- DC
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
TAX ISSUES & ACCOUNTING 5-14A Northern NJ 3-13B
Ashley Oaks Apartments
Hutchinson offers winter HVAC tips for businesses
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.
2B
By Paul G. Garvey, Cushman & Wakefield, Philadelphia Philadelphia’s University City is on a Growth Trajectory 2C For information about upcoming events, go to marejournal.com
Directory
Financial Digest................................................5-14A DelMarVa.......................................................15-17A New Jersey................................................. Section B Pennsylvania.............................................. Section C
www.marejournal.com Upcoming Spotlights Annual Review Best Retail Projects of 2016 Industry Leaders
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
Inside Cover A — December 9 - 22, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
- DC
2017 EDITORIAL CALENDAR EDITORIAL DEADLINES ARE 14 DAYS PRIOR TO PUBLICATION DATE
JANUARY
APRIL
FEBRUARY JANUARY 13 ...................................... DEADLINE: JAN 2 ROP (FRONT SECTION) : ................................ FINANCIAL DIGEST DEL/MAR/VA/DC: ................................. FINANCIAL INSTITUTIONS NEW JERSEY: ......................................................... SOUTHERN NJ PENNSYLVANIA: .......................................... NORTHEASTERN PA SPOTLIGHT: .......................................................... 2017 FORECAST JANUARY 27 ....................................DEADLINE: JAN. 13 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: MID ATLANTIC ICSC CONFERENCE & D.M ODM: ................................................. PROPERTY MANAGEMENT SPOTLIGHT: ....................................... ECONOMIC DEVELOPMENT FEBRUARY 10 . . . . . . . . . . . . . . . DEADL INE: JAN . 27 ROP ( FRONT SECTION): ...................... FINANCIAL DIGEST DEL/MAR/VA/DC : ......................................................... DELAWARE NEW JERSEY: ............................................................ CENTRAL NJ PENNSYLVANIA: ....................................................... WESTERN PA SPOTLIGHT: ................. HEALTHCARE/MEDICAL PROPERTIES FEBRUARY 24 . . . . . . . . . . . . . . . DEADL INE: FEB. 10 ROP (FRONT SECTION) SHOPPING CENTERS: .......................... MIXED-USE PROJECTS ODM: ................................ ENVIRONMENTAL/GREEN BUILDINGS SPOTLIGHT: ........................ COMMERCIAL OFFICE PROPERTIES MARCH 10 . . . . . . . . . . . . . . . . . . . DEADL I NE : FEB . 24 ROP (FRONT SECTION): ................................ FINANCIAL DIGEST DEL/MAR/VA/DC : ............. CONTRACTORS/SUBCONTRACTORS NEW JERSEY: ......................................................... NORTHERN NJ PENNSYLVANIA: ........................................................ CENTRAL PA SPOTLIGHT: ......................................................... 1031 EXCHANGE MARCH 24 . . . . . . . . . . . . . . . DEADL I NE : MARCH 10 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: ...................................... RETAIL EXPERTS ODM: ................................. MULTIFAMILY FEATURING POA EXPO SPOTLIGHT: .............................................................. BEST OF 2016 MARCH
JUNE APRI L 14 . . . . . . . . . . . . . . . . . . . . . DEADL INE: APR I L 3 ROP (FRONT SECTION): ................................. FINANCIAL DIGEST DEL/MAR/VA/DC: .......................................................... MARYLAND NEW JERSEY: .......................................................... SOUTHERN NJ PENNSYLVANIA: ........................................... SOUTHEASTERN PA SPOTLIGHT: .................................................................. APPRAISAL APRI L 28 . . . . . . . . . . . . . . . . . . . . . DEADL INE: APRI L 14 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: LAS VEGAS RECON ICSC CONVENTION ODM: ............................................................................ ENGINEERS SPOTLIGHT: ....................................................... SPRING PREVIEW MAY 12 . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: APR I L 28 ROP (FRONT SECTION): ................................ FINANCIAL DIGEST DEL/MAR/VA/DC: .............................. MANAGEMENT COMPANIES NEW JERSEY: ............................................................ CENTRAL NJ PENNSYLVANIA: ............. PA'S PROJECTS/BUILDING SERVICES SPOTLIGHT: .................................... NJAA EXPO & CONFERENCE MAY 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: MAY 12 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: RETAIL ARCHITECTURE/CONSTRUCTION/ENGINEERING ODM: ........................................................ SAFETY AND SECURITY SPOTLIGHT: .................... INDUSTRIAL/DISTRIBUTION CENTERS JUNE 16 . . . . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: June 2 ROP (FRONT SECTION): ................................ FINANCIAL DIGEST DEL/MAR/VA/DC: ............................................................... VIRGINIA NEW JERSEY: ......................................................... NORTHERN NJ PENNSYLVANIA: ........................................................ CENTRAL PA SPOTLIGHT: ................................................ CREATIVE FINANCING JUNE 23 . . . . . . . . . . . . . . . . . . . . . . . DEADL INE: JUNE 16 ROP (FRONT SECTION) GREEN BUILDINGS SHOPPING CENTERS: ......................... RETAIL ORGANIZATIONS ODM: ................................. CONTRACTORS/SUBCONTRACTORS SPOTLIGHT: ...................................................... MID-YEAR REVIEW MAY
