F inancial D igest
Real Estate Journal — January 12 - 25, 2018 — 3A
M id A tlantic
Greystone refinances Philadelphia multifamily complex for $20 million GreystoneBassuk arranges $30Mconstruction loan for BLDG’s Boutique East Village Rental project N EW YORK , NY — Richard Bas - s u k , C E O , a n d loans were originated by Ja- son Yuen of Greystone’s New York office.
parcels developed over time, Greystone applied a similar fi- nancing strategy in providing a separate loan for each par- cel,” said Yuen. “This enabled West Village Group to take advantage of the favorable terms offered by Freddie Mac and its Small Balance Loan program.” “The financing of West Vil- lage is another example of the speed, pricing and certainty of execution Freddie Mac’s Small Balance Loan Pro- gram provides,” said Stephen Johnson , vice president, Small Balance Loan Business at Freddie Mac Multifamily. “Most importantly, it under- scores the program’s flexibil- ity. We’re committed to work- ing with our lender partners to deliver a product that meets their client’s needs – and their bottom line.” n FSRs summar i z e De - motech’s opinion of the fi- nancial stability of an in- surer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insur- ance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). As well, a Financial Stability Rating summarizes Demotech’s opinion as to the insurer’s ability to insulate itself from the business cycle that exists in the general economy as well as the un- derwriting cycle that exists in the insurance industry. Thus, an FSR summarizes Demotech’s opinion as to the relative ability of an insurer to survive a downturn in general economic conditions as well as a downturn in the underwriting cycle. n Title is on target to becoming one of the largest national providers of title insurance, largely due to the financial strength of our parent Am- Trust Financial.”
Drew Fletcher , president, of Greystone Bassuk , an- nounced the closing of a $30 million construction loan with Bank Hapoalim USA on behalf of an affiliate of BLDG Management Company, Inc. (BLDG) for the develop- ment of a 45-unit luxury rental apartment building located at 11 Ave. C in the East Village. Greystone Bassuk managing director, Matt Klauer , also assisted in the debt placement for the transaction. The project is located on a thru-block, irregular site bounded by East Houston St., Ave. C and East 2nd St. in a highly desirable and un- derserved section of the East Village. Once complete, the project will be a 10-story, best- in-class apartment building with 55,000 gross s/f and 4,100 s/f of prime St. level retail. Catering to today’s millennial renter, the project will offer a boutique living experience with a lifestyle-focused set of amenities. The residen- tial units will have generous layouts with high-end condo- quality finishes, and several of the apartments will also have private outdoor space, a CENTERVILLE, UT — Meridian Capital Group, America’s most active deal- maker, arranged $24.5 million in acquisition financing for the purchase of a multifamily property in Centerville, UT. The 10-year Fannie Mae loan, provided by Capital One Multifamily Finance , features a rate of 4.38% and five years of interest-only pay- ments. This transaction was negotiated by Meridian vice presidents, David Walkin and Sam Walkin , who are both based in the company’s Iselin, NJ office. The Park at Legacy Trails, located at 305 North 1300 West in Centerville, UT, is a
Consisting of three separate parcels, West Village is a newly-constructed multifam- ily complex comprising 3-, 4- and 5-bedroom units. All units are “townhome style” duplexes with upgraded finishes. The community offers a range of amenities for residents includ- ing parking, roof decks for some units, and a community courtyard. The property, owned by West Village Group , was financed with three separate Freddie Mac Small Balance Loans, all carrying 10-year terms and Interest-only for three years with 30-year amortization schedules. “Based on the borrower’s ac- quisition strategy of creating a community from contiguous New York, NY — Am- Trust Title Insurance Company (AmTrust Title) , a wholly-owned subsidiary of AmTrust Financial Ser- vices Inc. announced its Financial Stability Rating (FSR) has been upgraded to A’ (A Prime), Unsurpassed by Demotech, Inc. This level of FSR is assigned to insurers who possess un- surpassed financial stability related to maintaining posi- tive surplus as regards policy- holders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment ex- pense reserves (L&LAE) and realistic pricing. “We are delighted with this upgraded rating by De- motech,” said Jason Gor- don , president of AmTrust Title Company, who added that AmTrust Title is now operating nationally in 38 states. According to Steven Napol- itano , senior executive vice president of AmTrust Title, “This is exciting news and a milestone for us. AmTrust
11 Ave. C
three-story luxury apartment building that consists of 162 units ranging in size from one bedroom to three bed- rooms. With scenic views of the Rocky Mountains, private balconies, spacious walk-in closets, in-unit laundry, up- dated appliances, and com- munity amenities including a gym, basketball court, and swimming pool, the Park at Legacy Trails offers a lifestyle of comfort and convenience. The property is ideally lo- cated away from the hustle and bustle of the city, while remaining a short drive from shopping, dining, and schools in Centerville. The property is also just 20 minutes from “BLDG has been one of New York City’s preeminent multi- family owners for generations, and over the past several years they have made a strategic shift into ground-up develop- ment,” said Fletcher. “We had the great pleasure of advising BLDG on their first solo con- struction financing in 2015, and we are thrilled to have represented them once again on this exciting project as they continue to grow their develop- ment portfolio.” ”One of our objectives with this financing was to identify unique offering in the neigh- borhood.
the heart of Salt Lake City, Utah’s capital and a popular destination for hiking, skiing, fishing, and more. “On a deal where there was no affordability component and no green discount, Merid- ian was still able to negotiate a 10-year fixed-rate deal, with five years of interest-only pay- ments, at a tight spread,” said Walkin. “The greatest hurdle in this transaction was that the deal was still in lease- up, but we supplied a well- articulated leasing plan and area comparables, which in combination with the strength of the sponsor, justified the proceeds level that our client sought.” n new capital relationships to help support our expanding development pipeline,” said Lloyd Goldman , president of BLDG. “Greystone Bassuk’s extensive capital markets knowledge and deep network of senior level relationships allowed us to achieve the best possible execution for our Proj- ect – and in the process, we also obtained a valuable new financing partner with Bank Hapoalim.” Greystone provided $20.13 million in Freddie Mac fi- nancing for West Village, an 86-unit apartment community inWest Philadelphia, PA. The
Amtrust Title upgraded to A’ financial stability rating by Demotech
Meridian Capital Group organizes $24.5M in acquisition financing
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