Real Estate Journal — Financial Digest — September 15 - 28, 2017 — 11A


M id A tlantic

F inancial D igest

CHC secures $7.49m for Holiday Inn Express in Ocean City, MD

rownsville , Md — Greystone , a real estate lend- Kessner of Eastern Union Funding reps. borrower AvromForman of Greystone origintates $10.5million loan C to reinvest a portion of the proceeds from the loan into improving the property.

nance of Summerhill Mobile Home Park in Crownsville. The loan was originated by Avrom Forman of Greystone’s New York of- fice with Meir Kessner of Eastern Union Funding representing the borrower in the transaction. The Fannie Mae financ- ing for Summerhill Mobile Home Park includes a 10- year term at a fixed rate with 30-year amortization. The asset is a 121-pad mo- bile home park located 7 miles west of Annapolis. The owner, Art Silber, plans

“Working with senior pro- duction manager, Dan Gil- lard, we were able to secure additional funding above the initial anticipated loan amount, which provides a great deal of flexibility and opportunity for the owner to invest in this property and others,” said Forman, director, Greystone. Greystone is one of the in- dustry leaders in real estate lending, investment, and advisory services. n

ing, invest- men t and a d v i s o r y c omp a n y , announced it has pro- v i d e d a $10.5 mil- l i on Fan- n i e Ma e De l egated

Holiday Inn Express

OceanCity, MD — Cron- heim Hotel Capital (CHC) has arranged cash out financ- ing of $7.49 million for the Holiday Inn Express located in Ocean City. The loan was placed with a national lender and offered a 10-year term and

30-year amortization. With just 18 months of op- erating history, the Sponsors were seeking to cash out as much equity as possible and stabilize the cash flows with permanent, fixed-rate debt for a long-term hold. n

Avrom Forman

Underwriting and Servic- ing (DUS) loan for the refi- Progress Capital Advisors’ Domenico secures financing


40 Clinton St.

NEWARK, NJ — A $3.8 million construction to per- manent loan was arranged by Brad Domenico of Prog- ress Capital Advisors for a valued client to acquire and renovate “The Sandstone Building,” an 8-story historic Newark property built in 1900. The building is located within Newark’s designated ‘Billion Dollar Triangle’, an area an- chored by Newark Penn Sta- tion, the Prudential Center and NJPAC. Formerly the home of Seton Hall Univer- sity Law School, the 21,503 s/f property currently has the United States Postal Service on the ground floor, two floors of office tenants and five floors delivered vacant. Key terms of this loan in- clude: • Construction to Permanent Loan • & nbsp;18 Months Interest Only During Construction Phase • 13 Year Term on Permanent Loan • No Prepayment Penalty or Exit Fee • 75% Loan to Project Cost • Interest Only Rate: WSJP +.625 w/ a floor of 4.375% •Permanent Rate: FHLBNY plus 2.00%. n

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