ROP — Run of the Paper is the first section in each issue. This covers news for all five states and offers prime advertising positioning. Editorial Requirements: Press Release 350-500 words with property photo and broker photos. Expert Articles: 550 words with author headshot and 25 word bio. Deadline: 14 days prior to publication date. WE HOST INDUSTRY SPECIFIC CONFERENCES www.marejournal.com For DIGITAL ADVERTISING Please contact us for more information Linda Christman | Owner/Publisher | Conference Producer lchristman@marejournal.com | 781.871.5298 x203 Mid Atlantic Real Estate Journal | 312 Market St., Rockland, MA 02370 312 Market St. Rockland, MA 02370 (overnight) | Fax 781.871.5299
Page 1 of 2
Real Estate Journal — December 9 - 22, 2016 — 1A
www.marejournal.com
M id A tlantic
Port Liberté Development Site Up to 1,633 Units As-Of-Right with 15 Minute Direct Ferry Service to Manhattan
Exceptional Metro New York City Development Opportunity Port Liberté is a master planned residential community located along New York Harbor in Jersey City, New Jersey. Currently consisting of 805 completed con- dominiums and townhomes on 40.6 acres, Port Liberté also contains 14.07 acres of developable land upon which up to 1,633 units can be built in accordance with Jersey City’s Caven Point Redevelopment Plan. Ownership is seeking to arrange the sale of this exceptional development site, which is one of the single-largest metro NYC development opportunities that offer immediate access to Manhattan. With a NY Waterway ferry terminal located on the premises, residents of Port Liberté are able to reach Wall Street in Lower Manhattan in only 15 minutes, yet also possess terrific access via car, light-rail and Port Authority Trans-Hudson (“PATH”) rapid transit service to employers throughout the NYC metro area. In addition to its excellent access to transportation, the property benefits from a long-term tax abatement and significant cost advantage relative to residential options in Manhattan. Click Here For a Copy Of The CA To Request Additional Information
2A — December 9 - 22, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
MA REJ A dvertising D irectory Applied Bank...................................................... 7A Barry Isett & Associates.............................. IBC-C Bennett Williams Commercial........................... 9C BlueGate Partners.............................................. 1A Brach Eichler.................................................... 13B Bussel Realty Corp............................................. 1B Capstan Tax Strategies.................................... 11A CHA................................................................... 15B CIRC.................................................................. 16A Coastal RE........................................................ 19A Concannon Miller......................................... IBC-C Cooper-Horowitz............................................... 14A CREW NJ.......................................................... 17B CRT NJ. ............................................................ 19A Cushman & Wakefield. .................................... 11B Cushman & Wakefield. ...................................... 7C Deerwood Real Estate Capital........................... 6A Earth Engineering.............................................. 2C Environmental Systems................................... 19A Facility................................................................ 8A Fowler Companies............................................ 19A Gebroe-Hammer Associates............................... 4B H2M .................................................................. 10B HFF Pittsburgh.................................................. 4C Hillcrest Paving & Excavating........................ 19A Hinerfeld.................................................... 19A, 1C Integrated Business Systems. ......................... 12A Investors Real Estate Agency.......................... 19A Kaplin Stewart. .................................................. 3A Kearny Bank....................................................... 9B Keystruct Construction...................................... 6C Kimmerle Group............................................... 14B Kislak Co............................................................. 2B Landmark Commercial Realty. ......................... 8C Marcus & Millichap............................................ 3A Mericle Commercial RE Services. .................BC-C Meridian Capital Group.................................BC-B Morris County EDC.......................................... 12B NAI Summit...................................................... 19A NorthMarq Capital.................................... 17A, 8B PlanSmart NJ................................................... 16B Poskanzer Skott Architects................................ 6B Precision Realty Group. ..................................... 3C Provident Bank...............................................BC-A Real Property Capital......................................... 6A Redwood Realty Advisors................................... 7B Regal Bank........................................................ 10A Ridolfi & Associates.......................................... 18A Rittenhouse Appraisals.................................... 10C SELA Realty Investments.................................. 4A SEBCO Laundry Systems.................................. 2B Subway.............................................................. 19A The Berger Organization. .................................. 5B Thorofare Capital............................................... 9A WCRE.................................................................. 2C Whitesell............................................................. 3A
