F inancial D igest F eaturing T ax I ssues & A ccounting
Real Estate Journal — December 12 - 18, 2014 — 19A
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M id A tlantic
Campanella&Spellman represent AmericanREPartners Cassidy Turley arranges $122 million in financing
Phillips Realty Capital structures $82m in financing
BETHESDA , MD — Phillips Realty Capital structured a mix of debt and preferred equity total- ing $82m for MRP Realty , developers of commercial, residential and mixed-use real estate across the Wash- ington Metropolitan region, and Florida Rock Proper- ties , enabling the compa- nies to break ground on the first phase of their Capitol Riverfront development. The project is located on the Anacostia River, south of the Washington Nationals baseball stadium. The nine- floor Riverfront project in the Capitol Riverfront dis- trict is a 305-unit, 281,050 s/f high-rise multifamily development with approxi- mately 19,000 s/f of ground floor retail. Phillips arranged MRP Realty’s $65 million con- struction loan from First Niagara Bank and an ad- ditional $17.5 million in preferred equity financing through a Phillips joint ven- HOWELL, NJ — Eastern Union Funding , one of the largest national mortgage brokerage firms, arranged the financing for the new home of its Howell, NJ, lo- cation at 481 Oak Glen Rd. The suburban construction project sprung up in just 10 months, and was fully oc- cupied – in part by Eastern Union Funding itself – even prior to the rapid develop- ment concluding. Financing for phase one of the project, the building which houses Eastern Union Funding, is fully stabilized thanks to a deal arranged by senior mortgage consultant Zevi Schwartz . It features a competitive rate of 3.875% on a five year term, 50% non-recourse. The loan was provided by a regional bal- ance sheet lender. Thanks to the success of phase one, the lender has committed an additional $3.8 million for construction of phase two. The property
ture with EB5 Capital. “Very few people working in the EB-5 field have the real estate experience Phil- lips has,” said Daniel Shiff of Phillips Realty Capital. “We apply the same prin- ciples of underwriting and analysis to EB-5 invest- ments that we would to any other transaction, giving our clients the confidence they need. Our goal is to make EB-5 financing similar to going to any other capital source. We focus on the de- tails of the financing so our clients can focus on their primary business, the devel- opment project.” n Capitol Riverfront rendering includes two buildings total- ing 100,000 s/f and is owned by an LLC called Howell Plaza LLC. That company is particu- larly in the office sector, with a growing portfolio in the region. The returns on its investments are following a trajectory that every real estate investor vies for, en- abling Howell Plaza LLC to consistently search for, and acquire, new assets. Mortgage deals like this serve to launch that growth higher, as the Eastern profes- sional who arranged financ- ing for this transaction noted. “This type of rate in subur- ban New Jersey is outstand- ing, not to mention a loan which covers about 90 per- cent of our client’s construc- tion costs—thanks largely to a strong borrower,” Schwartz said. “Based on the success of the operator, and the build- ing’s performance, we had full occupancy before we even got the C of O.” n
Canal Center
A
Executive managing di- rector John Campanella and vice president Paul Spellman of Cassidy Turley arranged the financing on behalf of American Real Estate Partners . A bank served as the lender. Canal Center is comprised of four office buildings lo-
cated at 11, 44, 66, and 99 Canal Center. The property sits alongside the Potomac River with access to major metro Washington, DC des- tinations, including Ronald Reagan National Airport, the Pentagon, National Harbor, downtown DC and Capitol Hill. n
LEXANDRIA, VA — Cassidy Turley , a commercial real
estate services provider in the U.S., announced that it has secured $122 million in financing for Canal Center, a 538,895 s/f, class A complex located along the waterfront in Old Town Alexandria.
HFF secures $42 million in financing for 119,469 s/f 620 F St. in Washington, DC
Eastern Union Funding arranges $4.2m for rapidly constructed office park at 481 Oak Glen Rd. in Howell, NJ
gage Capital Company . The building is located on F St. NW directly across the street fromThe Verizon Center in the heart of Washington, DC’s prestigious East End sub- market. Completed in 2006, the building is 100% leased to a tenant roster that includes the International Union of Brick- 620 F St.
layers and Allied Craftworkers and AARP. The HFF debt placement team was led by Sue Car- ras , Walter Coker , Brian Crivella and Nicole Snar- ski . R.J. Davis of Pillsbury Winthrop Shaw Pittman LLP provided legal counsel for the owner. n
WASHINGTON, DC — HFF announced that it has secured $42 million in financ- ing for 620 F St., an 11-story, 119,469 s/f, trophy office build- ing in Washington, DC. Working on behalf of the bor- rower, BAC F Street LLC, HFF placed a 25-year, fixed-rate loan with Prudential Mort-
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