16C — March 16 - 29, 2012 — The Best of 2011 — Mid Atlantic Real Estate Journal
The tOP FInanCIaL deaLS of 2011 Meridian Capital group 430 West 14th St., new York — $55 Million —
HFF america’s Square — $250 million —
Progress Realty advisors, LLC Workstage — $35 Million —
Size (square footage/acreage): 305,000 sf Institution: Sovereign Bank Financier: Bruce Dashevsky, vice president Address: 108 Leigus Road City, State: Wallingford, Connecticut
Institution – Dweck Properties (borrower) Financier MetLife (first mortgage loan) and First Potomac Realty (mezzanine loan) HFF arranged $250 million in financing forAmerica’s Square, a 461,484 s/f, trophy office complex in the Capitol Hill area of Washington, D.C. HFF worked on behalf of the borrower, Dweck Properties, to secure a $220 million first mortgage loan fromMetLife and a $30 million mezzanine loan from First Potomac Realty, both with fiveyear terms. America’s Square is currently 93% leased to tenants such as Jones Day, Siemens, Comcast, and Carr Workplaces. The property encompasses an entire city block within the Capitol Hill area of Washington, D.C., located blocks from the U.S. Capitol and Union Station, as well as numerous lodging, dining and shopping amenities. The HFF team representing Dweck Properties included se- nior managing directors Bob Donhauser and Bill Asbill and managing director Cary Abod.
Meridian Capital Group, LLC negotiated a $55 million financing package for a mixed-use office and retail build- ing located at 430 West 14th Street in New York, NY. The three-year acquisition financing is composed of a $45 mil- lion senior loan provided by Citigroup Global Markets Inc., as well as a $10 million mezzanine loan provided by SL Green. Meridian managing director, Cary Pollack, based in the company’s New York City headquarters, negotiated the transaction. The five-story, 61,000 s/f mixed-use property is located at 430 West 14th Street. It comprises 18,000 s/f of retail space and 43,000 s/f of office space. Located in heart of the trendy Meatpacking District, the property features a full block front of prime retail space along Washington Street stretching from West 13th Street to West 14th Street. The property is currently occupied by a variety of fashion, technology and new media tenants.
Progress RealtyAdvisors arranged a $35 million credit facil- ity for Workstage, LLC which is owned by Stan Gale of Gale International. The funds were used to develop a 305,000 s/f high performance class A office building offering state-of- the-art operating systems. The loan required the collaboration of the lender and broker to structure. $8 million was used to retire an existing loan and had to be accomplished quickly to take advantage of a discount. The balance of the $27 millionfor construction, closed several months later with a competitive Libor based floating interest rate. The property is pre-leased to WellPoint and Steelcase, Inc.
Closing a commercial loan can be stressful Rely on the Progress team of professionals for all your commercial mortgage needs
LOAN PROGRAMS ͻWĞƌŵĂŶĞŶƚ ͻŽŶƐƚƌƵĐƚŝŽŶ ͻ ƌŝĚŐĞ ͻ ZĞŚĂď ͻ DĞǌǌĂŶŝŶĞ ͻ ƋƵŝƚǇ ͻ ĞďƚZĞƐƚƌƵĐƚƵƌĞ
PROPERTY TYPES ͻDƵůƚŝĨĂŵŝůǇ
Kathy Anderson Bruce Dashevsky Joel Kraut email@example.com firstname.lastname@example.org email@example.com P rogress R ealty A dvisors
ͻZĞƚĂŝů ͻKĨĨŝĐĞ ͻ/ŶĚƵƐƚƌŝĂů ͻtĂƌĞŚŽƵƐĞ
Made with FlippingBook - Online Brochure Maker