur- bulent market conditions and moments of uncertainty, re- lationships matter that much more and this transaction is a result of great relationships, where we were able to bring S3 and JCS Realty together again for another spectacular development in Mott Haven,” said Filler. MAREJ
ing principal at S3 Capital. Located at 276 Grand Con- course in the Mott Haven 276 Grand Concourse rendering
neighborhood of the Bronx, NY, the multifamily prop- erty will stand 12 stories
deliver a great product in a rapidly growing sub-market,” said Joshua Crane, manag-
NorthMarq’s Miami, FL office secures $41.777 million refinance for Southern Virginia multifamily portfolio
Reserve at Deer Run Apartments
Newport Commons Apartments
Jefferson Pointe Apartments
100 percent Mission, meeting Freddie Mac’s goal of provid- ing affordable rental housing. The properties were also coming out of a significant renovation project, and the Freddie Mac loan terms will allow the borrower to seek supplemental financing after a stabilized operating history has been achieved.
“Even when not in a health pandemic, the logistics of a simultaneous three-property closing can be challenging. Great communication by all of the parties involved – in- cluding the borrower, lender, legal and closing teams – made this a very efficient process,” said Harrington. “We are gratified that the
offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60- year history, annual transac- tion volume of $13 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our more than 600 people. MAREJ
borrower, in a highly com- petitive market, entrusted NorthMarq to recapitalize these properties.” As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, invest- ment sales, and loan servicing to protect and add value to their assets. For capital sources, we
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