F inancial D igest
Real Estate Journal — December 11 - 23, 2015 — 5A
www.marejournal.com
M id A tlantic
Cronheimsecures $19m for Hawley Lane Mall
Also facilitates $18.5m refinancing for West Goshen Town Ctr. HFF arranges $28 million refinancing for ind. portfolio P
HILADELPHIA, PA — Holliday Feno- glio Fowler, L.P. (HFF) announced today that it has arranged a $28 million refinancing for a portfolio of two fully-leased indus- trial shallow bay warehouse and office buildings totaling 246,790 s/f in the Philadel- phia suburb of Horsham. HFF worked on behalf of the borrower, an affiliate of Endurance Real Es- tate Group, LLC , to secure the 10-year, fixed-rate loan through Silverpeak Real Es- tate Finance. Loan proceeds will refinance existing debt. The 100% leased portfolio consists of 200 Precision Dr. and 425 Privet Rd. in the Pennsylvania Tpke. Corridor in Horsham, a community 19 miles north of Philadel- phia’s CBD. The properties are adjacent to one another and are three miles from I-276 (Pennsylvania Tpke.) via exit 343, which provides access to I-76, 476 and 95. The 126,500 s/f 200 Preci- sion Dr. contains 63,000 s/f of warehouse space in addition to 49,400 s/f of office space and a 14,200 s/f laboratory. The building is housed on 11.13 acres and is leased to Finisar Corporation, C&D Technologies and DrugScan. Fully-leased to Teva Phar- maceuticals, 425 Privet Rd. underwent an expansion in 2008 to expand the asset to its current-day 120,290 s/f. Situated on 13.1 acres, the property contains 615 park- ing spaces. The HFF team represent- ing the borrower was led by managing director Ryan Ade and associate director Campbell Roche. HFF has arranged an $18.5 million refinancing for West Goshen Town Centre, a 135,650 s/f retail center anchored by ShopRite in the affluent suburban Phila- delphia community of West Chester. HFF worked on behalf of the borrower, Brandolini Companies, to secure the permanent, fixed-rate loan through an institutional
975 Walton Avenue
ENGLEWOOD CLIFFS, NJ — Procida Funding’s 100 Mile Fund , a local real estate investment vehicle, an- nounced three recent closings in New Jersey totaling over $6 million. The closings include a $1.3 million acquisition loan, and two bridge loans amount- ing to $5 million. The first loan, a $1.3 million first mortgage to, ER Real Es- tateManagement LLC, enabled the sponsor to acquire the prop- erty and finish pre-construction site work for a to be built 12,500 SF medical office building to be the new headquarters of the sponsors dental practice located in Randolph, NJ. The 100 Mile Fund also provided a $2.7 million bridge loan to Naval Crest Associates I & II, LLC. The funds were used to pay off an existing Trumbull, CT — An- drew Stewart and Dev Morris arranged long-term, fixed rate financing for the 215,000 s/f Hawley Lane Mall located in Trumbull, CT. The loan was structured with a 15 year term and 30 year amor- tization and funded by the United State Life Insurance Company in the City of New York and National Union Fire Insurance Company of Pittsburgh, PA, for whom Cronheim represents as corre- spondent and servicing agent. Hawley Lane Mall, which opened in 1971, was originally anchored by Caldor and a Waldbaum's supermarket. Purchase, NY-based Nation- al Realty and Development Corp. redeveloped the proper- ty in 2005 into its current lay- out, as a two-level community shopping center anchored by a
mortgage from a local bank and modify and amend the mortgage on two properties in Middlesex and one in Long Beach. Finally, the Fund provided a $2.3 million bridge loan for the acquisition of three gas sta- tions two located in Elizabeth and one inMarlboro. Including these transactions, Procida Funding has closed 19 debt in- vestments totaling over $100 million so far in 2015. The 100 Mile Fund lends on properties within a 100 mile radius of their Englewood Cliffs, New Jersey office, tar- gets the niche sub $25 million market and has been instru- mental in allowing developers to finish localized projects, as well as provide quick turn- around loans in special situa- tions to its clients. n Hawley Lane enjoys an excellent location at the in- terchange of SR-8 and the Merritt Parkway, about 3.5 miles west of the Westfield Trumbull Mall, with aver- age traffic counts of 54,145 vehicles per day. Bus trans- portation is also available at the property, via the Greater Bridgeport Transit Author- ity. The property is managed by National Realty & Devel- opment Corp. n Kohl's, Home Goods, and Best Buy, and shadow-anchored by a 125,500 s/f Target. Due to the slope of the site, all stores have entrances and parking areas at grade, as well as in- terior escalators and elevators to allow foot traffic between the two levels. Interior mall tenants are accessible from both the lower and upper level entrances.
200 Precision Dr. and 425 Privet Rd.
Procida Funding closes three transactions totaling over $6 million in Central NJ
West Goshen Town Centre
lender. Situated on 17.6 acres at Rte. 3 and Five Points Rd., West Goshen Town Centre is five miles from downtown West Chester, which was named No. 10 on CNN’s Money.com Top 50 Best Places to Live in 2013. The property is adjacent to four multi-housing complexes with a total of 968 units, and the center is proximate to some of the county’s major employers, including QVC’s global headquarters, Ches- ter County Hospital and the 15,000-student West Chester University. One hundred percent leased, the four-building West Gos- hen Towne Centre is home
to anchors ShopRite and A.C. Moore in addition to Applebee’s Neighborhood Grill, Panera Bread, AT&T, Massage Envy, GameStop, Great Clips, Sun East Fed- eral Credit Union and H&R Block. The HFF team represent- ing the borrower was led by managing director Ryan Ade. “Having the market-lead- ing grocer, ShopRite, as an anchor draw, West Goshen Town Centre occupies one of the best locations for retail in the western suburbs,” Ade said. “Lenders competed ag- gressively via the HFF pro- cess, and the end result was a best in market execution for our client, Brandolini.” n
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