F inancial D igest F eaturing A ppraisal
Real Estate Journal — September 12 - 25, 2014 — 7A
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M id A tlantic
For The Can Company Building, located at 2400 and 2500 Boston St., in Baltimore Cassidy Turley’s Campanella and Spellman arrange bank financing totaling $32 million B
is headquartered at that loca- tion. The building is located just two miles east of Baltimore’s Central Business District (CBD), minutes west from major transportation arter- ies of I-95 and I-83, and is walkable to numerous transit options on Boston St. includ- ing public transportation. The property is also accessible by water taxi that stops at Canton Waterfront Park and services all major Inner Har- bor destinations. n ern Union Funding. “Our free service enables all involved in a commercial real estate transac- tion to receive the added ben- efit of learning about existing market inventory at a glance. Our brokers can then enhance that knowledge with best-in- class service when a client is interested in further discussion about financing an available property.” Zlotowitz makes it well- known that technology does not replace the real estate professional – an integral part of the commercial real estate transaction process. However, the communication and infor- mation get ratcheted up. “It is important to us that our clients always experience better service, especially since many of our clients have re- cently increased their appetite for acquisitions” said Abraham Bergma n, co-founder, Eastern Union Funding. “Our clients have come to expect more from their broker, and we pride our- selves on constantly exceeding that expectation.” n
ALTIMORE, MD — Cassidy Turley , a commercial real estate services provider in the U.S., announced that it has ar- ranged financing totaling $32 million for The Can Company Building, located at 2400 and 2500 Boston St., in Baltimore. Executive managing director John Campanella and vice president Paul Spellman of Cassidy Turley arranged bank financing totaling $32 million on behalf of Cross St. Partners and Normandy FLORHAM PARK, NJ — HFF has arranged $23.8 million in acquisition financ- ing for a seven-property retail portfolio totaling 99,675 s/f in Maryland, New Jersey and Pennsylvania. Working on behalf of an af- filiate of Lakewood, NJ-based Paramount Realty Ser- BRISTOL, TN AND NEW HAVEN, IN — David Turley and Anna Westhoff of Cron- heimMortgage teamed up to place two permanent loans to- taling $4.5 million on Big Lots- anchored centers in Bristol, TN and New Haven, IN. The 75% LTV cash-out refinances featured a 10-year term and a 30-year amortization. Both centers are located in tertiary sub-markets of fewer than 15,000 inhabitants. While New Haven is arguably the dominant retail center in its trade area, the Bristol center is in a secondary retail location. The client has owned and managed both centers for several years and has both attracted new tenancy to the center and invested in strate- gic upgrades and expansions. “Once we got our arms firmly around these deals, we knew it was key to work with the right capital source to deliver on terms,” said Westhoff. “Our
Real Estate Partners . The Can Company Building, a class A, 206,992 s/f award- winning property is located on Boston St. in the Canton Historic District, a waterfront community in Baltimore. The property contains 54,329 s/f of ground-level neighborhood- oriented retail including res- taurants, 151,488 s/f of office space and a 200-space parking garage retrofitted into an adja- cent building. The building is 98% leased to and anchored by Millennial Media, Inc., which NEWYORK, NY — Eastern Union Funding have granted Portal access to sales brokers desiring to market targeted, relevant properties directly to their large roster of clients. Sales brokers will now be able to reap the benefits of the revolutionary Portal by show- casing their properties, free-of- charge, to the appropriate and targeted audience of Eastern Union clients. Clients will be notified via their preferred com- munication medium, making it a seamless and effective way to receive notifications. Should the clients have interest, they can respond directly to the sales broker marketing the deal. This customized platform, designed by commercial real estate technology firm CRE Tracker, already contains more than 3,000 properties in New York and New Jersey. Over several phases, the Portal will be featuring properties on a national scale. “This value proposition is a win-win for all parties,” said Ira Zlotowitz , president, East-
2400 and 2500 Boston St
EasternUnionFundinggrants portal access to sales brokers
HFF arranges $23.8macquisition financing for 7-property, multi-state retail portfolio
Plaza in Philadelphia, PA; Exton Plaza in Exton, PA and Owings Mills Plaza in Owings Mills, MD. The portfolio was 100% occupied at closing. The HFF team representing the buyer was led by senior managing director Jon Mi- kula and managing director Jim Cadranell . n
vices, Inc. , HFF secured the seven-year, fixed- rate loan through Investors Bank . The properties included in the financing are: Brick- town Center in Bricktown, NJ; Brookhaven Plaza in Brookhaven, PA; Howell Plaza in Howell, NJ; Sea Girt Plaza in Wall, NJ; Philadelphia
Turley and Westhoff of CronheimMortgage places two permanent loans totaling $4.5 million
RENO, NV — Dermody Properties hired Casey Kreck as senior vice presi- dent, finance. Kreck will work with CFO, Doug Lanning , to oversee all financial activities for Dermody Props., includ- ing reporting, accounting and Kreck joins Dermody Properties as senior vice president, finance
securing financing for develop- ment projects. Kreck has experience in stra- tegic financial analysis, plan- ning and management. Prior to joining Dermody Properties, he served as the VP of finance for Gradient Resources, Inc. n
proactive, cooperative stance kept these deals on track in spite of some surprises, such as losing a junior anchor mid- way through closing.” “The client demonstrated their management acumen by
turning tired centers in tertia- ry markets into solid perform- ers,” said Turley. “We did our part by being hands-on: doing the research, communicating the story and staying engaged from term sheet to closing.” n
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