www.marejournal.com F inancial D igest F eaturing L ender ’ s D irectory A two-building class A office project totaling 328,457 s/f HFF secures $37.18 million financing for Executive Plaza in North Bethesda, MD B ETHESDA, MD — Holliday Fenoglio Fowler, LP (HFF) an- M id A tlantic
Real Estate Journal — November 13 - 26, 2015 — 9A
in the White Flint district of North Bethesda. The 13-acre site is close to the Capital Beltway (I-495) and I-270 via Montrose Parkway, and walkable to the White Flint Metrorail station. Pike and Rose, the new office, retail, residential, restaurant and entertainment destination that delivered this year, is also within walking distance of the property. The two eight-story buildings feature a four-story, 866-space parking garage and 25,683 s/f of lower level space in 6120 Executive Blvd. that will be improved with a fitness facility and conference center. HFF’s debt placement team was led by Susan Carras , Walter Coker and Brian Crivella . n
nounced that it has secured $37.180 million in bridge fi- nancing for Executive Plaza, a two-building class A office project totaling 328,457 s/f in North Bethesda, Maryland. Working on behalf of the bor- rower, an affiliate of Angelo Gordon & Company and Monument Realty, LLC , HFF placed the 36-month, floating-rate loan with Citi- zens Bank. Loan proceeds will be used to refinance the existing loan and to provide funds for continuing capital improvements and leasing related costs. Executive Plaza is located at 6120 and 6130 Executive Blvd. LAWRENCEV I LLE / MARLBORO, NJ — Janet Proscia and David Turley of Cronheim arranged a $9 million and a $16.2 million loan in two separate transac- tions for its client on proper- ties in Lawrenceville and Marlboro. Both loans were for terms of seven-years with an option to reset the rate for an additional five years. The Lawrenceville property is comprised of four buildings totaling 118,750 s/f of office, flex and distribution space. Strategically located just off the interchange of I-295 at Princeton Pike the Property offers space configurations from 1,900 to 15,000 s/f. The location and the flexibility of floor plans are ideal for growing companies and for moderate sized businesses such as technology firms, laboratories, professional office users, training and education centers, service companies, and media firms to name a few. Located in Marlboro, the 14 building campus of office and flex space on over 32 acres is situated just off Rte.18 and is just one mile west of Rte. 9. Cronheim was successful in sourcing debt for with a
Executive Plaza
Cronheim secures $25.2 million for NJ office, flex & distribution properties
Greystone provides $2.3m in financing for MD apartments
Marlboro property
ods of historically higher than normal vacancy and in Marl- boro a single tenant left the property causing a vacancy level it had not seen even through the real estate crash. We were able to demonstrate that the strength of hands-on ownership, continued invest- ments in the property even during a down economy, and a willingness to leave equity in the property were all rea- sons for a lender to be com- fortable with this long-term non-recourse investment. Ultimately this was a good fit for a bank because our client wanted flexibility on prepay- ment and this bank could accommodate.” n
Abbey Square
ments with amenities including parking, laundry and storage space. “This is just one success story of the highly competitive and attractive Freddie Mac Small Balance Loan offering, which has seen solid demand across the U.S.,” said Rick Wolf , senior managing director and head of Greystone’s small loan lending group. Greystone provides mortgage finance solutions across mul- tiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezza- nine and other proprietary loan programs. n
CATONSVILLE, MD — Greystone , a real estate lend- ing, investment and advisory company, announced it has provided a $2.28 million Fred- die Mac Small Balance Loan to finance the acquisition of Abbey Square apartments in Catons- ville. The loan was originated by Andrew Ellis of Greystone with Marcus &Millichap act- ing as correspondent. The Freddie Mac Small Bal- ance Loan carries a 10-year term with 3 years of interest- only over a 30-year amortiza- tion. Abbey Square is a 38-unit apartment complex comprising one- and two-bedroom apart-
Lawrenceville property
New Jersey bank on a non- recourse basis. The LTV on both loans was relatively conservative at under 65%. Proscia commented, “While this was a reasonable LTV request, there were some challenges to overcome on both deals. The market in Lawrenceville had seen peri-
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