F inancial D igest F eaturing I nvestment /M ultifamily F inancing
M id A tlantic Real Estate Journal — August 19 - September 15, 2022 — 3A
www.marej.com
E Partnership secures loans to fund latter phases of booming New Jersey projects Advance Realty & Greek Development land $227 Million in financing from Wells Fargo
called upon and our develop- ment partnership looks for- ward to more opportunities to grow together in the future,” said Alexander Cocoziello , principal & managing director at Advance Realty Investors. The partnership of Advance and Greek also closed on an- other loan from Wells Fargo, totaling $85 million, for the third phase of Logan North Industrial Park, the 3.2 mil- lion s/f industrial project in Logan Township, NJ. Phase III is set to be delivered in Q2 of 2023 and comprises Build B and Building CD, measuring 274,200 s/f and 475,000 s/f, re- spectively. Nate Demetsky, Dean Torosian, and Matt Kemery of JLL represent Greek and Advance for leasing on the park. The loans for both Linden Logistics Center and Logan North Industrial Park were sourced by John Alascio, TJ Sullivan , and Chuck Ko- haut of Cushman & Wake- field’s debt team. MAREJ
AST BRUNSWICK, NJ — The partnership of Advance Realty Investors and Greek De- velopment announced it has closed on totaling over $227 million, to support the part- nerships development projects at Linden Logistics Center in Linden, NJ and Logan North Industrial Park in Logan Twp. “We are excited to close these loans, thanks to our longstanding relationship with Advance, even in this volatile capital markets en- vironment — validating the strength of sponsorship and the properties we are devel- oping,” said David Greek , managing partner of Greek Development. “The success we’ve had in leasing Linden and Logan thus far speaks volumes about the pace of demand for strategically lo- cated warehouses in New Jersey and the ability for us to deliver true economic value to our strategic partners and the communities we build in.”
Linden Logistics Center
The partnership secured a $142-million loan from Wells Fargo for Phase III of its 1.32 million s/f Linden Logis- tics Center development in Linden— comprising Build- ing 100, totaling 332,635 s/f, and Building 200, spanning 516,600 s/f. The project is
expected to be completed in Q2 of 2023. Phase II, which includes Buildings 300, 400, and 700, is currently under construction and is expected to be delivered at the end of 2022. Tom Monahan, Larry Schiffenhaus , and Stephen D’Amato of CBRE are the
current leasing brokers for the project. “We’re grateful and humbled to have long standing relation- ships with great partners across the brokerage, lending, and equity capital markets space. They have continually stepped up and executed when
Belmont Crossing Greysteel arranges affordable housing property sale in Washington, DC WASHINGTON, DC — Greysteel , a national com- mercial real estate invest- ment services firm, has ar - ranged the sale of Belmont Crossing, a multifamily Af- fordable Housing asset lo- cated in Washington, DC. Director Fletcher Hult- man , and senior managing director Henry Mathies of Greysteel’s National Afford- able Housing practice group, in conjunction with Kyle Tangney and Herb Schwat of Greysteel’s DC Multifam- ily practice, all of whom are based in the company’s Wash- ington, DC, office, negotiated the transaction on behalf of the seller.
Production Trust Fund. Fletcher Hultman, director of the National Affordable Housing Practice, added, “There were several mov- ing pieces to this transac- tion that included working through complicated timing issues, working with DC’s DHCD to secure funding, and successfully navigating
phases of new construction, resulting in the creation of several hundred luxury Af- fordable Housing units in South East Washington, DC. The project will be financed with Federal and State Low- Income Housing Tax Credit (LIHTC) Equity, as well as subordinate loan funding pro- vided through DC’s Housing
the TOPA process in DC. We formed a market on behalf of the Seller, and the folks at Gilbane immediately saw the value in the opportunity. With their integrated de- velopment and construction platforms, they [Gilbane] are very well positioned to bring quality affordable housing to SE DC.” MAREJ
by TM Associates of Rock- ville, MD, worked with the lo- cal community to re-zone the underlying land and formed a plan to completely replace the existing, obsolete housing that exists today. The buyer, a partnership led by Gilbane Development , will execute the development plan which includes multiple
Built-in 1952, Belmont Crossing is a 275-unit afford- able housing property located at 4201 7Th Street SE, Wash- ington, DC, that will undergo a complete redevelopment which is expected to begin in the very near future. Since ac- quiring the property in 2018, the seller, a partnership led
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