9-15-17

F inancial D igest A ppraisal I nstitute

Real Estate Journal — September 15 - 28, 2017 — 5A

www.marejournal.com

M id A tlantic

Newly constructed 161-unit mixed-use apartment complex in Philadelphia, PA Real Property Capital arranges $35 million for the refinance of The Fairmount at Brewerytown P hiladelphia, PA — Real Property Capital Inc. (RPC)

debt service coverage. This lender worked through com- plex issues involving a com- plex and unusual historic tax credit structure as well as open environmental issues and closed the loan without a hitch. No other lender in the market was able to come close to what we accomplished and in fact, many lenders that we spoke with expressed skepti- cism or even outright shock over what we told them was the deal to beat. McSpain’s expectations in terms of loan proceeds and closing speed were exceeded to say the least. RPC is having yet another record year largely due to the team’s unique ability to work collaboratively to over- come just about any obstacle in order to meet our clients’ goals. n and dock-high loading doors in two of the buildings. Pinellas Business Center is situated on 23.23 acres at 1000 112th Circle North in the northern part of St. Petersburg along Roosevelt Blvd. (Rte. 686) with immediate access to I-275 and Gandy Blvd. The HFF team was led by managing director Michael Klein , director Preston Reid and senior managing director Jon Mikula . “Denholtz Associates had numerous leases in play that would stabilize the property prior to closing, but needed a little more time for them to come to fruition,” Klein said. “As a result, HFF was able to secure an interim loan that would provide the borrower with the flexibility it needed to finalize its business plan and address the looming maturity of its existing loan. Marathon excels at loans with strong in-place cash flow and a short closing time frame. They were great to work with and were able to close the loan in ap- proximately 30 days.” n

recently closed a $35 million refinance of a newly con- structed 161-unit mixed-use apartment complex located in the Brewerytown neigh- borhood of Philadelphia. The ten-year loan features full term interest-only at a rate of 5.50%. The loan was under- written at 75% loan-to-value and is nonrecourse. The client, McSpain Prop- erties , was seeking to max out loan proceeds on a refi- nance and to close immediate- ly at stabilization without any seasoning. RPC approached a lender with whom we have a longstanding relationship who was able to offer a full- term interest-only structure enabling the higher proceed level based on interest-only Fredericksburg, VA — Holliday Fenoglio Fowl- er, L.P. (HFF) has arranged $17.5 million in acquisition f i n a n c i n g for a three- b u i l d i n g distribution facility total- ing 487,897 s / f tha t i s fully leased to CVS Caremark Corporation (CVS) in Fredericksburg. HFF, on behalf of the bor- rower, ARCTRUST , placed the 10-year, fixed-rate loan with Kansas City Life Insur- ance Company. The CVS distribution facility is a mission-critical facility, serving as one of the com- pany’s 17 U.S. distribution centers and distributing to 377 CVS stores across Mary- land, North Carolina, Virginia and the District of Columbia. The facility, which was com- pleted in 1985 and expanded in 1995, consists of a main building housing a warehouse Greg Nalbandian

The Fairmount at Brewerytown On behalf of borrower HFF New Jersey places $17.5 million in acquisition financing for 487,897 s/f

half of Denholtz Associates to arrange $11.35 million in interim financing for Pinellas Business Center, a 205,032 s/f light industrial complex in St. Petersburg. HFF worked on behalf of the owner, Denholtz Associates, to place the three-year, floating- rate loan with a fund man- aged by global credit manager Marathon Asset Management, L.P. Loan proceeds will be used to complete the capital improvement and leasing plan instituted by Denholtz Associates. Completed between 1985 and 1986, Pinellas Business Center comprises six one-story buildings leased at closing to a variety of tenants, including IDEXX Reference Labs, NDH, Sensidyne, Symphoni Group, Litewave Media, Pan Medical and Curant Health. The center features floor plates ranging in size from 15,412 to 65,221 s/f, clear heights between 16 and 18 feet, 65 percent office fin- ish, 48 overhead loading doors at the rear of each building

CVS distribution facility

and offices, an aerosol stor- age facility and a truck repair facility. The buildings have 39-foot clear heights and a total of 65 dock-high doors with one drive-in loading dock. Situated on 39.4 acres at 500 Lansdowne Rd., the facility is located in northeast Virginia in the Great Fredericksburg industrial market. The HFF debt placement team representing the seller was led by senior managing director Greg Nalbandian .

“We were able to identify an insurance company that un- derstood the asset and met the client’s objectives by providing a 75-percent max LTV with a 10-year term and 30-year amortization,” Nalbandian said. “Kansas City Life Insur- ance Company also offered prepayment flexibility, which was a critical requirement of the sponsor.” St. Petersburg, FL — Holliday Fenoglio Fowler, L.P. (HFF) has worked on be-

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