F inancial D igest
Real Estate Journal — May 16 - 29, 2014 — 13A
www.marejournal.com
M id A tlantic
P M&T Bank, The Provident Bank & Columbia Bank loan $52.5 million for Campus Town in NJ HFF secures $165m financing for 4-property retail portfolio in Pennsylvania and Ohio ITTSBURGH, PA — HFF announced to- day that it has secured
$165 million in financing for a four-property retail portfolio totaling more than 1.9 million s/f in Pennsylvania and Ohio. Working on behalf of the borrower, J.J. Gumberg Co., HFF secured a fixed-rate loan on three of the properties through CorAmerica Capital, LLC and JP Morgan Chase Bank, National Association and a floating-rate loan on the fourth property through CorAmerica Capital, LLC. The portfolio includes a mixture of two enclosed malls, a grocery-anchored retail center and a power center. Individual property details are listed below: • 760,000 s/f: Clearview Mall in Butler, PA • 640,000 s/f: The Water- works in Pittsburgh, PA • 130 , 000 s / f : No r t h Huntingdon Square in PA • 385,000 s/f : Northtowne CENTER CITY, PA — A string of financing deals in Center City suggests a rapid ascent for the Philadelphia neighborhood which is largely home to a rapidly growing post-undergrad demographic. Eli Breiner of Eastern Union Funding , one of the country’s largest private com- mercial real estate mortgage brokerage companies serv- ing the national commercial real estate sector, arranged a total of $17.5 million on the refinance of 15 brownstone walk-ups for the same owner, who wishes to be unidenti- fied. Breiner locked in a rate of 3.5 percent for seven years without recourse on the loans, or roughly $150,000 per resi- dential unit which amounts to a total of 116 units plus five commercial tenants. “There is little risk of vacan- cy even withmore units hitting the market,” Breiner said. “A great deal of residents prefers a walk-up to large residential
The Waterworks in Pittsburgh, PA
Campus Town in Ewing Twp., NJ
serve as a focal point for both the project and the campus. The HFF team represent- ing the borrower was led by senior managing director Jon Mikula , managing director JimCadranell and associate director Samuel Seiden . “We are proud to be a part of such an important student housing addition to one of New Jersey’s top universi- ties,” said Mikula. n
Mall in Defiance, OH The HFF debt placement team was led by executive managing director Gerard Sansosti and senior analyst Brandi Wyskocil . FLORHAM PARK, NJ – HFF arranged $52.5 mil- lion in financing for Campus Town, a 446-bed, 130-unit student housing development serving The College of New
Jersey in Ewing Twp., NJ. HFFworked on behalf of the borrower, The PRC Group, to secure the 36-month, con- struction loan through a bank syndication led by M&T Bank that also included The Provident Bank and Co- lumbia Bank. Campus Town will be situ- ated on 12.5 acres at the main entrance of The College of New Jersey between Penning-
ton Rd. and Metzger Dr. Due for completion in mid-2015, the development will consist of seven buildings that will include more than 80,000 s/f of ground floor retail. A full-service college bookstore operated by Barnes & Noble and the college’s new fitness and activity center will occupy 26,500 s/f of the retail space. Additionally, a bell tower sur- rounded by an open plaza will
Breiner of Eastern Union Funding arranges $17.5 million
CBREGroup completes $52.5 million acquisition financing
Bellevue Park Corporate Center
Center City PA
a 3-year term and 30-year amortization, at a sub-4% blended interest rate through Wells Fargo and JP Morgan. The Borrower is a partnership led by the Buccini Pollin Group . The loan was secured by a 305,000 s/f building port- folio at 200, 300 and 400 Bel- levue Parkway. Because of the credit tenancy, strategic loca- tion and institutional main- tenance of the office portfolio, the team was able to secure the first/mezzanine loan at a blended interest rate, well below 4.0%. n
WILMINGTON, DE — CBRE Group Inc. , one of New Jersey’s largest com- mercial real estate brokerage firms, announced that its Debt & Structured Finance team completed a $52.5 million acquisition financing secured by Bellevue Park Corporate Center, a portfolio comprised of three suburban office build- ings in Wilmington.. The CBRE team of James Gunning, Donna Falzara- no, and Evan Kleppe ar- ranged the combined first and mezzanine structure for
building. These buildings are all single-family brownstones that have been converted to apartments. There is a lim- ited supply and a tremendous demand.” Provided by Peapack Glad- stone Bank, the arrangement also offers a three-year option with a fixed-rate capped at 5.75 percent. The deals were broken up into two loans – $13 million and $4.5 million. The smaller loan covers buildings at 2013 and 2017 Spruce St. and 212
South 11th Ave.. Those build- ings were recently brought out of foreclosure and transformed from a dilapidated product into class-A apartments. This deal refinanced a construction loan for the initial improvements. The remaining properties are located at 703 walnut, 420 South 15th St., 330 South 17th St., 2310 Delancy Place, 2209 Walnut St.,125 South 22nd St., 2025 Walnut St., 2027 Walnut St., 1734 Spruce St., 1535 Pine St., 1010 Clinton St.and 1012 Clinton St. n
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