12A — September 11 - 24, 2015 — Financial Digest — M id A tlantic
Real Estate Journal
F inancial D igest For a 63,830 s/f Chatham Burough property and a 137,304 s/f Secaucus property Cronheim Mortgage finances two suburban NJ office properties for a total of $17.8m N EW JERSEY — Ja- net Proscia and Da- vid Turley arranged
services industries, includ- ing the nationally acclaimed Christiana Health Care Sys- tems and Sallie Mae, the stu- dent loan serving agency that employs 1,200 professionals in the area. The submarket’s CMBS loans, close on the first date in the open prepay period, minimize escrow collections associated with a major tenant lease expiration during the loan term. Cronheim was able to deliver a 10-year life company deal with a 25-year amortiza-
tion on a totally non-recourse basis. We locked rate at 3.86% and created a very palatable structure to address the major tenant lease expiration. With all parties working diligently, a closing precisely on the date required occurred. n vibrancy opens new suburban office opportunities as alterna- tives to Wilmington. Downstate is Now Upscale Further down Route 1, Low- er Delaware’s beaches are among the most prized, yet under the radar coastal mar- kets, perhaps in the entire Northeast. Rehoboth, Dewey, and Bethany Beaches for years have been the playground for nearby vacationers. Their reputation is now spreading, as New York, DC, and Northern New Jersey residents are ac- tively considering these quieter beaches as alternatives to the more crowded Jersey beach scene. Retirees and aging baby boomers are also fueling de- mand for upscale, adult living in the area. The 2013 opening of the Hyatt Place in Dewey Beach is setting a new stan- dard for condominium living while single-family residential communities just east and west of Route 1 are developing quickly at varied price points. Sussex County officials and de- velopers expect more influx as boomers look for better value, lower cost of living, and less crowded beaches for second homes, condominiums or full- time retirement properties that allow for easy beach living while still easily connected to the Northeast Corridor. Banking’s Role in it All With the new realities of real estate, banks have refo- cused on the traditional factors of location and employment. Strong management teams, with clearly articulated busi- ness plans, are moving forward on both the residential and commercial fronts here inDela- ware. And M&T is helping. As one of the state’s largest banks with more than 1,800 employ- ees in 41 branches in the state, M&T is large enough to offer the services and sophistica- tion of a large regional player, but still with the personal touch so important to local- ized real estate market. That’s important, considering the big opportunities Delaware has to offer today and for the bright future ahead. n
a total of $17.8 million in two Northern New Jersey office transactions. The first was a $7 million acquisition loan for a class A, 63,830 s/f building in Chatham Borough, followed by a $10.8 million refinance for a 137,304 s/f property located in Secaucus. The Chatham property was financed with a life company for 15-years on a 25-year amortiza- tion schedule with a rate locked for the entire term at 3.9%. The building located just off Route
continued from page 6A Delaware: Small State Offers Big. . .
Secaucus building had matur- ing CMBS debt and this client had some very specific goals - no
24, was 100% leased at the time of acquisition and financing. Located in Harmon Cove, the
FANNIE MAE LOAN $152,965,000 10-year fixed, 2 years I/O 2,183-unit multifamily portfolio Mid-Atlantic region
FREDDIE MAC LOAN $39,204,000 10-year fixed, 4 years I/O 310-unit mid-rise apartments Falls Church, VA
FHA 232/223(F) LOAN $23,691,700
CONDUIT LOAN $28,400,000 10-year fixed, 2 years I/O 264-unit garden apartments Delmar, DE
35 years fixed-rate, non-recourse 180-bed skilled nursing facility Sayville, NY
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1Basedon internalcustomerdata. All loansandall terms referencedhereinaresubject to receiptofacompleteapplication,creditapprovalandotherconditions. ©2015 M&T Realty Capital Corporation. Equal Housing Lender.
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