F INANCIAL D IGEST F EATURING C REATIVE F INANCING
Mid Atlantic Real Estate Journal — April 13 - April 26, 2012 — 3A
www.marejournal.com
ATCHUNG AND NORTH PLA IN - F IELD HFF an - Also secures $22.75 million in financing HFF investment sales team rep the seller in $63 million closing of Windsor at Crystal Ridge W
nounced that it has closed the sale of Windsor at Crystal Ridge, a 334-unit, classAmulti- housing complex in Watchung and North Plainfield. HFF represented the seller, GID Investment Advisors, LLC and procured the buyer, AvalonBay Communities, Inc. AvalonBay purchased the prop- erty for $63 million free and clear of existing debt. The HFF investment sales team representing the seller was led by senior managing di- rectors Jose Cruz and Andrew Scandalios, managing director Kevin O’Hearn, director Jeffrey Julien and associate director Steve Simonelli. In Arlington, HFF arranged an $11.75 million refinanc- ing for Greentree Square, a 110,296 s/f, grocery-anchored shopping center. HFF worked on behalf of the borrower, Mainardi Man- HOBOKEN, NJ – Meridian Capital Group negotiated $33 million in permanent financ- ing for a recently constructed luxury apartment building on behalf of Ironstate Holdings. The seven-year loan features a rate of 4.12% and was provid- ed by a local savings bank. Me- ridian finance advisors, David Cohen and Russ Drebin, both based in Meridian’s NJ office, negotiated this transaction. The 13-story multifamily building is located at 1401 Hud- son St. In a separate transaction, Meridian Capital Group nego- tiated a $28.4 million acquisi- tion and construction loan on behalf of a partnership between Cayuga Capital Management and Jacob Toll. The proceeds were used for the acquisition and completion of a mixed-use development project located on North 4th Street in Brooklyn,
Greentree Square
2121 State Route 27
agement Company, to secure the 10-year, fixed-rate loan through Allstate Investments, LLC. The loan will be serviced by HFF and is replacing an existing first mortgage loan on the property also arranged by HFF. Greentree Square is situated on a 12.6-acre site at the inter- section of Greentree Road and Route 73, about 10 miles east of Center City Philadelphia. The
99,260 s/f, research and devel- opment facility. HFF arranged the financ- ing on behalf of AG Net Lease Fund II, an affiliate of Angelo, Gordon & Company. Morgan Stanley Mortgage Capital Holdings LLC provided the 10-year, fixed-rate securitized loan, which will also be ser- viced by HFF. 2121 State Route 27 is 100 percent occupied by Revlon
92 percent leased property is anchored by Whole Foods plus two pad sites occupied by TGI Friday’s and Citizen’s Bank. The HFF team representing Mainardi Management Com- pany was led by senior man- aging director Thomas Didio and senior real estate analyst Michael Cerulo. In Edison, HFF secured $11 million in acquisition financ- ing for 2121 State Route 27, a
Consumer Products Corpora- tion, which utilizes the facility as its worldwide research and development center for all of its brands. The HFF team representing the borrower was led by man- aging director Evan Pariser and director Michael Klein. Angelo, Gordon & Company is a privately-held registered investment advisor dedicated to alternative investing. ■
Cohen, Drebin, Appel and Diaz orchestrate transactions Meridian Capital Group negotiates $61.4m in permanent financing, acquisition & construction loans
Steelworks Lofts
1401 Hudson Street
by executing a deed-in-lieu- of-foreclosure. The 36-month loan, arranged by Meridian and provided by a regional balance sheet lender, features favorable floating-rate and interest-only
provisions for the full term. Meridian managing director, Aaron Appel, and vice presi- dent, Michael Diaz, both based in Meridian’s New York City headquarters, negotiated this
transaction. The 110,000 s/f mixed-use building is located at 76 North 4th St. in the trendy Wil- liamsburg neighborhood of Brooklyn. ■
NY. The partnership purchased the note from the previous con- struction lender in an all-cash transaction and then acquired the deed on Steelworks Lofts
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