F inancial D igest
Real Estate Journal — May 15 - 28, 2015 — 19A
www.marejournal.com
M id A tlantic
Eastern Union’s Eisen brokers non-recourse $22.5 million loan
EW YORK, NY — Greystone , a real estate lending, invest- Acquisition of a six-property multifamily portfolio Robert Russell of Greystone originates $95.8 million loan N
are located in Raleigh, North Carolina and the Dallas / Fort Worth region in Texas, including the following proper- ties: Copper Crossing (DFW); Estrada Oaks (DFW); Sut- ter Creek (DFW); Remington Place (Raleigh); The Timbers (Raleigh); and The Trestles (Raleigh). The 10-year CMBS loan includes a 30-year amor- tization. "The fundamentals in both
Raleigh and Dallas remain extremely strong for multifam- ily acquisitions," said Russell, who serves as head of produc- tion for Greystone's CMBS team. "With Greystone's expe- rience and speed of execution, the borrower was able to take advantage of favorable CMBS loan terms and an attractive interest rate so they could add immediate value to the properties." n Monsey, NY garden apart- ment complex. The 10-year loan has an interest rate of 3.10% and was placed with Voya Insurance and Annuity Company, whom Cronheim represents as correspondent and servicer. The Subject is located at 69-P Edison Court and was constructed in 1973. It encom- passes 13 buildings and 328 apartment units available in one-, two-, and three-bedroom layouts. Each apartment con- tains hardwood floors, air con- ditioning, large walk-in closets, and a patio, deck, or balcony. According to Andrew Stew- art, “When it comes to apart- ments, Voya, as well as our other insurance company corre- spondents, are some of the best sources for long-term fixed-rate financing. We can lock rate quickly and close without red tape.” The subject property is lo- cated off of State Route 306 in Monsey, Rockland County, New York, a hamlet of the town of Ramapo. The south town line is the border of New Jersey, and the west town line is the border of Orange County. The property is conveniently located near the New York State Thruway and I-287, two heavily travelled highways, as well as State Route 17 and the Palisades Interstate Parkway. Located in one of New York’s steadily increasing multifamily submar- kets, the Hudson Valley market in the southeast quadrant of New York, the subject is less than 40 miles north of NYC. n
ment and advisory firm an- nounced it has provided a $95.8 million CMBS loan for the acquisition of a six-property multifamily portfolio on behalf of a Midwest-based borrower. The loan was originated by Robert Russell of Greystone. Comprising 1,856 total units, the multifamily properties BALTIMORE, MD — An- drewStewart and DevMorris have arranged $52.705 million in financing for THE AVENUE at White Marsh. The loan was structured with a 7-year inter- est-only term and a fixed-rate of 3.35%. The subject property is a 298,000 s/f, "main street" life- style center, located in the White Marsh community of Baltimore. The subject, con- structed in 1997, is leased to a variety of local and national re- tailers including Ulta, Chico's, Old Navy, Starbucks, A.C. Moore, Staples, Carter's, Fa- mous Footwear, and Pier 1 Im- ports, among others. The center also features a 16-screen, state- of-the-art AMC IMAX theatre which regularly ranks within the top theatres by sales vol- ume nationwide. The subject property has excellent visibility from I-95 and is neighbored by IKEA and the 1.2 million s/f White Marsh Mall. According to Andrew Stew- art, "This property is yet an- other example of how Federal Realty is able to create the kind of retail environment that generates incremental value for tenants, shoppers, and shareholders alike." Whi te Marsh, MD i s a planned, 2,000-acre mixed- use community, situated in the northern portion of Baltimore County, just 18 miles north of downtown Baltimore. The sur- rounding community features over 2 million square feet of office and research space, 600 hotel rooms, and over 5,000
975 Walton Avenue
Cronheim’s Stewart and Morris ar- range $52.705mon behalf of Federal
BRONX, NY — Eastern Union Funding arranged financing for a circa-1927 building on 975 Walton Av- enue in the Bronx on behalf of City Life Realty . Eastern Union’s client scooped up the property’s 185 multifam- ily units and one commercial space from E & M Associates for $30 million. The prewar property sur- vived a severe fire in 2012, rebuilt, and remains a neigh- borhood fixture. It is throwing distance fromYankee Stadium and a landmark in The Bronx.
Eastern Union’s David Eisen brokered a non-re- course $22.5 million loan with Investors Bank . The deal has a 12-year term with the first seven years fixed. The deal is also the latest in a slew of mid- to-large New York City acqui- sitions facilitated by Eisen, who said this property has a distinguishing trait: namely size. “You don’t find buildings like this anymore. It’s big. Big boxy building with big units—they don’t built such large units today,” Eisen said. n
HFF places $14.475 million loan on Dupont Circle office building in DC
THE AVENUE
residential units. In the past decade, White Marsh has seen more than 3.8 million s/f of business development. Clus- ters of financial, insurance and health care operations, light manufacturing, technology and distribution, surround a vibrant town center. Cronheim has also recently financed similar best-in-class lifestyle retail properties in New Jersey, Connecticut, New York, Colorado, and Florida. MONSEY, NY — Dev Morris and Andrew Stew- art have arranged financing totaling $8.5 million for a
1509 16th St. NW
1509 16th St. NW is situated in downtown Washington, DC about eight blocks from the White House and four blocks from The Dupont Circle Metro station. Originally built in 1909, the building will be fully renovated by early 2016 for owner/user UberOffices, which will occupy the entire building. The HFF debt placement team representing the bor- rower was led by director Dan McIntyre . n
WASHINGTON, D.C. — HFF has placed $14.475 mil- lion in financing for 1509 16th St. NW, a 32,000 s/f office building in Washington, DC’s Dupont Circle. HFF worked on behalf of the borrower, MRP Realty and UberOffices, to secure the 10- year, fixed-rate loan through First National Bank. Loan proceeds were used to acquire the building and fund renova- tion/lease-up costs.
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