F inancial D igest
Mid Atlantic Real Estate Journal — May 11 - 24, 2012 — A
www.marejournal.com
Largest loan totals $27m for 264 unit multi-family rental community in Georgia Cooper-Horowitz arranges $81.3 million in financing
Chatham, NJ — Cron- heim Mortgage has arranged $12,500,000 in five separate transactions for Office, retail and multifamily properties in New York, New Jersey and Maryland. This brings the firm’s total volume for the last four months to $333,625,000, covering properties in eight states, which also include Pennsylvania, Connecticut, Oklahoma, Arizona and Ten- nessee. These transactions involved note purchase fi- nancings, first mortgages, construction loans, forward commitments, and preferred equity. In Manhattan, Cronheim Mortgage has arranged fi- nancing of $6,000,000 for 1270 Broadway, a 14-story multi-tenanted class B of- fice building. The five-year loan was placed with Aviva Life and Annuity Company, whom Cronheim represents as correspondent and servic- ing agent. Built in 1912 and situated on 8,525 s/f of land, the property consists of 12 stories plus a penthouse suite and basement. The ground floor is leased to two retail C larksville, TN — Cooper-Horowitz, Inc. recently arranged financing for the following properties: Fort Campbell Indepen- dence Place Apartments, 3193 Fort Campbell Boule- vard, Clarksville, Tennessee: 228 unit multi family rental community. The loan was for $20,800,000. Thefirmwas representedby MatthewPaul, Justin Schact- er and Jayson Schwartz for the above transaction. Fort Stewart Independence PlaceApartments, 1300 Inde- pendence Place Drive, Hines- ville, Georgia: 264 unit multi- family rental community. The loan was for $27,000,000. The firmwas represented by Matthew Paul, Justin Schact- er and Louis Mirando.
Fort Stewart Independence Place Apartments
tenants, with Duane Reade occupying a total of 12,800 s/f including basement and mez- zanine spaces. In Plainsboro, NJ, Andrew Stewart and Lisa McMahon have arranged financing of $3,000,000 for a four-build- ing office property located on Plainsboro Road. Built in the late 1970’s, the 44,000 s/f property is 98% occupied by mostly medical-related ten- ants. The property is located three miles east of Route 1 and the new University Medical Center of Princeton, which is slated to open in May 2012. The non-recourse loan was placed with a local bank on a 10-year term and 25-year amortization. In Franklin Lakes, NJ, Ja- net Proscia arranged financing of $1,750,000 for a 18,350 s/f single tenant office/warehouse building located on Commerce Road. The client needed to take out existing financing, but in a declining value en- vironment, had struggled for nearly two years to find a lender who could understand the intricacies of the deal. Ultimately, Cronheim secured The firm was represented by Schacter and Jeffrey Horowitz for the above two transactions. Palm Breeze at Keys Gate: 1140 SE 24th Road, Home- stead, Florida. 375 Town Homes. The loan was for $14,500,000. The firm was represented by Bruce Marcus and George
a 7-year loan at 4.85% for the borrower. In Bethesda, MD, David Turley and Lisa McMahon se- cured financing of $1,115,000 for a 331,618 s/f parcel ground- leased to a subsidiary of Home Depot. The parcel is improved with a 108,908 s/f Home Depot and an inline building contain- ing approximately 32,600 s/f. The property is 200 yards west of I-270 and is situated direct- ly across the street from the Westfield Montgomery Mall. The original ground lease dates back to 1980, when the property was developed as a Hechinger home improvement store. The lease and leasehold interest were subsequently sold to Home Depot in 1999 after Hechinger closed. In Irvington, NJ, David Turley and Lisa McMahon ar- ranged financing of $600,000 for a five-building, 22-unit apartment complex located on ElmwoodAvenue. Constructed in the 1960’s, the brick build- ings are comprised entirely of one-bedroom units. The non- recourse loan was placed with a local bank on a 7-year term and 25-year amortization. n Stergiopoulos for the above transaction. 137 Franklin Street, New York, New York: Condomini- umapartments. The loan was for $5,000,000. The firm was represented by Jerry Sobol and Nick Barbato for the above trans- action. n
Fort Campbell Independence Place Apartments
727 Bronx River Road, Bronxville, NewYork: 79 unit apartment complex. The loan was for $3,500,000.
44 North Broadway, White Plains, NewYork: 163 units, 6 story apartment complex. The loan was for $10,500,000.
Cronheim Mortgage closes $333.625 million in the last 4 months
1270 Broadway
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