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ..........................................................Barbara Holyoke Associate Publisher ...................................................................Kim Brunet Associate Publisher ............................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant/Graphic Artist ...........................................Julie King Office Manager .................................................................... Joanne Gavaza Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 28 Issue 23 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Mid Atlantic Real Estate Journal
Maintaining high levels of employee engagement tied to workplace experience P Karen Ellzey Lenny Beaudoin HILADELPHIA, PA — A new paper from CBRE Group, Inc. reveals why real estate is increasingly being viewed as an asset capable of driving business performance. In the second paper in a thought leadership series on workplace performance, CBRE examines the role of the workplace in pro- moting employee engagement, attracting and retaining talent and better serving customers. While cost savings has tradi- tionally risen to the top of the priority list when evaluating real estate, a recent survey of global occupiers conducted by CBRE showed a number of drivers ranking above cost when it comes to workplace strategy. Among them: the attraction and retention of talent; the drive for better col- laboration; increased employee productivity; and improved business agility. With talent at the forefront of workplace decision-making today, companies are increas- ingly focused on creating an environment where that talent can thrive, often measured by employee engagement. But despite the fact that most ex- ecutives rate engagement as a top priority, engagement scores across the globe are relatively low, according to multiple studies. “There are any number of things that actually steal productivity from employees,” said Karen Ellzey , executive managing director, manage- ment consulting, for Global Workplace Solutions at CBRE. “How much time do employees spend commuting? How long does it take them to resolve a technology issue? How quickly can employees find a place to work in a free-address work- place? How readily available are conference rooms? Does the AV work? If we put as much effort into removing known barriers to productivity as we
do trying to measure it, we begin to find real, tangible op- portunities.” CBRE’s paper outlined four key steps that successful com- panies employ when creating a workplace experience that fuels employee engagement: 1. Know your users and what they need to be effec- tive. Fundamental to the idea of creating workplaces that at- tract people is understanding the people themselves. A 2014 CBRE study that looked at more than 5,500 professionals found that “variety, choice, access and transparency—pref- erences typically associated with millennials—are equally important to Generation Xers and Baby Boomers.” This year, CBRE delved into this question further, survey- ing nearly 7,000 of its own staff across the globe to understand life and work preferences. The results reaffirmed the previ- ous finding that generational preferences vary minimally, but also showed that compen- sation, business ethics, HR pol- icy, learning opportunities and organizational culture were the most important workplace variables in driving new job se- lection across all generations. 2. See your office as the center of a network of plac- es where work gets done. As technology increases our ability to work from anywhere, many organizations are em- bracing the idea that the of- fice is just one in a network of places where work can be done effectively. “Even when employees have choices in where they work,” said Lenny Beaudoin , U.S. co-lead, Workplace Practice, CBRE, “they will come to the office more, not less, if you
make the office the most effec- tive place to connect to others and get their work done.” 3. Meet your people’s ba- sic functional needs first. A workplace has to meet your people’s basic functional demands before any higher- order benefits can be achieved. “Great workplaces address a hierarchy of needs for their users, starting with the foun- dational elements we all need to be productive at work,” said Beaudoin. “Elements we think are non-negotiables for the future include: access to a wide variety of spaces that appeal to different work patterns and preferences, seamless tech- nology, support of wellbeing, and the ability to easily find information and access other people.” 4. Design for delight: building on the foundation. Leading organizations rec- ognize that their workplace investment is an opportunity to differentiate—to go beyond the common and expected and use their space as a way to create competitive advantage. By connecting closely to the culture and brand of the organization, the work experi- ence goes beyond meeting the fundamental needs of employ- ees, and begins to facilitate an experience that is unique to the company. “This is more than posted slo- gans or walls painted in corpo- rate colors. Cosmetic features of that nature do no harm, but seldom influence behav- ior,” said Beaudoin. “Rather, by more intrinsically reflect- ing what you value through design, services and policies, you create an environment that becomes a catalyst for the culture you want to encourage at work.” n
To advertise, call 1-800-584-1062
Real Estate Journal — December 9 - 22, 2016 — 3A
www.marejournal.com
M id A tlantic
M id A tlantic R eal E state J ournal Ron Ladell is senior vice president of AvalonBay Communities NJ BIZ names Ladell #1 Most Powerful Real Estate Executive
Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties.
