8A — May 12 - 25, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
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F inancial D igest
oorestown, NJ — Thorofare Cap- ital has funded a Warehouse and distribution facility in South Jersey Thorofare Capital funds $5.74 million loan in 10 days M
Recently Closed Loans
$5.74 million fixed-rate bridge loan for the acquisition, reno- vation and stabilization of a 219,300 s/f industrial property located in Moorestown. Thorofare closed the trans- action in just 10 business days from the time of signed loan application in order to help the Irvine, CA-based Phoenix Investment Funds purchase the distressed asset at auction. The vacant warehouse and distribution facility is located at 540 Glen Ave. in the well-
$4,000,000 $5,362,500 $8,250,000 Multifamily Permanent Loan Office Acquisition/Bridge Loan Multifamily Permanent Loan Philadelphia, PA Fort Washington, PA Hamilton Township, NJ 75% LTV, 5/30, 4.11%, Non-Recourse 75% LTV, 24 Months, WSJP + 1.00% 75% LTV, 7/30, 4.0%, Non-Recourse
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com . FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19072 • 610-456-9644 • bgreen@realpropertycapital.com
540 Glen Ave.
Greysteel arranges $8.785 million permanent financing Washington, DC — Greysteel , a national com- mercial real estate investment services firm, has arranged the refinancing of Greenway Gar- dens, a multifamily property located in Washington, DC. The 7-year loan, provided by a regional bank, features a LTV of 78% with a 30-year amortization schedule. This transaction was negotiated by Greysteel director Mark Bittenbender , who is based in the Company’s Washington, D.C. office. Greenway Gardens, located at 306-336 37th Street SE, Washington DC, was con- structed in 1954 and totals 111 units with an average unit size of 836 s/f. “The sponsor sought to place permanent debt on the property after the successful completion of their renova- tion strategy,” said Mr. Bit- tenbender. “Due to the strong track record of the sponsor in the submarket, there was considerable interest in the financing.” n Phoenix Investment Funds is a private investment firm specializing in the acquisi- tion of distressed assets, non- performing loans and other opportunistic transactions with high upside potential. n foot clear heights, 29 loading docks, and trailer parking. The highly structured bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facil- ity to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, inter- est-only bridge loan includes an extension option subject to performance hurdles, ac- cording to Thorofare principal Felix Gutnikov who led the origination team.
established South New Jersey/ Burlington industrial submar- ket, 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features, 15,000 s/f of office space, 24-
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