14A — August 14 - 27, 2020 — Financial Digest — Investment/Multifamily Financing — M id A tlantic Real Estate Journal
www.marej.com
I nvestment /M ultifamily F inancing
Asset Realty &Construction Group’s Tomassetti purchased the property at 81 International Dr. South Anderson of Progress Capital secures $18M loan for Amazon’s Last-Mile Delivery Center
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UDDLAKE, NJ —For far too long, the old Sam’s Club warehouse
relating to customer service, the company invested heavily in developing its own delivery channels as a way to ensure better quality control right to consumers’ doorsteps. Progress Capital is a com- mercial real estate mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly fund- ed bridge loans. With over 30 years of experience, Progress continues to provide value to clients by securing the best financing options available in the market. We get you to the closing table…Plain and Simple. MAREJ
to Dino Tomassetti of As- set Realty & Construction Group who purchased the
impacting the lending envi- ronment, Anderson had to manage a few obstacles before accomplishing a smooth and efficient closing. Key loan terms include: • $18,000,000 Acquisition Loan • 3.10% Fixed for 10 Years The 132,000 s/f facility will power Amazon’s delivery capabilities to support the growing volume of customer orders in the Morris County area. The Budd Lake sta- tion is 1 of 14 to open in New Jersey. The facility does not service walk-in customers but rather will have carriers
pick up packages and deliver them for the so-called “last mile”. The delivery station brings hundreds of full-time and part-time jobs to the com- munity. The demand for Amazon delivery services from its e- commerce site has skyrocket- ed during the COVID-19 pan- demic as consumers sought ways to get goods without leaving their homes. How- ever, once the package left one of the warehouses, the com- pany had little control over the quality of the last mile of service. Therefore, in order to eliminate any and all issues
l o c a t ed a t 81 Interna- t i ona l Dr . S o u t h s a t empty since i t shut i ts doors with- out notice in early 2018. Residents of Mount Olive
p r o p e r t y whi ch wi l l s o o n b e a b u s t l i n g Amazon Last Mile Fulfill- ment Center. Financing for the ac - quisition was arranged by
Kathy Anderson
Dino Tomassetti
Twp. will soon appreciate the improved property and shoppers can look forward to deliveries of everything from apparel to electronics, thanks
Kathy Anderson of Progress Capital, who worked with Lakeland Bank . Due to the COVID-19 crisis and the number of unique challenges
ProcidaFunding’s $8.75Mbridge loan paid off with conventional financing
G.S. Wilcox & Co. secures $6 Million loan
ance company lender of the firm, with a 20-year term and 25-year amortization. G.S.
SPRINGFIELD, NJ — G.S. Wilcox & Co. announced that its vice president Bridget Wil-
ENGLEWOODCLIFFS, NJ — Procida Funding provided an $8.75 million loan to Sleepy Hollow Holdings, LLC in Feb- ruary 2019 for the acquisition of and capital expenditures on a 70-unit mixed-use multifam- ily portfolio in Sleepy Hollow, NY. Thanks to strong tenant interest, improved units, and a quality landlord, Sleepy Hollow Holdings was able to obtain fa- vorable long-term financing to pay off the Procida loan. The Sleepy Hollow portfolio is comprised of 70 total units - 63 multifamily units and seven ground-floor commercial units - across eight buildings. Over the course of the 18-month loan, the borrower completed renovations and deferred main- tenance to improve the quality of the buildings and lease up vacant units. At closing, the portfolio was 94% occupied with the remaining units undergoing minor renovations prior to en- tering the market as available to lease. “Procida was able to move quickly to provide financing to close on the acquisition, were beneficial throughout the life
Wilcox & Co. secured the loan on behalf of a Florida- ba s ed r e a l estate devel - oper. B r i d g e t Wilcox said in a prepared s t a t emen t ,
cox and prin- cipal Albert R a y m o n d have secured $ 6 m i l l i o n in financing f o r a n e w Wawa Ga s and Conve- nience Store in Springfield.
Bridget Wilcox
Albert Raymond
“The Springfield community has eagerly anticipated the opening of this Wawa because of the reliable fuel and food op- tions they provide for visitors on the go. G.S. Wilcox & Co. is pleased to secure this competi- tive financing on behalf of our client.” MAREJ
The store opened on June 18th. TheWawa property is located at 685 Morris Tpke. and contains over 5,500 s/f of convenience store space with gas pumps and electric charging stations. The financing was arranged through Mutual of Omaha , a correspondent life insur- BETHESDA, MD — Ea- gleBank has committed $5 million to the Washington Housing Initiative (WHI) Impact Pool , which invest in the preservation and creation of affordable workforce hous- ing in the DC region. “We are delighted to invest in the Washington Hous- ing Initiative Impact Pool,” said Susan Riel , president and chief executive officer of EagleBank. “The work being done by WHI complements the mission of EagleBank in fostering inclusivity, build- ing local neighborhoods and sustaining our local economy,” Riel added. “EagleBank’s commitment to the Washington Housing Initiative is a perfect example
Sleepy Hollow portfolio
of the loan and provided all the help we needed. Working with Procida was a smooth transac- tion from start to finish,” said a representative of Sleepy Hollow Holdings. “This portfolio is a great example of the transition we have made with our approach to the market over the past four years. We’ve shifted away from luxury, CBD developments to transit-oriented, workforce housing and long-term owner- occupied businesses. Sleepy mortgage loan commitment from the agency’s Multifamily Rental Housing Production Fund; low-income housing tax credit equity provided by Bank of America; a subordinate mortgage from Federal Home Loan Bank of New York’s Af- fordable Housing Program; HOME funds from Monmouth County; project-based rental assistance from the New Jer- sey Department of Housing
Hollow, NY is a transit-orient- ed city - with the Metro-North Railroad Hudson Line less than half of a mile away - that caters to the working class and supports locally owned businesses. Affordable rental units combined with reputable sponsors led to a successful project with the Procida team. Real estate that allows you to support and do good for the community is one of our keys to success” said Kyle Smyth , asset manager. MAREJ The communi ty wi l l be named for the late Gordon H. Mansfield, a highly decorated Vietnam War veteran and Pittsfield native who served as deputy secretary of Veterans Affairs as well as assistant secretary for Fair Housing and Equality Opportunity at the Department of Housing and Urban Development. MAREJ
EagleBank invests in WHI of a local institution investing in the successful future of the community which they serve,” said AJ Jackson , executive vice president of Social Impact Investments at JBG SMITH . “The preservation of afford- able housing ensures that the local workforce can live locally creating a healthy economy, vibrant communities, and di- verse neighborhoods through- out the region.”
WinnDevelopment &Soldier On close on financing for key project TINTON FALLS, NJ — WinnDevelopment and Sol- dier On have closed on the financing needed to develop a $23 million apartment com- munity for veterans, includ- ing those transitioning out of homelessness, in Tinton Falls. Financing for the $23 mil- lion includes construction and permanent financing from the NJHMFA Revenue Bond Fi- nancing Program and a subsidy Assistance; and a deferred developer fee.
The Impact Pool serves as the financing component of WHI, while the independent nonprofit Washington Hous- ing Conservancy purchas- es and owns the properties. Leading local developers and financial institutions have col- lectively committed more than $120 million to WHI. MAREJ
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