F inancial D igest

Real Estate Journal — December 8 - 21, 2017 — 5A


M id A tlantic

Team reps. seller and assists buyer in $72.012M sale and financing HFF announces 16 financings totaling $663M secured by class A retail properties in NY and NJ N EW YORK, NY — Holliday Fenoglio Fowler, L.P. (HFF) dense submarkets with afflu- ent demographics, including15 located in New Jersey and one in New York.

Arlington, VA — HFF announces the $72.012 million sale of and the financing for Two Liberty Center, a 178,700 s/f, class A office building in the Ballston submarket of Arlington. The HFF team represented the seller, an entity controlled by the Fred Schnider Invest- ment Group, and assisted the buyer, an entity controlled by Westbrook Partners, in secur- ing acquisition financing. The property was sold free and clear of existing debt. Two Liberty Center is situ- ated at 4075 Wilson Blvd. within the larger 2.25 million- s/f Liberty Center mixed-use development. The HFF team included Jim Meisel, Sue Carras, Andrew Weir, Steve Conley and Matt Nicholson . The property is just two blocks from the Ballston-MU Metrorail Station and offers excellent vehicular access via I-66 and Rte. 50. n structures and 100,000 s/f of flex space. The Subject’s largest building, previously leased to Restaurant Depot which accounted for 85% of the leasable area, was gut renovated in early 2016 and successfully re-leased in less than 6 months. The Subject is 100% occupied by 20 tenants including a sign manufacturer, bakery production center, DJ and entertainment company, and indoor trampoline and adventure park, among others. Units range from 1,280 s/f to 11,000 s/f. The property is strategically located in Bergen County with an entrance to Rte. 80 less than one quarter of a mile away and the New Jersey Tpke. just 2.5 miles east. These are two of the major highways serving the region, providing access to western NJ towards Pennsyl- vania, and east to NYC and the entire metro. The loan was originated and placed by Dev Morris, Al- lison Villamagna, and Andrew Stewart. n

announced 16 financings total- ing $663 million secured by 15 class A retail properties and one industrial property total- ing 4.6 million square feet in New York and New Jersey. The HFF team worked on behalf of the borrower, Urban Edge Properties, to secure the 16 separate loans with two CMBS lenders, three life com- pany lenders and one bank. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower’s maturity schedule. The portfolio comprises 98.1%-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; Home Depot; Lowe’s; Costco; BJ’s Wholesale FAIRLESS HILLS, PA — Cronheim Mortgage announced the closing of a $33.5MM mortgage loan for a Fairless Hills Towne Center, grocery-anchored retail center in Fairless Hills. The loan was placed with a leading invest- ment bank and structured with a 7-year term and 30-year amortization schedule after an 18-month interest only period. The perm loan refinanced the bridge loan used to acquire and reposition the property. The client, a JV between Larken Associates and Red Starr Investments , acquired the 294,000 s/f property in May 2015 with 120,000 s/f of vacancy after Walmart left the center, relocating to a new SuperCenter a couple miles away. The owner immedi- ately undertook a full property renovation including a new façade, roof and HVAC replace- ments, parking lot repaving, new landscaping and signage. The cosmetic upgrades and an activist management approach led increased leasing velocity,

The HFF debt placement team representing the bor- rower included managing director Scott Aiese and se- nior managing directors Jon Mikula and Mike Tepedino . “This retail financing proves that the capital markets re- main highly liquid for assets in dense markets operated by best-in-class sponsorship,” Aiese said. “As lenders remain focused on diversifying their portfolios by asset type and geography, HFF experienced significant interest in the 15 retail term loan opportuni- ties.” HFF and Holliday GP Corp. are licensed New Jersey real estate brokers. which resulted in new leases and existing tenant term ex- tensions totaling over 170,000 s/f of space. Additionally, the client converted 35,000 s/f of “dead” retail space in the rear of the former Walmart space to climate-controlled self-storage. David Turley said: “Larken and Red Starr did a great job identifying the latent potential of this property and location and then executing quickly and creatively. We are pleased to have helped them recapital- ize their capital stack to allow them to harvest some equity and structure the debt for long- term cash flow.” HACKENSACK, NJ — CronheimMortgage secured $7.2 million in financing for a prime industrial property lo- cated in Hackensack. The loan was structured on a 15/25 basis with a 4.18% interest rate and was placed with Southern Farm Bureau Life Insurance Co., whom Cronheim represents as a correspondent and servicer. The subject property encom- passes three, free-standing

Urban Edge Properties portfolio HFF announces $72.012M sale and financing of Two Liberty Center in the Ballston submarket of Washington, D.C. Cronheim secures $33.5m for retail center in Fairless Hills, PA Club and Walmart in addition to one multi-tenant warehouse property in East Hanover, NJ. The 16 properties are in

Fairless Hills Towne Center

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