F inancial D igest
Real Estate Journal — January 15 - 28, 2016 — 9A
www.marejournal.com
M id A tlantic
Market Square Plaza has a track record of 100% occupancy Cronheim Mortgage secures $26.35m financing for class A office building in Harrisburg, PA
arrisburg, PA — David Turley, Janet Proscia and Jeff Pacailler have arranged permanent financing of $26.35 million for Market Square Plaza, a 172,629 s/f class A office building and 275 space parking facility in downtown Harrisburg, PA. The loan was sized to a sub-8% debt yield with a 10-year term and a 30- year amortization schedule. Market Square Plaza is a one-of-a-kind class A office building in the heart of Harris- burg’s CBD. It is Harrisburg’s newest downtown office prop- erty and the only office building in Harrisburg with an on-site structured parking facility. Market Square Plaza is located two blocks from the PA State Capitol Complex and immedi- H STAMFORD, CT — Mis- sion Capital Advisors , a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group has arranged a $24.5 million loan for Nine West Broad St., a 191,000s/f office property located in Stamford, Connecticut. The Mission Capital team of Jordan Ray, Ari Hirt, Steven Buchwald, and Lex- ington Henn represented the sponsor, a joint venture between certain funds man- aged by Westport Capital Partners LLC and For- stone Capital , in securing the financing from a global real estate and investment management firm. After acquiring a nearly vacant building in 2013, West- port and Forstone have suc- cessfully leased a majority of the building and reposi- tioned the property by build- ing a brand new driveway and ramp, renovating the ground- floor cafeteria, creating a fit- ness center, and enhancing conference rooms, lobbies, and common areas. With the
Janet Proscia
Jeff Pacailler
David Turley
ately adjacent and connected to the Harrisburg Hilton and Strawberry Square, a million s/f mixed-use complex featuring office space, a retail concourse and the Whitaker Center. Market Square Plaza is home to a roster of mostly govern- ment and legal tenants. Its location, on-site parking, pro- fessional management and excellent amenity package has
helped it remain 100% occupied since its development in 2005. “We’re thrilled to have de- livered on another challeng- ing assignment,” said Turley. “Market Square Plaza is a phe- nomenal asset – its track record of 100% occupancy speaks for itself. But it is the only asset of its kind in Central PA which made it a challenge for institu- tional financing.” n service to the Stamford Trans- portation Center, offering convenience to tenants com- muting by car or mass transit. With its location in the heart of Stamford, the property provides easy access to several retail hubs as well as dining and lodging locations. A real estate capital mar- kets solutions firm, Mission Capital Advisors is active in securing debt and equity financing for office, retail, multifamily, industrial, and hotel assets, and has been particularly active in closing transactions on suburban office properties across the country. Earlier this year, the firm arranged the sale and acquisition financing of Brittania Business Center, a 191,000 s/f office and R&D portfolio in Pleasanton, CA, which is receiving significant value-add enhancements, and secured $41 million in financing for 1110 American Parkway NE in Allentown, PA, enabling the acquisition of the the 563,000 s/f office property as well as a compre- hensive capital improvements program. n
Market Square Plaza
Mission Capital Advisors arranges $24.5 Million in bridge financing for office building in Stamford, CT
that are looking to add value to office properties in downtown and suburban locations,” said Hirt. “The buyers acquired the property at an extremely low basis with essentially full vacancy and implemented capital improvements in short order. Ownership has already Nine West Broad St.
financing in hand, ownership plans to complete its wide- scale renovations, including an entire recladding of the building exterior. “This transaction is an- other example of our ability to secure extremely favorable financing on behalf of clients
successfully leased up over half of the building, and with this bridge financing paving the way for the next series of building improvements, they are on their way to achieving full occupancy.” The property has 540 on-site parking spaces and a shuttle
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