al Power 75 most influ- ential peo- ple in New Jersey real estate and named Ron Ladell , se- n i o r v i c e president of W
a policy wonk, too”. Recog- nizing Ladell’s ubiquitous presence in the State, NJ BIZ said, “Just go to any real estate conference, check in with Rutgers real estate school or one of the many higher-ed classes he teaches. He is one of the most sought- after speakers in the state”. Another insider concluded that “in residential real es- tate, there are plenty of play- ers in the state, but Ladell and AvalonBay transcend that. They are national play- ers, and Ladell’s No. 1”. Ladell is an Adjunct Pro- fessor at Rutgers Business School and serves on the Executive Committee for the Rutgers University Center For Real Estate Studies. Ladell received the Lead- ership Excellence Award from Monmouth University Kislak Real Estate Institute. The Leadership Excellence Award is conferred annu- ally upon an outstanding individual for distinctive contributions to the State and Nation through a career in real estate. Ladell was named Humanitarian of the Year by the Center for Great
Expectations and serves on their Board of Trustees. The Center for Great Expecta- tions assists adult and young women and their children as they confront the challenges of homelessness, pregnancy and addiction recovery. Ladell’s volunteer activi- ties were recently recognized by Farleigh Dickinson Uni- versity Center of Excellence at their inaugural CEO Vol- unteer Recognition event. Ladell is also a member of the New Jersey Apartment Association’s Board of Di- rectors. Ladell has been the senior executive for AvalonBay Communities for 14 years and works from the Com- pany’s Woodbridge, New Jersey office. AvalonBay is currently constructing communities in Princeton, Maplewood and Boonton and will start construction in Teaneck, Piscataway and Edgewater in the next 90 days. AvalonBay now owns and manages 20 apartment communities throughout New Jersey comprised of ap- proximately 6400 apartment homes. n
OODBRIDGE , NJ — NJ BIZ released its annu-
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
Ron Ladell
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
AvalonBay Communities, the most powerful person in the State. Ladell has been named to the Real Estate Power list each year since its inception and has also been named to NJ Biz’s Power 100 List of the 100 most powerful people in New Jersey Busi- ness in 2016 and 2015. In making its designation, NJ BIZ pointed out that Ladell “is an old school jack- of-all trades. He’s a smart guy, tenacious and politi- cally connected. He knows it all. He knows everybody and everybody knows him”. NJ BIZ cited real estate insiders who say that Ladell is “one of the thought leaders on affordable housing, urban planning, everything. He’s
Class A Office Building Available For Lease
Whitesell Properties >> Office >> 750 Centerton Road, Mount Laurel, NJ
PRIME PROPERTY FOR LEASE 750 CENTERTON ROAD
• 79,444 SF Technologically Advanced Single Tenant Bldg. • Award-Winning Corporate Office Park
• Maximum Visibility & Direct Access to I-295 • 20 min. to Philly and 90 min. to Manhattan
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities. The Mid Atlantic Real Estate Journal is a monthly publication highlighting real estate transactions throughout the Mid Atlantic including : • New developments, ground breakings and reconstruction in the ODM (Owners, Managers & Contractors ) section • Mortgage and banking in our Financial Digest • Retail and new developments in Shopping Centers • Annual spotlights.
856-764-2600 | www.whitesellco.com | Commercial Office & Industrial Real Estate Proudly Serving Southern New Jersey for Over 50 Years
SUBSCRIBE TODAY!
1 year — $99.00 2 years — $148.50
Subscribe at marejournal.com
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • www.kaplaw.com Visit our Blogs: www.pennsylvaniaconstructionlawyer.com www.philadelphiarealestatelaw.com Kaplin Stewart Attorneys at Law • Region specific news and spotlights in our Pennsylvania and New Jersey sections
Linda Christman, CEO/Publisher Mid Atlantic Real Estate Journal 312 Market Street • Rockland, MA 02370 P: 781-871-5298 | F: 781-871-5299
4A — December 9 - 22, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
109 West Fortune St. in downtown Tampa sold to Crescent Communities Denholtz Associates sells 5.1 acre parcel for future residential development in Tampa, FL
T
addition to the quickly growing Tampa Riverwalk area. The Eschenbach Land Company brokered the sale. Crescent Communities plans to build a five-story apartment building with upscale one, two and three bedroom options on this land with an attached park- ing structure. Tampa and its environs have seen exponential residential and commercial growth in re- cent years becoming one of Flor- ida’s most exciting destinations. Conveniently located off I-275 and less than 10 miles from Tampa International Airport, 109 West Fortune boasts an in-
credibly accessible location that is also within walking distance of all the Downtown Tampa en- tertainment, retail and dining options. Crescent Riverwalk is positioned to be an in-demand location for all current or future residents of the city. “Upon our acquisition of the Tampa Bay Times Building, we evaluated our options for the 5.1 acres of land for future devel- opment, build to suit or sale,” said Steven Denholtz , CEO of Denholtz Associates. “Cres- cent Communities emerged as a serious contender for the property and we were able to put together a deal that worked
for all parties involved while adding value to the surround- ing community which needs new housing options given St. Petersburg and Tampa’s surg- ing office market.” n PABC holds summit in New York City
AMPA, FL — Denholtz Associates , a privately held, fully integrated
rea l es tat e development, i nves tment and manage- me n t c om- pany, has an- nounced that t h e y h a v e sold 5.1 acres of land at 109
NAI Global announces honors for member orgs. NEW YORK, NY — NAI Global , the network of owner- operated commercial real estate brokerage firms, announced the winners of its annual awards program at its 2016 Global Con- vention. The awards recognize NAI Global Member firms and individuals for their leadership within the network and com- mitment to the organization’s strategic vision, as well as per- formance and tenure. NAI Capital, serving South- ern California, was named NAI Global Member of the Year Cap- ital in recognition of its growth, ability to positively promote the NAI Global network and drive business, demonstrated leader- ship within the organization and overall performance. The NAI Global Presidents Award is bestowed on an in- dividual or company that has demonstrated commitment to the organization through lead- ership, teamwork and business generation: Primary Market: NAI Robert Lynn (Dallas, TX) Major Market: NAI Rauch Weaver Norfleet Kurtz & Co. (Ft. Lauderdale, FL) Secondary Market: NAI Charter (Chattanooga, TN) Tertiary Market: NAI Sioux Falls (Sioux Falls, SD) International Market: NAI Bahamas Realty Commercial (Nassau, The Bahamas) NAI Partners, which serves the Houston, Austin and San Antonio markets, was recog- nized as the top business refer- ral firm in the organization for its success in driving business. n PABC director of the board and president of Arteco & Design Restoration , Witold Karwowski moderated the summit, which was hosted by Wojciech Jackowski , partner at Menaker & Her- rmann LLP and PABC vice president of membership. n Redwood Property Group ; Peter Wilk , President of Wilk Marketing Communica- tions ; Jaroslaw Filip , CEO of ICCS SA , Switzerland; and Sylwester Andrzej Oldak , Chairman of the Board of SAO Capital , Warsaw, Poland.
