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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

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Volume 24 Issue 7 April 13 - 26, 2012

751 multi-family units in New Jersey Commercial Mortgage Capital arranges $34.7 million in financing

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SPOTLIGHT on Southern New Jersey ISSUE HIGHLIGHTS

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ivingston, NJ — Commercial Mortgage Capital, arrange $34.7 L COMMERCIAL MORTGAGE CAPITAL, arranges $34.7 million in fin ncing fo 751 multi-family units : Livingston, NJ - Mark Scott of Commercial Mortgage Capital has arranged permanent mortgage financing totaling $34,700,000 for three multi- family p operti s located in New Jersey i the first two months of 2012. One of the properties, a two-story garden apartment complex containi g 612 units is located in Mi dlesex County, NJ. The borrowers were seeking a Mark Scott million in fi- nancing for 751 mu l t i - family units. Mark Scott of Commer- c i a l Mo r t - gage Capital handled the p e rman e n t financing for three proper- ties in the first two months of 2012. One of the properties, a two-story garden apartment complex containing 612 units is located in Middlesex County. The borrowers were seeking a self-liquidating loan for $20 million which Scott was able to negotiate through a national

building containing 65 units is located in Berkeley Heights and the second is a 74 unit, three-story luxury apartment building located in Springfield. Both of the Union Cty. proper- ties received 10-year loans, one from a bank and the other from an insurance company. Commercial Mortgage Capital negotiated favorable financing terms for all three properties. Scott is anticipating another stellar year for Commercial Mortgage Capital as a follow up to 2011’s over $410 million in production and looks for- ward to continuing to grow the bonds between borrowers and lenders in the months ahead, noting funds are available for quality properties with strong sponsors. n

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EXPO 2012 April 18 th Wilshire Grand Hotel West Orange, NJ

self-liquidating loan for $20 million which Mr. Scott was able to negotiate through a national insurance company. The other two properties are located in Union County, New Jersey. The first property being a four-story luxury apartment building containing 65 units is located in Berkeley Heights and the second is a 74 unit, three-story luxury apartment building located in Springfield. Both of the Union County properties received 10-year loans, one from a bank and the other from an insurance company. Commercial Mortgage Capital negotiated favorable financing terms for all three properties. Mark Scott is anticipating another stellar year for Commercial Mortgage Capital as a follow up to 2011’s over $410,000,000 in production and looks forward to continuing to grow the bonds between borrowers and lenders in the months ahead. Noting funds are available for quality properties with strong sponsors. insurance company. The other two properties are located in Union Cty. The first property being a four-story apartment

Kent and Lawrence of CBRE represented both parties in transaction Katz Properties acquires Westgate Shopping Center for $33.855 million

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Manassas, VA — Katz Properties of New York has acquired the Westgate Shop- ping Center in Manassas for $33.855 million. The 172,000 s/f supermarket anchored shopping center, built in 1964, is situated on 17 acres located at 8139 Sudley Rd. Westgate Shopping Center is currently 97% occupied by twenty tenants including a 52,000 s/f Giant supermarket,

NAI Keystone’sWillems& Cole broker 324,000 s/f

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8139 Sudley Road

as well as Barnes and No- ble, CVS, Total Wine, Panera Bread, and three outparcels. Daniel Katz, a principal of Katz Properties said, “We are excited to have acquired this stable asset with some of the best frontage on Rte. 234 in Manassas. This is our first step into Virginia, but we intend to pursue additional acquisition opportunities of this sort in the region.” Joshua Katz, COO of Katz Properties, said they are “pleased to enter the northern

Virginia region and are confi- dent Westgate will continue to provide high quality retail services for the community. We are also eager to enhance what is already a vibrant shop- ping center through capital improvements and attentive management.” Katz Properties is a real estate acquisition and develop- ment company with offices in Boston, New York and Phila- delphia that focuses on the acquisition, operation and re- positioning of retail shopping

centers and office properties in the Northeast and Mid- Atlantic. Mortgage financing was pro- vided byWebster Bank of Con- necticut and was arranged by Tim Breda of Goedecke& Co. The CBRE team of R. William Kent and Gary S. Lawrence represented both Katz Proper- ties and the seller in the trans- action. Leasing and property management services will be providedby Winslow Property Management, an affiliate of Katz Properties. n

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