F inancial D igest F eaturing C reative F inancing
Real Estate Journal — June 10 - 23, 2016 — 5A
www.marejournal.com
M id A tlantic
For a 303,096 s/f grocery-anchored, mixed-use property NorthMarq Capital arranges $50 million refinance in MA
Walker & Dunlop closes a $17.5m acquisition/repositioning loan
opportunity to provide them with information to help them grow their portfolio. Attendees undoubtedly found it very bene- ficial through Margo’s real deal stories and industry expertise.” Other speakers included Marcus &Millichap’s Derrick Dougherty , senior associate, who gave examples of clients who have benefited from 1031 exchanges. “1031 exchanges are a strategy implemented by all types of investors.” said Dougherty. “In most cases, the investor is trading out of an asset with management com- ponent into a net leased deal where the tenant is responsible for the real estate taxes, insur- ance and CAM. We add value to our clients by understand- ing the rules and regulations under section 1031 and con- trolling a significant portion of the inventory in this part of the country. This increases the probability of a successful exchange for our clients to accomplish their goal of defer- ring their tax consequence and preserving their equity.” n Smith said, “The Southern Boulevard transaction shows the abilities of Walker & Dun- lop and its proprietary lending unit, WDCPF, as a creative structured lending opera- tion across both multifamily and commercial real estate classes. Walker & Dunlop will also have the opportunity to provide future permanent financing through a variety of financing products offered across the platform.” n up 66 multifamily units that will be transformed into 105 units of revitalized, market rate multifamily housing, plus 12,330 s/f of ground floor retail space along Southern Boulevard. Due to an expired lease with a local government agency, the subject is being acquired nearly vacant, and building renovations can be- gin immediately. The neigh- borhood has minimal vacan- cies and is primed for rent growth due to a tremendous lack of market rate housing available in the Bronx. The property is located just thirty minutes from midtown Man- hattan.
CONSHOHOCKEN, PA — Marcus & Millichap , in conjunction with the Ma- cLaren | Talone | Townsend team, hosted an informational seminar on “The 1031 Ex- change: Explained” providing an overview of Section 1031 in commercial real estate. The seminar was held on May 11, 2016 in Conshohock- en, PA. The featured speaker, Margo McDonnell , of 1031 Corp. , gave an overview ex- plaining the benefits of 1031 exchanges, the requirements of a successful exchange, as well as the tax consequences. McDonnell has over 22 years of experience in the 1031 in- dustry and was awarded the “The Margo McDonnell Certi- fied Exchange Specialist (CES) Perpetual Award for Outstand- ing Service” in 2010 by the CES Certification Council. “We consider ourselves advi- sors,” said Clarke Talone , senior associate at Marcus & Millichap. “The event was not only to network with our clients but we viewed it as an The team, led by Geoff Smith , managing director and head of originations for WDCPF, and Tom Toland , senior vice president, Multi- family Finance originated the deal with Gold Edge Capital. Toland said, “We were able to execute a unique bridge loan product in order to provide the client with max proceeds for an acquisition that involves a major renovation in a dynamic market. It was a very creative execution to get the client ex- actly what they needed.” Built in 1911, Southern Blvd. features two adjacent pre-war buildings making BRONX, NY — Walker & Dunlop, Inc. announced that Walker &Dunlop Com- mercial Property Funding, LLC (WDCPF) , its high yield and CMBS lending platform, closed a $17.5 million loan for 916-926 Southern Blvd., a multifamily property in Bronx, NY. The short term high yield bridge loan was used to fund the acquisition as well as reserves related to capital improvements and operating shortfalls.
RANKLIN, MA — Greg Nalbandian , managing director of NorthMarq Capital ’s New Jersey-based regional office, and Doug Nickerson , vice president of NorthMarq Capital’s Boston-based re- gional office, collaborated to arrange the $50 million refinance of Franklin Vil- lage, a 303,096 s/f, grocery anchored, mixed-use prop- erty located at 250 Franklin Village Dr. in Franklin, Massachusetts. The trans- action was structured with a 10-year term and 30-year amort i zat i on schedul e . NorthMarq arranged the fi- nancing for their REIT client through its correspondent relationship with Sun Life of Canada. Stop & Shop, Dress Barn and Marshalls repre- sent the property’s major tenants. “Our client took advantage of a very favorable interest F FALLS CHURCH, VA — Greysteel , a national com- mercial real estate investment services firm, has arranged $2.4 million in permanent financing for the refinance of the Goodwin Park Apart- ments, a 25-unit multifam- ily property located in Falls Church, VA on behalf of 2754 Goodwin Court LLC. The seven-year, non-re- course loan, provided by an agency lender as part of the Freddie Mac Small Balance Loan program, features a competitive fixed-rate and one year of interest-only payments followed by a 30-year amorti- zation schedule. Greysteel di- rector, Mark Bittenbender , of the company’s Debt and Structured Finance team, ne- gotiated the terms of this loan. Goodwin Park Apartments, located at 2754 Goodwin Court, was built in 1949 and has been undergoing signifi- cant renovations since Linden Property Group acquired the property in 2014. The im- provements allowed the bor-
Franklin Village
rate environment and rate locked this ten-year refinanc- ing six months prior to matu- rity with no spread premium. Our existing lender, Sun Life of Canada, aggressively pur- sued this early refinance in order to keep this well per-
forming loan on their books,” said Nickerson. “Sun Life provided a very favorable interest rate well below four percent and upsized the loan significantly meeting all the objectives for the borrower,” said Nalbandian. n
Greysteel arranges $2.4m in permanent financing for apartments in Falls Church, VA
Marcus & Millichap hosts 1031 exchange information seminar
Goodwin Park Apartments
states 495 and 66 as well as Routes 7, 50, and 29 allows residents to easily commute throughout Northern Virginia and to Washington, DC. “This transaction generated strong interest among numer- ous lenders. Greysteel was able to leverage the excellent repositioning that the owner- ship completed to obtain com- petitive financing terms in line with the borrower’s business plan,” said Bittenbender. n
rower to bring rents to market and unlock substantial value in the property. Conveniently located off of Lee Highway in the heart of Falls Church, the property is just minutes from numer- ous retailers, employers and entertainment destinations in Tysons Corner, the Mo- saic Town Center, and the Rosslyn-Ballston corridor in Arlington. The property’s prime location near Inter-
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