12A — January 15 - 28, 2016 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
ancaster, Pa — Eastern Union Fund- ing announced that AJH Management expands footprint in largest deal to date Eastern Union Funding closes on $17 million loan for Lancaster, PA, apartment acquisitions L also its largest to date.
munity which also includes pet-friendly apartments and on-site maintenance, and is convenient to Rtes. 30 and 222, downtown Lancaster and public transportation. “This transaction represents investors’ voracious appetite to go beyond primary and sec- ondary markets in search of multifamily apartment deals, one of the most sought-after asset classes in real estate,” Singer said. “Lenders are also hungry for this type of prod- uct, as shown by AJH’s abil- ity to close on high-leverage, 80 percent loan-to-purchase financing.” Singer worked with Arbor Commercial Mortgage vice president Stephen York to aggressively underwrite the loan, which includes a one- year lockout and 1% pre-pay thereafter, and was priced 2.67 percent over LIBOR. AJH Management plans to convert the loan to a fixed rate after one year. “A strong relationship with the lender and AJH Manage- ment’s impressive track record with its acquisitions to date expedited the transaction and enabled us to quickly close before the holidays,” added Singer. n J o h n s o n j o i n s CBRE’s Wayne office as senior VP Philadelphia, PA — CBRE Group, Inc. (CBRE) announced that Brad John- son has joined the firm’s Debt and structured finance team as senior vice president in the Wayne office. Johnson will be responsible for origi- nation and underwriting of commercial real estate trans- actions for life insurance com- panies, banks, conduit lenders and other third party capital sources. With years of experi- ence in structuring and secur- ing various types of financing and equity on commercial real estate multi - family assets, Johnson will now be able to take advantage of CBRE’s FannieMae and FreddieMac government agency lending platforms. “We are very fortunate to have someone with Brad’s integrity, work ethic and expertise join our debt and structured finance team,” said Steven Doherty , senior vice president, debt and structured Finance. n
Eastern Union Funding se- nior vice president of banking relationships David Singer arranged a Fannie Mae 7-6 ARM loan through Arbor Commercial Mortgage to fi- nance the purchase of the class A properties, which were being sold by Summit, N.J.-based The SolomonOrganization . Quail Run Apartments is a 136-unit complex and includes pet-friendly apartments, a children’s play area, laundry, on-site maintenance, a state- of-the-art fitness center and nearby public parks. Stone Mill Station is a 125-unit com-
it arranged acquisition financing for two apar t - ment c om- munities in Lanc a s t e r , on behalf of Lak ewo o d , N J - b a s e d
David Singer
AJH Management. This is a westward expansion for the in- vestor, which now owns 1,500 units on the Jersey Shore and throughout eastern Pennsyl- vania. The transaction was
Quail Run Apartments
Commercial Real Estate Financing
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