Mid Atlantic Real Estate Journal — April 12 - 25, 2013 — A The property is managed and leased by David Adam Realty Cronheim Mortgage’s Morris and Stewart arrange $48.5 million for NJ lifestyle cener F inancial D igest F eaturing T he A ppraisal I nstitute
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oodcliffLake, NJ — Dev Morris and Andrew Stew-
ar t have arranged permanent financing in the amount of $48.5 million for New Jersey’s most successful lifestyle center located in Woodcliff Lake. The 10-year loan was structured with five years of interest only, and amortizes over a 30 year schedule thereafter for the sponsor, WS Tice’s Corner Marketplace L.L.C. The subject property encom- passes 119,272 s/f and is cur- rently 100% occupied by some of the most well-known nation- al retailers including Apple, Williams-Sonoma, Athleta, J. Crew, Anthropologie, Pottery Barn, and Banana Republic. The property was developed in 2001, purchased by the sponsor in 2002, and has maintained an average occupancy of 99.4% since it stabilized in 2003. Ac- cording to Stewart, “the owner has done an excellent job alter- ing the tenant mix to ensure that this property maintains its dominant position for years to come.” The subject property is Tri-State Region — Commercial mortgage bro- kerage firm Eastern Union Funding announced that it has arranged approximately $15 million in financing for industrial properties located in the New York Tri-State region. Select transactions in- clude: • $9.8 million to acquire a 50,000 s/f industrial property on Grand Street in Brooklyn, NY, on a 10 year term, at 4 percent, and 15 year amor- tization. Ira Zlotowitz and Dov Zabrowsky arranged the transaction. The financing, with Investors Bank, was only possible due to Eastern Union’s strong relationship with the lender, and its ability to ar- range creatively structured
Lifestyle center located in Woodcliff Lake, NJ
located approximately 18 miles northwest of New York City and enjoys excellent visibility at the intersection of Chestnut Ridge Road and Tice Boulevard in one of the most affluent communities in New Jersey. Within a one- mile radius of the Subject, the average family household income and median home value exceed $178,000 and
$878,000, respectively. The property is managed and leased by David Adam Realty (DAR. Cronheim has been involved with multiple transactions for the sponsor including the 2012 disposition financing of a three-story retail build- ing with the Gap and Brooks Brothers, located in the prime shopping district of Westport,
CT. Cronheim’s Channel Real Estate Funds affiliate has also invested in the Westport redevelopment of an Urban Outfitters and an adjacent mansion converted to retail, restaurant, and office, a proj- ect that is now 100% leased. In December 2012, Channel Stamford became the largest equity investor in the future Cummings Point Executive
Park, a 210,000 s/f facility on the Stamford/Greenwich border that is currently being marketed to a variety of us- ers. According to Dev Morris, “DavidAdam Realty’s creativ- ity and hard work is adding value to all of these projects in an efficient and thought- ful manner. This is creating premium yields for our equity investors.” n
Under the overall supervision of managing partner Bergman company launches credit quality division Eastern Union Funding places $15 million in financing for for industrial properties located in NY Tri-State region deals.
process for banks, and elevate conversion rates on its loan submissions. Bankers will benefit from the new unit because they will be able to make decisions about Eastern Union loan applications faster and more efficiently. Eastern Union’s deal vol- ume has been rising steadily and dramatically. The com- pany now manages some 300 new submissions each month, and the pace continues to accelerate. Eastern Union’s multi-billion-deal pipeline is on a path to nearly triple its 2012 volume, itself the highest in the firm’s 11-year history. Within the coming weeks, Eastern Union will announce the leadership of the new division, which will function
outside the firm’s commission structure. Operating under the overall supervision of managing part- ner AbrahamBergman , the unit will establish an internal system of checks and balances through which loan submis- sions will be reviewed by an experienced finance profes- sional with a strong credit background. The division’s leadership will have extensive knowledge of commercial banking, and will work in tandem with a bank’s underwriting, credit and processing departments. “Eastern Union has always taken pride in our ability to consistently unite the inter- ests of lender and borrower by closing only top-quality transactions,” said Bergman.
“With deal volume rising sig- nificantly, we will continue to live up to this high standard by ensuring that brokers understand the way bankers think about credit.” “A banker ’s time is pre- cious,” he said, “and we want bankers to know that East- ern Union speaks their lan- guage.” “Even with a major surge in deal flow, our new credit quality division means that Eastern Union will maintain the high credit standards we have always set for bor- rowers,” said Eastern Union president Ira Zlotowitz. “Our powerful relationships with bankers are critical to our suc- cess. The new credit quality unit will reinforce and fortify these relationships.” n
• $3.3 million to refinance a 44,000 s/f industrial property in Bergen County, NJ, on a 10 year term, at 4.05 percent, and 30 year amortization. Eli Breiner of Eastern Union ar- ranged the transaction. • $2 million to refinance a 20,000 s/f industrial property on 121st St in Queens, on a 10 year term, at 4.74 percent, and 20 year amortization. Jonathan Singer of Eastern Union arranged the transac- tion. In other news, on pace to close $3 billion in mortgage financing in 2013, Eastern Union Funding is launching a credit quality division that will further enrich its relationship with the banking community, speed the mortgage approval
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