NEW YORK, NY – Pol- ish-American Business Club (PABC) held a “Trends in New York City and International Real Estate” summit. The event attracted real estate investors and professionals from the United States and Europe, and featured presen- tations by Julia Hoagland , licensed associate real estate broker at Compass ; Jeff Berman , associate broker at
Steven Denholtz
West Fortune St. in downtown Tampa to Crescent Commu- nities. Soon to be named the Crescent Riverwalk, the apart- ments slated for development on the lot will become a valuable
SINGLE-FAMILY HOMES | APARTMENTS | COMMERCIAL | CONDOS
Our goal is to provide our investors with comprehensive care for their investments, including outstanding property management, accounting tenant matters, leasing and most importantly maximizing cash flow. Our mission is to meet our goals while providing our tenants with exceptional care, security and a pleasant environment for their families.
1640 Anderson Avenue, Fort Lee, NJ 07024 tel: 201.338.5160 www.sela-realty.com
F inancial D igest F eaturing T ax I ssues & A ccounting
Real Estate Journal — December 9 - 22, 2016 — 5A
www.marejournal.com
M id A tlantic
122,643 s/f Parkway Center retail center located at One Ronson Rd. NAI Hanson’s Greg James arranges $25.5 million refinancing of Iselin retail center
SELIN, NJ — NAI James E. Hanson , a New Jersey- based full-service indepen- dent commercial real estate firm, announces its director of capital markets has arranged a $25.5 million refinancing of a 122,643 s/f Parkway Center re- tail center located at One Ron- son Rd. in Iselin. Greg James led the refinance for BRM Parkway Center, allowing the borrower to take advantage of a favorable financing environ- ment and refinance the exiting loan locking in a lower, attrac- tive 10-year financing rate. Parkway Center is spread over 8.67 acres at One Ronson Rd. in Iselin and boasts three national tenants; Marshall’s, Bed, Bath & Beyond and DSW Shoe Warehouse. The property is strategically located along Rte. 1 South providing direct I
Parkway Center
access to the Garden State Parkway. It is also near the Woodbridge Center Mall and Menlo Park Mall, two of New Jersey’s finest retail centers. This deal is another in a long string of deals for James this year. In addition to his
work in New Jersey, he has helped orchestrate sales and refinancings in Arkansas, Texas, California, Connecti- cut and Kentucky. Ranging in size from 13,000 s/f to over 300,000 s/f, James has shown his adaptability and expertise
in the commercial real estate field. “NAI Hanson would not be able to maintain our high volume of business without employees like Greg who are instrumental to that success,” said Bill Hanson, SIOR , MOUNT LAUREL, NJ — Sun Bancorp, Inc. (the “Company”), the holding com- pany for Sun National Bank (the “Bank”), announced that the Board of Directors of the Company has unanimously elected Anthony Coscia to the role of independent Chairman of the Company and the Bank, effective December 31, 2016. Coscia is an independent direc- tor, having been elected to the Board of the Company in 2010 and the Bank in 2011. He will replace current Chairman Sid- ney Brown , who previously informed the Board of Direc- tors in October of his decision to step down as Chairman of the Company and the Bank effective December 31, 2016. Brown will remain a director of the Company and Bank. Coscia is a partner with Windels Marx Lane & Mit- tendorf, LLP , and a member of the law firm’s Executive Committee. In addition to his private practice, Coscia holds a number of leadership roles in the public and private sectors, including serving as the Chair- man of the Board of Directors of the National Railroad Passen- ger Corporation (Amtrak). He previously served as Chairman
president of NAI Hanson. “His integrity, innovation and commitment to our capital partners and customers has al- lowed us to maintain relation- ships with the best financial institutions to offer our clients superior service and value.” n of the Port Authority of New York and New Jersey and the New Jersey Economic Development Authority . Coscia also serves as a trustee of the New Jersey Commu- nity Development Corporation, Georgetown University and the Regional Plan Association. “We are proud to have Tony Coscia ascend to the Chair- manship of the Company and Bank,” said Thomas O’Brien , president and chief executive officer. “Tony is well-respected and experienced in matters of corporate governance, finance and economic development. All of our stakeholders are well- served by this appointment and we are fortunate that Tony has agreed to undertake this new responsibility.” “I am pleased and honored to assume the Board Chair- man’s role at the Company and the Bank,” said Coscia. “We have a very strong and committed Board and Man- agement, and I accept my se- lection as Chairman with deep gratitude. The story at Sun Bancorp is exciting and holds much promise. I will enjoy working with the Company’s leadership and shareholders in this new capacity.” n
