F inancial D igest F eaturing A ppraisal

Real Estate Journal — September 11 - 24, 2015 — 9A


M id A tlantic

A 534,004 square foot office property located in the heart of Philadelphia CBRE Group arranges $49.75m financing for the Public Ledger Building in Philadelphia P HILADELPHIA, PA — CBRE Group Inc. , one of New Jersey’s

credit anchor. The building covers an entire city block bounded by South 6th St., Chestnut St., South 7th St. and Sansom St., with unpar- alleled views of Independence Square Park, Center City Philadelphia, Old City and the Delaware River. In the center of several of Philadelphia’s most dynamic neighborhoods, the building offers immediate proxim- ity to nearly 6 million s/f of office space, the high-end residential neighborhoods of Washington Square West and Society Hill and the extensive array of retail shops and res- taurants offered in Old City. The site provides convenient access to public transporta- tion, as well as to Interstates 95, 676 and 76. n

the borrower received short term acquisition financing for a three-year term with two one-year extensions for the purposes of acquiring and improving the property. The bridge financing allows the borrower the opportunity to receive additional proceeds for future lease up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed. Located at 600 Chestnut St., the 65%-occupied Public Ledger Building boasts an impressive tenant roster. The United States of America Gen- eral Services Administration (GSA) (S&P: AA+) serves as the property’s largest tenant, occupying a total of 133,689 s/f and providing a significant

largest commercial real estate brokerage firms, announced that its Capital Markets Debt & Structured Finance team has arranged $49.75 mil- lion acquisition and improve- ment financing secured by the Public Ledger Building, the historic 534,004 s/f office property located in the heart of Philadelphia. The CBRE team of James Gunning , Donna Falzarano and Evan Kleppe arranged the financing with a national debt fund on behalf of the borrower, Carlyle Devel- opment Group , based in Purchase, NY. Following a successful marketing cam- paign by the CBRE team,

HFF secures $22.5 million financing for class A suburban office buildings in VA

Public Ledger Building

G.S. Wilcox arranges $19.7m financing for two loans in NJ

Gretchen Wilcox

Al Raymond

David Fryer

who is a repeat borrower of G.S. Wilcox & Co. The loan is secured by a 245,824 s/f industrial property located in South Hackensack. The loan term was fixed for 5 years, has a 25 year amortization and was locked in at applica- tion in the low 3% range. A loan totaling $6.2 million for a 100,000 s/f industrial building located in Secaucus, New Jersey was arranged by David Fryer and Gretchen Wilcox. The property was secured at a 10 year term and 25 year amortization and is 100% occupied. n

MORRI STOWN , NJ — G.S. Wilcox & Co. an- nounced that they have arranged financing in the amount of $19.7 million for two loans, arranged by Gretchen Wilcox , presi- dent, Al Raymond , principal and David Fryer , principal of G.S. Wilcox & Co. Mutual of Omaha, a new correspondent lender pro- vided funding for both loans. Gretchen Wilcox and Al Raymond originated a loan totaling $13.5 million which provided purchasing financ- ing for a local value add fund,

Lakeside II and III

being used to finance the ac- quisition and lease-up of the properties, and to help facili- tate the borrower’s business plan to leverage their very low basis in the properties to offer attractive rental rates to win tenants and stabilize the property. Lakeside II and III are located at 21345 and 21355 Ridgetop Circle visible from Route 7 in Sterling. The assets are situated within the Loudoun Tech Center, which is walking distance

to two hotels and several restaurants and near Dulles Town Center and Washing- ton Dulles International Airport. Completed between 1999 and 2001, the property is 24% leased. The HFF debt placement team representing the borrow- er was led by Dan McIntyre . “Lakeside II and III is truly best in class in the submarket, and offers tenants access to the surrounding amenity base and dramatic lake views from all floors,” said McIntyre. n

STERLING, VA — Hol- liday Fenoglio Fowler, LP (HFF) announced that it has secured $22.5 million in financing for Lakeside II and III, class A office buildings to- taling 203,662 s/f in Sterling, Virginia. HFFworked on behalf of the borrower, a jointventureof The Pinkard Group , Buchanan Partners and AEW Capital Management , in arranging the four-year, floating-rate, non-recourse loan with NXT Capital. The bridge loan is

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