Darrow, Martin &O’Connell along with Progress Capital’s Domenico negotiate transaction Red Mortgage Capital closes $60M SBL Portfolio in Union City, NJ
ISSUE HIGHLIGHTS Volume 31, Issue 10 May 24 - June 13, 2019
NION CITY, NJ — RED Mortgage Cap- ital , the lending arm
o f O R I X Real Estate C a p i t a l , LLC , a n - nounced the closing of a $60 million, 18 property portfolio in Union City
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through the Freddie Mac OptigoSMSmall Balance Loan program. The financing was for the acquisition of the multifamily properties, which include 481 units of affordable housing in one of the country’s most densely populated areas. The properties range from eight to 67 units. JohnDarrow, JimMartin and Harris O’Connell with RED’s SBL Team negotiated the portfolio transaction along with Brad Domenico of Progress Capital . The Union City transaction is one of RED’s largest SBL portfolio financings to date and one of a growing number of portfolios financed by RED in the small balance space. In
for loans ranging from $1 mil- lion to $7.5 million secured by multifamily properties across the nation. It brings liquid- ity and stability to a market sector that was previously geographically fractured and often constrained by sponsor or market exposure limits. In the case of the Union City transaction, RED’s SBL team orchestrated the simultaneous closing of 18 individual loans, allowing for better pricing and reduced closing costs. Union City, Palisade Ave.
the past 12 months, RED has closed 11 small balance loan portfolios totaling more than $200 million in loan proceeds across 75 properties. “RED’s ability to provide competitive terms and cer- tainty of execution on such a large portfolio could not have happened without RED’s high- ly-efficient, well-engineered approach to Small Balance lending,” said Domenico. The Freddie Mac Optigo SBL program is a competitive option
“Our team continually seeks to improve the cus- tomer experience, leverag- ing technology and decades of industry expertise to pro- vide our clients a seamless execution on every trans- action in this high volume space,” said John Darrow of RED. “This focus on cus- tomer experience has al- lowed RED to establish itself as a preeminent capital pro- vider in the small balance space.” fans a best-in-class venue to call home and be proud of. Beyond competitive gaming, it’s a stunning facility that will host a wide array of events.” “It is a tremendous honor for The Cordish Companies to grow its partnership with Comcast Spectacor and bring a state-of-the-art, world-class esports and entertainment venue to the heart of the Phila- delphia Sports Complex,” said Blake Cordish , principal of The Cordish Companies. Designed by Populous , an architecture firm with deep experience in the fast- growing esports space, Fusion Arena will boast 60,000 s/f of new construction, featuring a stunning and futuristic design throughout. Construction is set to begin this summer.
Raymond Willer HF Planners, LLC
UPCOMING CONFERENCE May 31, 2019 Opportunity Zones
Comcast Spectacor and The Cordish Companies announce $50M, Next-Gen. Esports Arena in Phila.
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PHILADELPHIA, PA — Comcast Spectacor and The Cordish Companies an- nounced plans for a $50 mil- lion, next-generation esports
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Fusion Arena rendering
Fusion Arena will also host a variety of live entertainment programming and experi- ences. “We’re thrilled to introduce a venue like no other as we move forward with the next phase of development within the Philadelphia Sports Complex,” said Dave Scott, Chairman and CEO, Comcast Spectacor. “Fusion Arena gives esports
and entertainment venue in the heart of the Philadelphia Sports Complex. Adjacent to Xfinity Live!, the venue will seat up to 3,500 guests. Its pri- mary tenant, the Philadelphia Fusion esports franchise, is one of 20 international teams competing in the Overwatch League. In addition to serving as a premiere destination for competitive gaming events,
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