Eastern Union Funding arranges $12.2 million financing for five-property portfolio acquisition
Sun Bancorp, Inc. elects Anthony R. Coscia as new Board Chairman
NORTHEASTERN PA — Eastern Union Fund- ing arranged $12.2 million
in financing for Ameri- ca’s Realty LLC ’ s a c - quisition of a five-prop- er t y shop - ping center p o r t f o l i o i n No r t h -
Marc Tropp
eastern Pennsylvania, four of which are anchored by area-leading grocers. The Pikesville, MD-based owner/ operator was represented by Eastern Union’s Marc Tropp and Barry Dollman in the transaction with Peapack Gladstone Bank. Totaling approximately 332,000 s/f, the properties are Eastside Plaza and Union Boulevard Plaza in Allen- town, PA, Lords Valley Plaza in Hawley, PA, Duryea Plaza in Duryea, PA, and Hamlin Plaza in Hamlin, PA. “America’s Realty is an active investor that owns and manages more than 200 shopping centers in the U.S.,” said Tropp. “While largely stabilized, the portfolio offers
Eastside Plaza
the opportunity for upgrades and additional leasing. Paired with the right financing, it was a terrific investment op- portunity for this experienced buyer and a great addition to ownership’s existing Pennsyl- vania holdings.” Carl Verstandig , president and CEO of America’s Realty, said, “We are excited about
the acquisition. Renovations will commence in the spring of 2017 and we look forward to working with the local brokers on bringing the centers to full occupancy.” The seller, a family trust from California, was repre- sented by Metro Commer- cial Real Estate ’s Paul Rumley . n
6A — December 9 - 22, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest Turley, Proscia and Pacailler originate/place loan Cronheim closes $27.8MM for six CNJ/NNJ properties
N EWJERSEY — Cron- heim Mortgage ar- ranged a cash out re- finance of $27.8 million for six northern and central New Jersey properties. The assets created a diverse portfolio with office, industrial and retail situated in select loca-
Recently Closed Loans
tions in Morris, Somerset and Mercer Counties. Each prop- erty is well-leased with strong historical occupancy allowing the lender’s aggressive under- writing to support a 75% LTV. The borrower’s objective was to cash out some of the sig- nificant equity that had been
created over its many years of ownership and capital invest- ments in the properties. That goal was achieved by securing a favorable rate with 30 year amortization. This loan was originated and placed by David Turley, Janet Proscia and Jeff Pacailler . n
KW Commercial, The Daniel Perich Group closes $9.69MM 1031 exchange
$2,832,000 $17,000,000 DaVita Dialysis Construction Loan Retail/Office Refinance Corpus Christi, TX Bethlehem, PA 85% LTC, 18 Months, LIBOR + 300 bps 75% LTV, 7/25, 4.82%, Non-Recourse, 3-Years Interest Only
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com . FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19072 • 610-456-9644 • bgreen@realpropertycapital.com
124 East Post Rd.
OPPORTUNITY Promote Your Company
Quick Grille; a STNL Dollar General in Bethel, PA; and Kings Village Shopping Cen- ter in Minersville – an 83,000 s/f neighborhood center with Rite Aid, Family Dollar, Sub- way and Smokin’ Joe’s. n
DICKSON CITY, PA — KW Commercial, The Dan- iel Perich Group closed on the sale of three investment properties totaling $9.69MM. The 1031-exchanges were rep- resented by Daniel Perich,
CCIM , managing director of KW Commercial, The Daniel Perich Group. The sale included a retail center in Dickson City with Primanti Brothers, Vitamin Shoppe and Marzano’s Italian
* SEND NEWS RELEASES AND PHOTOS *
Houlihan-Parnes Realtors announces placement of a $600,000 first mortgage
• Brokered Transactions • New Services/Products • Projects Completed or Underway • Expert Articles • Appointments, Promotions, & Honors • Events • Mergers & Acquisitions • Financing Deals The Mid Atlantic Real Estate Journal welcomes all editorial dealingwith the commercial/ office properties spotlight. e-mail: bholyoke@marejournal.com
WHITE PLAINS, NY — Houlihan-Parnes Realtors LLC announced the placement of a $600,000 first mortgage on 124 East Post Rd., a 5,576 s/f building in White Plains. The 7-year, non-recourse loan is fixed at 3.75% interest on a 30-year amortization schedule. The re- tail building is fully occupied and includes the Kee Oyster House restaurant. The borrower was represented by Christie Hou- lihan , and title was provided by First American Title . n
