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Properties purchased by New York developer Related Companies M&T Realty Capital provides $24m in financing for affordable housing props.

ISSUE HIGHLIGHTS Volume 28 Issue 23 December 9 - 22, 2016 FINANCIAL DIGEST FEATURING

V IRGINIA/MASSA- CHUSETTS — M&T Realty Capital Cor- poration announced that it has closed $23.976 million in Fannie Mae MAH loans for the refinance of three af- fordable housing properties purchased by New York de- veloper Related Companies , ensuring that hundreds of Americans will have access to affordable housing for another 20 years. The first property – Ashley Oaks Apartments in Rich- mond, VA – contains 250 Sec- tion 8 assisted living units. The second property – Newman Village in Richmond, VA – con- tains 99 Section 8 assisted liv- ing units. Both properties are secured with 10-year fixed-rate loans. The third property – PHILADELPHIA, PA — CBRE Capital Market s an- nounced that is has arranged the sale of controlling inter- ests in Two Liberty Place, a 940,000 s/f trophy office tower, to an affiliate of Core- trust Capital Partners . Robert Fahey , Jerry Kranzel and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented the selling part- nership. “Two Liberty was pursued

cial real estate relationship manager Brian Sherlock of M&T Bank’s New York City office also collaborated on the transaction. “We are very pleased to have been able to provide financing for 476 affordable living units within the M&T footprint,” John Taylor said. “Related is a market leader in affordable housing, and they continue to place a high prior- ity on developing, acquiring and preserving housing for this sector.” “For more than 40 years, Related has been committed to developing and preserv- ing affordable housing in communities throughout the United States,” said Mat- thew Finkle , president of Related Affordable. n testament to Philadelphia’s relative attractiveness and economic vitality.” The 57-story tower, Phila- delphia’s third largest build- ing, is an iconic part of the Philadelphia skyline. The property provides tenants with world-class architecture, contemporary amenities, un- matched views and superior mass transit access. Two Liberty Place con- sists of a combination of of- fice space and luxury-condo- miniums. Coretrust Capital Partners will own the office portion, floors one to 37. The property is currently 89% leased to a broad set of blue- chip tenants including Cigna, Buchanan Ingersoll &Rooney and Eckert Seamans. Coretrust will serve as the Property Manager for the as- set, in a strategic partnership with the CBRE Philadelphia Asset Services group. Additionally, Coretrust has retained CBRE as the leasing agents for Two Liberty Place, which will be led by Joe Mc- Manus and Morgan Mur- ray of CBRE’s Philadelphia office. n

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Ashley Oaks Apartments

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Centennial Island Apartments in Lowell, MA – contains 118 Section 8 assisted living units, and is secured with a 10-year fixed-rate loan. The transaction was led by managing directors John Taylor and Matt Hodson

of M&T Realty Capital Cor- poration’s Florham Park, NJ and Falls Church, VA offices, respectively, for Related Affordable , a division of Re- lated Companies. Commercial banking team leader George Doerre and senior commer-

CBRE Capital Markets inks sale of iconic Two Liberty Place office tower in Phila.

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Two Liberty Place

potential,” said Fahey, ex- ecutive vice president, CBRE. “The deep interest in the investment opportunity is a

by a variety of domestic and offshore investors due to its trophy-status, stable ten- ancy and value-enhancement

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