F INANCIAL D IGEST F EATURING I NSURANCE /T ITLE
Mid Atlantic Real Estate Journal — October 12 - 25, 2012 — 9A
www.marejournal.com
Secured by Redland Corporate Center First Potomac Realty Trust handles $68.4m
Closes $10.9m in Fannie Mae Loans For Phila. portfolio Beech Street Capital closes $26.3m Freddie Mac loan
wards our stated balance sheet strategy.” said Douglas Do- natelli , chairman and CEO of First Potomac Realty Trust, “This financing improves our liquidity profile and allows us to take advantage of the current interest rate envi- ronment. Redland was 40% occupied when we acquired it and we recently brought it to stabilization, which gave us the opportunity to put perma- nent financing in place The rate of the loan fits well with our overall capital structure, and we plan to take additional steps to improve our liquidity in the near future.” ■ I-695 interchanges, just one mile away. “Like many owners of class B and class C assets in the nation’s middle markets, this sponsor needed a competitively priced, non-recourse bridge loan to stabilize the property for the longer term,” said Geof- frey Smith , one of Hudson’s managing directors. ■ The loan provided the bor- rower with a five-year term and was structured with inter- est-only payments throughout the entire term of the loan. The deal was arranged by Abe Katz and Mark Silber- sher . ■ dent housing portfolio at Temple University listed by Marcus & Millichap RE Investment Ser- vices’ agents Ken Wellar and Cory Lonberger . “We financed our client’s acquisition of the Temple Uni- versity properties through the refinancing of his University of PA properties,” said Banas. “Working with more than 20 properties spread out over two universities with a bor- rower who is not a commercial real estate professional cre- ated a challenging scenario for lenders.” ■
ROCKVILLE, MD — First Potomac Realty Trust an- nounced the closing of a new secured financing. The company recently closed on a $68.4 million mortgage loan that is secured by Redland Corporate Center in Rockville. The mortgage has a five year term, a fixed interest rate of 4.2%, and a 30 year amortiza- tion schedule. The net pro- ceeds from the mortgage were used to repay a portion of the balance outstanding under the Company’s unsecured revolv- ing credit facility. “We are pleased with the progress we have made to- ARBUTUS , MD — A 689,000 s/f industrial build- ing located in the Baltimore suburb of Arbutus has secured at $12.5 million bridge loan from real estate fund man- ager Hudson Realty Capital LLC . Located just south of Balti- more, Interstate 95 is easily accessible via the I-295 and WASHINGTON, DC — Deerwood Real Estate Cap- ital , a commercial mortgage brokerage and advisory firm, closed on a $52 million loan class A multi-family property in the heart of Washington, DC. PHILADELPHIA, PA — Marcus & Millichap Capital Corporation ( MMCC ) has arranged two student housing portfolio loans totaling $6.9 million. JohnBanas and KrisWood , directors in MMCC’s Phila- delphia office, arranged the loans. One loan was arranged to re- finance the borrower’s 14-prop- erty student housing portfolio at the University of PA. The other loan utilized the equity derived from the refinancing to fund the acquisition of a 10-property stu-
L INDENWOLD, NJ — Beech Street Capital, LLC provided a $26.3 million Freddie Mac Capital Markets Execution loan for the acquisition of The Land- ings at Pine Lake, a 520-unit apartment complex. Abe Hirsch and Moshe Majeski originated the trans- action for Meridian Capital Group, LLC , which was fi- nanced by Beech Street Capi- tal as part of its correspondent relationship with Meridian. The borrower, Azure Part- ners LLC is a repeat Freddie Mac client with over 20 years of real estate experience. “We have done many loans with Fannie and Freddie on prior transactions and Beech Street’s execution in procur- ing this loan was flawless,” said Arthur Rosenberg , CEO of Azure Partners LLC. “It was really as smooth as one could hope for and we will be doing more business with Beech Street in the near future.” The property, currently 95 percent occupied, consists of 46, three-story apartment buildings and a leasing center. Built in 1971 and 1976 origi- nally as a condominium proj- ect, the property is situated on over 36 acres of land with Pine Lake as the centerpiece of the community. The seller of the property was a large pension fund that had continuously invested in the property. The fixed-rate loan has a 10-year term and three years interest-only. PHILADELPHIA, PA — Beech Street provided $10.9 million in Fannie Mae DUS
Deerwood Real Estate Capital closes $52 million in financing
The Landings at Pine Lake
Hudson Realty Capital funds $12.5 million bridge loan
Apartment portfolio located in Philadelphia
loans to refinance a four- property apartment portfolio totaling 230 units located in Philadelphia. Avi Wein- stock and Chaim Tessler originated the transaction for Meridian Capital Group. The properties are located
in the Olney/Oak Lane sub- market of Philadelphia and consist of low-rise, brick ve- neer apartment buildings. The uncrossed, fixed-rate loans have a seven-year term with 6.5 years of yield main- tenance. ■
Marcus & Millichap Capital Corp. positions loans totaling $6.9 million
BRANCHBURG, NJ — G. S. Wilcox & Co. has arranged total mortgage financing of $46,340,628 in three separate transactions. The first transaction of $20,000,000 was made with The Prudential Insurance Company and secured by a 210 unit apartment building with one office tenant and underground parking. The G. S. Wilcox & Co. arranges financing of $46,340,628 loan term is a 20 year fixed rate with a 30 year amortiza- tion at 3.9%. The second transaction involved four separate loans all made through Great-West Life & Annuity Insurance Company and secured by 4 distinct properties compris- ing 564,895 s/f of industrial space. The loan amount of $24,240,628 has a 7 year fixed rate term at 3.62% and a 30 year amortization. Investors Bank provid- ed financing for the third transaction, a 68,810 s/f industrial building located in Branchburg, NJ. The sub- ject property involved a loan amount $2,100,00 with a 5 year adjustable rate 10 year term. ■
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