www.marejournal.com 781-871-5298 Ext. 202
124 East Post Rd.
Real Estate Journal — Financial Digest — December 9 - 22, 2016 — 7A
www.marejournal.com
M id A tlantic
F inancial D igest
By Brenner Green, Real Property Capital, Inc. The current commercial mortgage market
cently, and I am certain that I am not alone. Last month, it was a client tell- ing me that “65% is the new 75%” re- garding con- W
hat next? At least that’s where my head has been re-
tal availability coming in 2017. And that’s probably true, along with a decreased volume of investment sales transactions due to higher rates equaling pricing pressure. But on the other hand, and where I myself fall, there is a belief that we are slowly returning to some type of “normal.” Recently I attended the Urban Land Institute’s Philadelphia 2017 forecast, which was presented by Mitch Roschelle , of Price- waterhouse-Coopers . As an aside, if you have never had the opportunity to hear Mitch in person I would recommend it, he is both entertaining and
insightful. Among the varying themes that Mitch brought up was the idea of the real estate market “auto-correcting,” which is a concept that I found to be particularly interesting. While I don’t think that society has evolved quite to that point, and I am certain that most of the same mistakes that resulted in the financial crisis are destined to be repeated, I do find an element of truth in the concept. Clearly banks have tightened their purse strings on development lend- ing, and while it would be too easy to say that it is all a
product of the new regulatory environment, there seems to be an element of human com- mon sense involved in this turning of the tide. In other words, perhaps lenders notice when they are on their way to the office that there sure are a lot of cranes in the sky of every downtown in the Northeast, even though when they get to their desks there is a handy stack of market reports to tell them that there is tremendous underserved capacity for ur- ban housing. So, a modest rate increase and a little bit of decreased supply of the availability of
construction financing is, in the author’s opinion, not only not a cause for concern, but a reason to feel confident about the commercial real estate market. A modest cooling has the potential to increase the life of the current cycle that we have all been enjoying for the last several years (that may be my toast for 2017). R. Brenner Green is a 19- year veteran in commercial real estate finance and President of Real Prop- erty Capital, Inc., a full ser- vice commercial mortgage banking firm based in the Philadelphia suburbs. n
Brenner Green
struction financing leverage based on HIS expectations of what the market would bear, then it was the shocking elec- tion result and the immediate 60+ basis point increase in the ten-year treasury that fol- lowed (still rising by the way). Bear in mind this increase involved no action from the Fed (expect their relatively meaningless announcement of an increase to come at the next meeting Dec 14th), and now we head into the new year on the eve of yet another layer of bank regulation taking effect (I am sure you have read about risk retention at this point), while at this very moment there is an administration being formed that is working on repealing major parts of the Dodd-Frank Act if not the entire bill. Either way, the added regulation is not going to increase the availability of capital in the short term. So, one could look at the above data points and say that there are a lot of signs that there are is going to be a meaningful tightening of capi- Small businesses benefit from EDA programs TRENTON, NJ —Reaffirm- ing the State’s commitment to supporting small businesses and not-for-profits, the New Jersey Economic Develop- ment Authority (EDA) an- nounced the approval of financ- ing to encourage the growth of several organizations. From a Morris County agency that trains guide dogs, to a designer and printer of advertising in Camden County, and an in- staller of hardwood floors in Monmouth County, entities in a variety of sectors are taking advantage of EDA programs. “Projects presented at to- day’s meeting underscore the diverse nature of the State’s small businesses and the spec- trum of support offered by the State,” EDA chief executive officer Melissa Orsen said. n
We Have Money to Lend!
