18A — July 15 - 28, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
GFI Capital Resources taps Barrett as CFO
Includes assumption of one CMBS loan in less than 5months SVN sells four property self storage portfolio one CMBS loan in less than Five months.
Thomas Kramer said, “We are thrilled that the firm con- tinues to gain steady market share, validating our unique leasing and marketing pro- gram that has allowed all of our properties to steadily increase occupancy rates”. n A provider of real estate and insurance services, GFI Capital Resources Group’s numerous affiliates special- ize in investment sales and financing, property man- agement, construction, and development. n technology functions for the GFI and its affiliates.
NEW YORK, NY — GFI Capital Resources Group, Inc. (GFI) announced that William Barrett, CPA , has been named the company’s chief financial officer (CFO). In this role, Barrett will over- see all financial, operations, asset management, human resources and information
N
marketed to self-storage RE- ITs, pubic companies, funds and individual self-storage investors. According to Nick Mala- gisi , product council chair for the SVN National Self- Storage Team, “this portfolio attracted national attention because of its size, the strate- gic locations, the consistently high occupancies and revenue overall and the pride of owner- ship evident at each facility.” The four brokers worked cooperatively to list and close this major transaction which included the assumption of
Y and CT — Connie Neville , SVN | C. M. Neville&Associates
SVN is the only commercial real estate firm that markets all of its properties to the entire brokerage and invest- ment community. Participat- ing in $10.1 billion in sales and leasing transactions in 2015, SVN Advisors shared commission fees with co- operating brokers in order to close more deals in less time and at the right value for cli- ents. This open, transparent and collaborative approach to real estate is the SVN Dif- ference. n
, Inc., NickMalagisi, SVN | Commercial Realty, Hans Hardisty, SVN | Deegan- Collins Commercial Realty and Patrick Lemp, Val- bridge Property Advisors| Italia & Lemp Inc. joined forces to sell a significant self-storage portfolio of four properties located in New York and Connecticut. The portfolio consisted of 228,037 net rentable s/f in 2,485 units. The properties were offered unpriced and were widely WOODBRIDGE, NJ — The Kislak Company, Inc. an- nounced the sale of a portfolio of three multifamily properties in Paterson for an undisclosed price. The properties included in the sale were: • 324 Broadway with 38 units; • 339 Broadway with 55 units; and • 432 Broadway with 43 units. Kislak marketed all of the properties on behalf of a long- time client and vice president Jonathan Greenberg repre- sented both parties in the trans- actions. The purchaser was also a longtime Kislak client. “Paterson is a very hot rental market with a large percentage of renters, a growing popula- tion and occupancies typically at or near 100%,” said Robert “Beacon focuses on creating and adding value to premier office spaces, while celebrating what makes each property icon- ic,” said Jeffrey Kovach , Bea- con Capital Partners managing director. “We are dedicated to providing trophy office tenants with the state-of-the-art infra- structure and amenities they require as well as visual inter- est and distinct design they can be proud of.” Existing amenities at Terrell Place include a rooftop terrace and fitness center, as well as a corporate concierge, 24-hour manned security, onsite prop- erty management, and ample, below-grade parking acces- sible from F and E Sts. Terrell Place’s street level retail space is anchored by Rosa Mexicano and popular Compass Coffee. famous protest at Hecht’s De- partment Store.
continued from page 4A TDK Commercial Advisors completes over $3.4m . . .
office property is located in the heart of King of Prussia, and is 78% leased to a variety of tenants. The investment offers tremendous upside potential in a market that continues to gain strength.
Kislak sells Paterson, NJ multifamily portfolio
Basel III - The impact on . . .
39 Broadway
Holland , president. “Jon and our team generated strong in- terested in the portfolio from local and regional investors. Jon
did an excellent job procuring a purchaser who was able to close within 30 days of contract signing.” n
continued from FC-A Beacon completes first phase of a $20m . . .
continued from page 14A “as-complete” value, the 100% preleased project requires more cash equity than the speculative project. This situation is exacer- bated when Project A is valued using a lower vacancy rate, a lower management fee and a lower capitalization rate due to the long-term credit tenant. As illustrated above, the in- creased cash equity require- ment for Project A with a credit tenant is significant. The result is the opposite of what should be expected; the riskier proj- ect should require more cash equity. In order to assist clients, U.S. Realty Capital estimates the “as-complete” value of to-be-de- veloped projects and structures debt packages submitted to construction lenders to conform to the general guidelines of Ba- sel III using proprietary Excel templates. In addition, U.S. Realty Capital offers access to alternative capital sources
to meet the guidelines set by Basel III. Special thanks to Christophe P. Terlizzi, senior vice president & regional manager CRE First Niagara Bank for his valuable contributions to this article. Mr. Terlizzi is a member of an American Bankers Association Real Estate Committee propos- ing changes in HVCRE Loans to federal regulators, chaired a two-day conference on HVCRE Loans for the Global Financial Markets Institute and recently gave a presentation to the Bos- ton Real Estate Finance Asso- ciation on the topic. *This article does not constitute legal advice and should not be construed as such. In addition, it is not intended to be a comprehensive review of Basel III. Individual banks will decide exactly how to respond to Basel III guidelines. David L. Church, CCIM is managing director of U.S. Realty Capital, LLC and chief investment officer of American Pathway Re- gional Center, LLC. n
that measures internet con- nectivity, infrastructure and readiness to upgrade. Terrell Place underscores Beacon’s commitment to sus- tainability and its environ- mentally responsible approach to building ownership. Ter- rell Place is LEED Platinum Certified, Energy Star rated and designated by the BOMA 360 Performance Program. Energy efficient upgrades im- prove building operations and reduce expenses. This includes plumbing retrofits to reduce water consumption, an onsite recycling program that diverts more than 45% of building waste from landfill, energy efficient lighting retrofits in common areas and a progres- sive green cleaning program. Beacon has also initiated The Best Bees Program at Terrell Place and most of its buildings to maintain rooftop beehives. n
“Terrell Place truly embraces the energy of the vibrant Penn Quarter neighborhood which includes a multitude of dining options, events at the Verizon Center and nearby attractions including the International Spy Museum, National Art and Portrait Galleries for tenants as well as millions of other office workers, residents and visitors,” said Trip Howell , international director, JLL, who represents Beacon Capital on the office leasing at Terrell Place. The second phase of the capi- tal improvement program will occur in 2017. It will feature an expanded and enhanced roof terrace with a 150-person con- ference center and a coffee/wine bar, a state-of-the art fitness center, and a tenant amenity lounge. The property is also on track to be Certified Gold WiredScore, a rating system
Made with FlippingBook flipbook maker