Mid Atlantic Real Estate Journal — Financial Digest — April 13 - April 26, 2012 — 11A
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C REATIVE F INANCING
HIPADELPHIA, PA — G.S. Wilcox & Co. an- nounced that David Fry- 280,000 s/f multi-tenanted retail center Fryer of G.S. Wilcox & Co. positions $29 million in financing for Whitman Plaza P
Stop &GNC to name a few. The property sits on 23.5 acres, and can accommodate parking for up to 1,500 vehicles. The borrower, Breslin Realty, is a repeat client of G.S. Wilcox & Co., and has developed over thirty retail centers and cur- rently manages over eight mil- lion square feet of commercial real estate in five states. The lender, Continental Ca- sualty Company, provided ag- gressive terms to meet the needs of the borrower, including a 10/25 amortization schedule with the first 12 months being interest only. ■
er, principal of the firm, a r r a n g e d $29 million in financing f o r Wh i t - man Plaza, a 280,000 s/f mu l t i - t e n - anted retail
David Fryer
center, located in Philadelphia, in the shadows of the Walt Whitman Bridge. This infill retail center is anchored by a Pathmark and is also home to many household name retail- ers including, Burlington Coat Factory, Ross, Party City, Game Procida’s 100 Mile Fund provides $3.5 million financing NORTH BERGEN, NJ — Procida Funding’s 100 Mile Fund has closed a $3.5 million bridge loan to the developer of River Park Estates, a 10- unit townhome development in North Bergen, allowing the developer to stay in the deal and finish the project. Procidaprincipal KyleFunsch negotiated a discount with the previous lender and will pro- vide the funds to complete the remaining construction. The project will convert from con- dominiums to rentals. “This is exactly the type of deal that our fund was meant to finance. We have kept our eye on this project for over a year and a half,” said Funsch. “With the curtailing of lending parameters and the fact that most private equity funds are targeting the $10 million and up market, we’re able to meet the needs of smaller owners and developers who will ulti- mately be the engines that lead a local real estate and economic recovery.” “Procida Funding provided much more than a bridge loan,” said Mario Echevarria, the project’s developer. “They pro- vided the local expertise, which resulted in not only the right loan, but adjustments that made the project work. We met with many different lending groups, but Procida was the only company who could get the deal done.” “We provide our borrowers with the same services offered to our advisory clients, which can be extremely beneficial,” Funsch said. ■
Whitman Plaza
Mid Atlantic R EAL E STATE J OURNAL ’ S A NNUAL S POTLIGHT
Industrial Real Estate & Distribution Centers
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• A special LISTING of all the Industrial Space transactions Recorded in MAREJ throughout 2011 • Bi-lined Articles submitted by Expert industrial brokers • Industrial Market Reports compiled by major companies Commercial Brokerage Firms who are actively involved in marketing Industrial space in the Mid Atlantic area are welcome to participate.
This exclusive Industrial Space Spotlight is an excellent way to Reach +25,000 Commercial Real Estate Professionals, Including Owners Developers & Tenants *Deadline: May 11, 2012 DON’T MISS IT! Call Elaine Fanning 800-584-1062 x 212 for more information efanning@marejournal.com www.marejournal.com
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