Applied Bank is One of the Highest Rated Banks in America
FINANCING Construction Loans for all Property Types Bridge and Permanent Mortgages Hotels - New & Existing Office/Retail and Shopping Centers
Warehouse and Industrial Residential Subdivisions Multifamily Properties Maturing CMBS Refinancing
5-Star Superior Rating Bauer Financial
*Loans from $1 million to $30 million in the Mid Atlantic Region*
For More Information Contact: Arthur E. “Art” Lodge Vice President Commercial Lending (302) 227-3044 x32043 art_lodge@appliedbank.com
2200 Concord Pike, Suite 102 Wilmington, DE 19803 Applied Bank • Rte. 1 & Rehoboth Ave. • Rehoboth Beach, DE 19971
8A — December 9 - 22, 2016 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest 437,299 s/f grocery-anchored regional power center
HFF secures $72 million financing for Plaza at Landmark in Fairfax, Virginia
AIRFAX, VA — Holli- day Fenoglio Fowler, L.P. (HFF) announced that it has secured a $72 million refinancing for Plaza at Landmark, a 437,299 s/f, grocery-anchored regional power center in Fairfax. Working on behalf of the borrower, Landmark HHH, LLC , HFF placed the 18-year, fixed-rate loan with AIG In- vestments . Plaza at Landmark compris- es two multi-tenant buildings and individual pad sites. The 98.2%-leased center is home to national and regional tenants, including Shoppers, Mar- F
shalls, Ross Dress for Less, LA Fitness, Total Wine & More, Dollar Tree, Verizon, DFur- niture Galleries, BB&T, Five Below, GameStop and Chipo- tle. Situated on 22.65 acres at 6244 Little River Turnpike, Plaza at Landmark is in Fair- fax County on the border of Alexandria, one of the nation’s most affluent communities, and in the Alexandria/I-395 Corridor submarket, one of the strongest in the Washington, DC metropolitan area. The center is located at the inter- section of Rte. 236 (Little River Turnpike) and Beauregard St. and 100 yards from the Inter- state 395 exit ramp. The HFF debt placement team representing the bor- rower was led by managing director Cary Abod and se- nior managing director Dana Brome . “Landmark HHH, LLC and its affiliates are very fortunate to have a close, productive relationship with HFF, which has lasted over 25 years,” said Marshall Ruben , principal of the borrower. “We are ex- tremely pleased that through the efforts of the HFF team we were able to work with the first class, professional real estate lending group at AIG and close this very beneficial long term, fixed-rate financ- ing. The recently renovated Plaza at Landmark is nowwell positioned for outstanding long term growth and success for our tenants and the com- munity we serve.” n U.S. Realty Capital arranges $11 million WILMINGTON, DE — Bruce Robertson, Jr. , a partner in the Philadelphia office of U.S. Realty Capi- tal (“USRC”) , and Jane Bender , senior investment manager, successfully placed $11 million in construction financing for Phase I of a to-be- built 68 unit, elevator-served luxury apartment building with garage parking, located on Wilmington’s prestigious waterfront. The competitive rate is tied to the 30 day Libor, and is interest-only with a 36 month term. The loan was structured to include both construction funding associated with costs to develop Phase I in addition to a land loan associated with the future Phase II of the project. n
Plaza at Landmark
Branding Marketing Graphic Design Interactive
Your Design Partner 213.935.0326 facilitydesignco.com
Real Estate Journal — Financial Digest — December 9 - 22, 2016 — 9A
www.marejournal.com
M id A tlantic
Thorofare Capital Recent Transactions
$ 1BILLION ORIGINATED Our nationwide direct lending platform has reached a major milestone.
$12,141,000 Multifamily Fixed Rate Las Vegas, NV
$25,500,000 Self-Storage Floating Rate Austin, TX
$38,500,000 Office Fixed Rate Seattle, WA
$13,400,000 Industrial Floating Rate National City, CA
$28,000,000 Multifamily Fixed Rate Brooklyn & Bronx, NY
$17,600,000 Industrial Fixed Rate Baltimore, MD
$26,248,000 Retail Fixed Rate Venice Beach (L.A.), CA
$7,000,000 Hotel Fixed Rate Scottsdale, AZ
During times of market volatility and uncertainty, we are well-capitalized, actively originating new loans and consistently delivering flexible debt capital for value-add and opportunistic deals. Eligible Property Types ▪ Multifamily Targeted Transactions ▪ Value-add Acquisitions ▪ Lease-up or Upcoming Rollover
▪ Retail ▪ Office ▪ Light Industrial & Warehouse ▪ Self-storage ▪ Hospitality ▪ Student Housing ▪ Mobile Home Communities ▪ Condominium Inventory
▪ REO & Non-Performing Loan Acquisitions ▪ Recapitalizations / Partnership Buyouts
$12,780,000 Multifamily Floating Rate Redwood City, CA
$19,880,000 Office Floating Rate Denver, CO
▪ CMBS 1.0 Maturity Deadlines ▪ “Quick Close” Special Situations ▪ 1031 Exchange Deadlines ▪ Significant Renovation Projects ▪ Flexible Prepayment Terms
C ontact us to execute your strategic objectives. 213.873.4000 | deals@thorofarecapital.com
$13,250,000 Retail & Student Housing Floating Rate Charleston, SC
$23,000,000 Retail Floating Rate Koreatown (L.A.), CA
Thorofare Capital LLC – Loans made pursuant to California Finance Lender License. Thorofare Capital, Inc. – Real Estate Broker – CA Department of Real Estate – License #01891676. This communication is for informational purposes only and intended for our non-advisory loan origination and servicing clients only. As such, nothing herein is an offer or solicitation for the purchase or sale of any security. Investors may log into their private investor account using the Login link above. Deal terms subject to change at our discretion. Investments in real estate loans involves substantial risk. Total loans funded figures represent closed financing transactions across closed-end funds, programmatic joint venture arrangements and separate accounts. Please contact us if you would like information about our private fund series investments.
View More Transactions at WWW.THOROFARECAPITAL.COM
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60Made with FlippingBook - Online Brochure Maker