M ID A TLANTIC Real Estate Journal — The Best of 2013 — March 28 - April 10, 2014 — 1C
www.marejournal.com
The Top FINANCIAL DEALS of 2013 HFF Washington Harbour Meridian Capital Group 2040 Market Street
Institution: New York Community Bank Financier: PMC Property Group Location: Philadelphia, PA 2040 Market St. contains 282 Luxury units, 16,064 s/f of ground level retail space, and a loan features a competitive fixed-rate of 3.75%. The multifamily property had recently come out of the lease-up phase; Meridian was able to leverage its lender relationship to obtain full proceeds without requiring a 90/90 test, when the property must be 90% leased for 90 days to quality.
Financing of one of Washington, DC’s most iconic and celebrated commercial assets. Prominently located along the banks of the Potomac River in the heart of the George- town submarket, this award-winning Arthur Cotton Moore designed project consists of two freestanding class A towers totaling
557,961 s/f of best-in-class office/retail space with views of downtown Washington, DC and Northern VA. 96% leased to 26 tenants, the project greatly benefits from significantly limited near-term rollover, with 78% (435,000 s/f) of its rentable area leased to 11 tenants expiring in 2022 and beyond. The recent beneficiary of a substantial $50 million renovation, Washington Harbour also now boasts an entirely new retail and street-level experience com- plete with a new fountain capable of programmable light and water shows that transforms into the largest ice skating rink in Washington, DC (12,000 s/f) during the winter months. Northmarq NJ Center of Excellence PARSIPPANNY, NJ — In April, 2013 Gregory Nalbandian, senior vice president/managing director of NorthMarq Capital’s New Jersey based regional office arranged joint venture equity financing of approximately $35 million for Advance Realty with Cross Harbor Capital Partners for the acquisition of the New Jersey Center of Excellence in Bridgewater. The 1.2 million s/f campus, consisting of over 110 acres, was the former Sanofi-Aventis R&D Campus and is located at 1041 US Hwy 202/206 in Bridgewater, N.J. “Advance has relocated its headquarters to this campus and the partnership intends to demolish some of the existing office and redevelop the site into a destination mixed-use center consisting of office, retail, and residential uses. The site is being rebranded as the New Jersey Center of Excellence.” said Nalbandian.
Progress Capital Windsor Plaza
Kathy Anderson of Progress Capital arranged a $10,450,000 facility to acquire and renovate Windsor Plaza, a 59,000 sf shopping center located in West Windsor, NJ which was 65% vacant at the time of purchase. This was a particularly difficult loan to close as the purchaser, Irv Cyzner, had to close within 45 days without approvals and the property had significant environmental contamination from a dry
cleaning spill. Windsor Plaza is now fully renovated and leased to tenants such as Bank of America, Mrs. Green’s Natural Market, PJ’s Pancake House, Jakes Wayback Burgers and Jimmy John’s Gourmet Deli. Progress Capital recently secured a $14,000,000 permanent mortgage fixed at 4.75% for 15 years on a 25 year amortization with an initial interest only period. This allowed the owner to recapture a portion of their equity while locking in a fixed rate for the next 15 years.
R E C E N T N O R T H M A R Q T R A N S A C T I O N S
$18,500,000 325 South Salem Church Road SIZE: 625,000 SF CITY : YORK, PA LENDER: NATIONAL BANK
$19,400,000 45 Eisenhower Drive SIZE: 175,575 SF CITY : PARAMUS, NJ LENDER: DEBT FUND
$17,000,000 Church Square SIZE: 81 UNITS CITY : HOBOKEN, NJ LENDER: LOCAL BANK
$12,000,000 Parsonage Hill Village SIZE: 204 UNITS CITY : EDISON, NJ LENDER: CORRESPONDENT LIFE CO.
Real Estate Capital
northmarq.com
34 OFFICES COAST-TO-COAST GREG NALBANDIAN 973.944.5728 gnalbandian@northmarq.com
GARY COHEN 973.944.5724 gcohen@northmarq.com
CRISTINA KLOSS 973.944.5725 ckloss@northmarq.com
ONE GATEHALL DRIVE, SUITE 101 PARSIPPANY, NJ 07054
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