R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

For a 50-story hotel totaling 492 rooms Meridian arranges $135m in financing

CBRE|Fameco’s Famous consults LMS organizes sale of over 30 assets

ISSUE HIGHLIGHTS Volume 27 Issue 2 Jan. 30 - Feb. 12, 2015 SPOTLIGHT eCONOMIC dEVELOPMENT 3-10A MID ATLANTIC ICSC CONFERENCE AND DEAL MAKING Section C Upcoming Conferences 2015 Schedule: February 12, 2015 NJ Industrial RE and Development Summit Receive 4 CPD & 4 CE Credits!! April 2, 2015 NJ Land Dev. Summit May 7, 2015 NJ Office Summit June 25, 2015 NJ Commercial RE Forecast Summit For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com


EW YORK CITY, N Y — M e r i d i a n Capital Group LLC

(Meridian) has arranged a $135 million mortgage for the refinancing of the Holiday Inn Manhattan-Financial District. The Holiday Inn Manhattan- Financial District is a 50-story, limited-service hotel totaling 492 rooms. The hotel is located at 99-103 Washington St. The developers recently completed construction of the property. Meridian arranged the mort- gage on behalf of developers Sam Chang and Jubao Xie. The two-year loan, provided by a na- tional balance sheet lender, fea- tures a competitive floating rate with interest-only payments for the full term. Emanuel West- fried , Meridian’s vice president, negotiated the transaction. According to Westfried, the loan was provided to recapital- ize the current sponsorship. The Fort Lee, NJ — HFF has closed the $120 million sale of The Crest at Fort Lee, a 351- unit multi-housing community. HFF marketed the prop- erty on behalf of the seller, Capri Capital Partners, LLC. Pantzer Properties purchased the asset for $120 million, or approximately $341,880 per unit, free and clear of any exist- ing debt. The Crest at Fort Lee is situ- ated on 13.09 acres at 900 Crest Lane in eastern Bergen County

120 North Pointe Blvd.

LANCASTER, PA — LMS Commercial Real Estate has reached an agreement to bring Paramount Realty Services, Inc. of Lakewood, NJ to the Central PA region. LMS Commercial Real Estate arranged the sale of over 30 assets, encompassing 2 million s/f, to affiliates of Paramount

Realty. With this transac- tion, Paramount Realty will have assets in excess of $1 billion, ownership 7.5 million s/f and leasing assignments in excess of 13 million s/f throughout CT, MD, MA, NJ and PA. Brandon Famous of CBRE|Fameco provided consulting services. n

The Holiday Inn

existing debt was $45 million from Cathay Bank. n

HFF closes $120m sale of The Crest at Fort Lee


Upcoming Spotlight February 12, 2015 Commercial Office Properties Shopping Centers . ....................... Section C Owners, Developers & Managers ..... Section B Green Buildings .............................. 13-17B

The Crest at Fort Lee

and is minutes from the New Jersey Turnpike/GeorgeWash- ington Bridge as well as nearby shopping and dining. The gated property, built in 1999, is 96% leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 s/f each. The property consists of seven residential buildings that include garage parking, tenant storage, balconies and some renovated units. Community

amenities include a clubhouse with heated outdoor swimming pool, state-of-the-art fitness center, indoor basketball court, community room and business center. The property also has a playground and grilling area. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , managing director KevinO’Hearn, asso- ciate director Steve Simonelli

and was supported by senior managing director Andrew Scandalios . Hyland Levin LLP served as legal counsel for the buyer and Krawnow Saunders , Kaplan & Beninati LLP represented the seller. “The buyer has an opportuni- ty to add value to the property in a market that is seeing new development and higher rents,” said Cruz. n


Made with FlippingBook HTML5