23A — January 17 - 30, 2014 — Mid Atlantic Real Estate Journal
www.marejournal.com
ASHINGTON, DC — HFF announced it has closed the sale W HFF represented the seller, Clarion Partners, and procured the buyer, Epic LLC HFF closes $52.75 million sale of 10-story office building in Washington, DC F inancial D igest www.marejournal.com
Mid Atlantic Real Estate Journal — January 17 - 30, 2014 — 23A
of 919 18th St., a 10-story, 105,965 s/f office building located in the heart of Wash- ington, DC’s Central Business District (“CBD”). HFF represented the seller, Clarion Partners in this transaction and procured the buyer, Epic LLC. The property was acquired for $52.75 mil- lion free and clear of existing debt. 919 18th St. is situated with- in Washington, DC’s Golden Triangle, an “amenity-rich” area of the city with more than 3,000 businesses, 350 shops, seven luxury hotels and nu- merous dining options. Both the Farragut West Metro sta- tion and the Farragut North Metro Station are within walk- ing distance, providing access to the orange, blue and red lines of Washington, DC’s metro rail. The property is also close to local transportation routes such as I-66 and the George Washington Memorial ROCHELLE PARK, NJ — Case Real Estate Capi- tal, LLC (Case) , a private direct lender, has funded a $1.2 million loan secured by a wrap-around mortgage for a luxury condominium in the sought-after Millennium Tower inManhattan’s Lincoln Square neighborhood. Loan proceeds were used by the borrower, who has extensive experience in commercial finance, to retire a second mortgage on the property. Located at 101 West 67th Street, the MillenniumTower is home to a host of enter- tainment personalities. The upper-floor apartment, which was created by joining three units, features five bedrooms and four and one-half bath- rooms. It boasts spectacular panoramic views of the neigh-
919 18th St.
Marley Run Apartments
Parkway. Originally built in 1981, 919 18th St. was most recently renovated in 2013 and is 94% leased to 20 tenants. The property features a three- story, 85-space parking garage and the restaurant, Devon & Blakely. The HFF investment sales team representing the seller was led by senior managing directors Jim Meisel , Dek
financing for Marley Run, a 336-unit, garden-style multi- housing community in Pasa- dena. HFF worked on behalf of the borrower, Stockbridge Capital Group, LLC (“Stockbridge”), to secure the 10-year, 4.50%, fixed-rate loan through M&T Bank/Fannie Mae. Proceeds were used to refinance the property.
Marley Run is located at 8017 Ashberry Ln. midway between Annapolis and Balti- more. Recently renovated, the 94% leased property includes a mixture of one- and two-bed- room units. HFF’s debt placement team representing the borrower was led by Trent Niederberger , Matthew Schoenfeldt and Cary Abod . n
Potts and Andrew Weir and executive managing director Stephen Conley . “The property’s superb lo- cation and stellar occupancy history of 95% over the last 10 years led to extremely com- petitive bidding,” said Potts. In other news... PASADENA, MD – HFF announced it has arranged
Recently expands product line to service loans in $1m to $5m range for properties in NYC and NNJ Case Real Estate Capital, LLC funds loan for a luxury condominium in sought-after Millennium Tower in Manhattan
borhood. The borrower plans to sell the property. “We have a long-stand- ing relationship with the borrower, and we were able to provide him with reli- able financing,” said Scott Hartstein , principal, who co-founded Case with Sandy Herrick . “The Millennium Tower is a desirable building in Manhattan, and as such, there will be a premium paid for this condo. We are confi- dent that this loan provides the borrower with the flex- ibility he requires to execute his strategy and provides Case with substantiated cov- erage.” Case expands product line Headquartered in Rochelle Park, NJ, Case recently ex- panded its product line to include loans in the $1 mil-
lion to $5 million range for real estate assets located in New York City and Northern New Jersey. This includes multi-family, land, retail, office and industrial proper- ties. Established in January of 2013, Case will handle these smaller transactions as quickly and effectively as it does those in the $2.5 mil- lion to $25 million range for properties throughout the Northeast and Mid-Atlantic Regions. “Each transaction is unique; each borrower is different,” said Hartstein. “Sandy and I have in excess of five decades of experience handling the complexities of transitional assets and are excited to expand our services for properties right in our backyard.” Case provides short-term,
fixed-rate loans to reposition or redevelop transitional assets. Financing solutions include traditional and short- term bridge loans, discount- ed pay-off (DPO) financing, construction financing, and first- and second-mortgage financing. These range from short timeframes to complex transactions and restructur- ings. Each loan is evaluated on its own merits, based on the borrower’s unique situation, local market conditions and the collective expertise of Case’s in-house investment and origination professionals. Case also offers opportunities for local entrepreneurs. The company’s investor base is extremely diverse, including individuals, family offices and institutional investors. n
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