Real Estate Journal — May 15 - 28, 2015 — 23A


M id A tlantic

F inancial D igest

HILADELPHIA, PA — Rittenhouse Capi- tal Advisors , based in 92 unit, 2-building complex situated on the campus of the University of PA Rittenhouse Capital Advisors arranges $6.1 million acquisition financing & renovation loan P

The interest-rate is fixed for 5-years at 3.35% and the guarantee was structured with a “burn off” provision. Prepayment provision is a step-down. George Johnson , presi- dent and CEO of Rittenhouse Capital Advisors, said, “We are thrilled to deliver a com- pelling financing structure to our client which provides the best of all worlds: high lever- age, along with a low fixed interest rate (3.35%), and an interest only period that will help transition the value-add project to the next level.” n

Philadelphia placed the debt on an acquisition and renova- tion loan in the amount of $6.1 mil- l i o n o n a 2-building,

George Johnson

92 unit apartment complex situated on the west end of the campus of the University of Pennsylvania. The unique financing struc- ture included funding on 80% of the acquisition price and 100% of the renova- tion costs. Repayment is structured with the first 18 months on an interest only basis followed by principal and interest payments based on a 30 year amortization. Ullico invests more than $1.36 billion in 2014 WASHINGTON, DC — In 2014, Ullico closed more than $1.36 billion in construction, permanent and other loans to the commercial real estate community. Financed by Ullico’s affili- ate The Union Labor Life Insurance Company pri- marily through its Separate Account J (known as ‘J for Jobs’), the loans were com- prised of: • $813 million in construc- tion loans • $477 million in perma- nent loans. • $73 million in other loans “Ullico continued to dem- onstrate the strength of our commercial real estate invest- ment vehicles by utilizing fund assets for a variety of projects,” said Herbert Kol- ben , senior vice president of Union Labor Life’s Real Es- tate Investment Group. “We look forward to building on our success in 2015.” “The impact of these invest- ments are designed not only to provide returns for our inves- tors, they provide job creation to union members and union contractors,” said Edward Smith , president and CEO of Ullico Inc. “With our in-depth knowledge of the labor mar- ket, no other company comes close to serving the union workplace like Ullico.” n

2-building complex situated on the west end of the campus of the University of PA

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