14A — September 26 - October 9, 2014 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
For the land development of the Atwater South parcel Real Property Capital arranges $27m in financing
To house Shipco’s global headquarters Garibaldi sells 25k s/f of office space in NJ
Hanuscin began his career as a senior underwriter at Pinnacle Capital Group , a CMBS debt provider, where he underwrote and closed in excess of $200 million across multiple asset classes includ- ing multifamily, office, retail, hospitality and industrial. Most recently he was with Republic Bank where he was responsible for the day to day operations of a newly formed boutique bridge and mezzanine real estate fi- nance company, generating a transaction volume of $20 million. While with Republic This highly structured transaction allowed our client, Reiser Land Development (RLD) , to effect a transaction that was structured entirely as debt. RLD’s business is the acquisition and land develop- ment of residential building lots for sale to regional and national home builders. Pre- vious RLD residential land transactions (and the indus- try norm), is to partner with a land development “lender” that participates heavily in the upside of the lot sales unless a sponsor comes to the table with strong personal guaran- tees and around 30% equity. In this case real leverage on equity was in the range of 90% and no personal guarantee was required, and the lender is a true lender, entitled only to an interest rate and no profit participation. The outcome is features a completion-only guarantee to the sponsor.
Bank he directed the growth and management of a $150 million multiple asset class portfolio while also running the construction-lending de- partment. RCA president and CEO George Johnson said, “Joe has been a highly successful lender in the Philadelphia market for many years. He brings a wide variety of tal- ents and a depth of experience to the table. Joe is a great addition to the team and will be a major contributor to the continued growth of Ritten- house Capital.” n RPC was able to leverage its ability to structure extremely complex transactions and its deep pool of relationships to put together a balance sheet loan with a global investment bank in order to meet the cli- ent’s challenge of assisting them in procuring a highly leveraged debt financing. R. Brenner Green , president of RPC said “This is a transaction that is reminiscent of some of the types of deals you saw pre recession, and feels a little bit like a time warp to 2006 in certain respects. However the difference here is that you have tremendous real estate with solid inherent value and experienced sponsorship with a strong track record worthy of this type of financing. In the end it’s a great deal for all sides.” n a transaction that is far more advantageous to the client than in previous deals.
ALVERN, PA — Rea l Pr ope r t y Capital (RPC) has
originated a $27,000,000 first mort- gage for the acquisition and residen- tial land de- velopment of the Atwater South parcel,
127 Main St.
carrier and a one stop shop for those seeking transporta- tion and logistic solutions as it offers both shipping and air freight services. The Garibaldi Group team of Lee Barnes and Peter Blanchard advised Shipco in this transaction which took just under six months from start to finish. With a focus along the Rte. 24 corridor and limited buying opportunities, 127 Main St. proved to be the right fit for Shipco. n ance documents you need? For example, are you endorsed on your policies as an additional insured, or are you relying on certificates of insurance that may not protect you? 3) Should your lease language and insurance documents and procedures be improved and up- dated to increase your income? When was the last time that your documents and procedures were reviewed by counsel? Evaluating your legal issues and addressing them correctly, requires careful review on an individual basis. Further, it is vital to have counsel familiar with these issues for your com- mercial, retail, industrial and/or residential property needs. Jerry A. Nelson, Esq. is a shareholder at the Stark & Stark law firm and can be reached at jnelson@stark- stark.com or 609.945.7635. n
CHATHAM, NJ — The Garibaldi Group recently represented Shipco Transport in the acquisition of 127 Main St. in Chatham. The office complex of approximately 25,000 s/f is made up of two buildings with a 2,000 s/f historical building fronting Main St. The building will be Shipco’s global headquarters and will house the Company’s senior management team. Shipco Transport is a lead- ing neutral non-vessel cargo for which it had been endorsed on the flood insurance policy as an additional insured. The Court held that under the property rights created in the landlord by the lease, the proceeds of the flood insurance property are not property of the bankruptcy estate, and the landlord is entitled to payment of thoseproceedswhich issued in the amount of $358,000. In short, this decision illus- trates the importance and value of preparing good leases and cases, bothbefore andduring lit- igation. Some questions to help you properly prepare include: 1) Do you have the lease lan- guage you need to succeed? For instance, do your leases grant you the right to recover the premiseswith its contents at the termination of the lease? 2) Do you have the insur-
R. Brenner Green.
located immediately adjacent to the new Malvern/PA-29 In- terchange of the Pennsylvania Turnpike. This loan carries an interest rate of 1,150 basis points over 30-day LIBOR with a 50 basis point LIBOR floor and was structured as a 3 year interest only term with interest and operating reserves to be funded partially from a reserve with the bal- ance coming from the sale of improved residential building lots. Significantly, the loan
Landlord Wins Insurance Payment. . . continued from page 2A
Rittenhouse Capital Advisors recruits Hanuscin, Jr. as a senior client manager & loan originator
PHILADELPHIA, PA — Rittenhouse Capital Advisors announced that
Joseph Ha- nuscin, Jr. has j o i ned their team as a senior cli- ent manag- er and loan or i g inator . H a n u s c i n has worked in the com-
Joseph Hanuscin, Jr.
mercial lending industry for over 20 years with a focus on commercial real estate finance.
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