F inancial D igest F eaturing T itle /I nsurance
Real Estate Journal — October 14 - 27, 2016 — 5A
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M id A tlantic
Silver Arch Capital originates $10.75m land loan for Jersey City
10-year Freddie Mac loan was provided by Capital One MeridianCapital inks $71.9m in financing for 741-unit portfolio
the financial district in lower Manhattan.” Despite the ideal location, traditional lenders continue to shy away from undeveloped properties. “Silver Arch Capital Part- ners sees opportunities when others tend to turn their backs. If the borrower has a strong track record, we will take the long view regarding value-add potential to the point where the loan can be refinanced with a conduit or CMBS loan or by a portfolio lender. The traditional lender, in contrast, will tend to have a greater fo- cus on current cash flow. “The great location coupled with the Marriott brand name and the experience of the people behind the respected Tramz Hotels Group enabled us to provide them with great terms and a quick closing.” Tarrunumn Murad along with her husband Tajjammal Murad founded Tramz Hotels Group in 1987. “We are thrilled to have se- cured this financing through Silver Arch Capital Partners and happy they saw the in- credible potential of this area and this project just as we did,” said Murad. “We appre- ciate the confidence they have placed in us.” n
HACKENSACK, NJ —The rapid development currently underway on the Jersey City, New Jersey waterfront will soon feature another new flag- ship property. The develop- ment of a 276-room Marriott hotel will proceed, thanks to a $10.75 million refinancing loan originated by Silver Arch Capital Partners , a Hackensack, NJ-based private lender. Wh e n c omp l e t e d , t h e 202,495 s/f hotel, developed by Statue of Liberty Harbor North Development Urban Renewal, LLC , will consist of a full service restaurant, a bar and lounge area plus associated services such as concierge, salon, meeting/ban- quet rooms and a full service fitness center. Located in Liberty Harbor North, the 15,300 s/f parcel is located at 155 Luis Munoz Marin Blvd., Hudson County. “We see waterfront areas as particularly attractive,” said Jeffrey Wolfer , president and CEO of Silver Arch Capi- tal Partners. “Jersey City is one of the most desirable areas on the east coast. The property is in close proximity to nearly 6 million s/f of office space, 5,000 residential units and is just across the Hudson River from
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One Multifamily Finance and was negotiated by Meridian senior vice president, Barry
takes pride in being a partner of choice for both borrowers and lenders, providing well executed and timely solutions across a range of property types, funding scenarios and geographies. Our team has the relationships and the industry experience to serve as a trusted resource for both borrowers seeking capital, and the institutions that can provide it.” n rate and the interest-only fea- tures of this loan, Meridian ar- ticulated Navarino’s position as a well-run family-owned real estate company with the proven ability to source transactions with solid upside and closely manage those properties to maximize cash flow and value,” said Lefkow- itz. “This transaction is also an example of how Meridian worked closely with Capital One to close a complex trans- action where the sponsorship had both a domestic preferred equity partner as well as for- eign investors in the capital stack,” he added. n •1031 exchange buyers who do not have the required funds to secure an exchange property. “Inspired by clients and contacts in the real estate in- dustry who have approached us for assistance with de- posit funding, we have cre- ated a success-based pricing structure that is sensitive to the buyer’s all-in costs,” said Cohn. Currently, the founders are financing this new venture from their own resources, with institutional backing and crowd funding as the next development in their growth. n
EW YORK — Merid- ian Capital Group , America’s most active
Lefkowitz , and vice pres- ident, Steve H a l p e r t , who are both based in the c omp a n y ’ s Iselin, NJ of- fice. “ B r i d g e -
debt broker, a r r a n g e d p r e f e r r e d equi ty and $71.9 million in acquisition financing for the purchase of a six prop- er ty , 741 -
Barry Lefkowitz
Steve Halpert
port, CT-based Navarino Cap- ital effectively doubled the size of its portfolio with the acquisition of this portfolio. In order to obtain the 80% loan- to-cost financing, a favorable
unit, multifamily portfolio located in central Connecticut on behalf of Navarino Capi- tal Management LLC . The 10-year Freddie Mac loan was provided by Capital
Tremont Realty Capital arranges $5m financing for 128-site housing community
of the property at a 3.76% fixed interest rate for 10 years, 2 years interest-only, followed by 8 years of amortization on a 30-year schedule. According to John Chase , director of capital markets for Tremont, “Tremont Realty Capital structured financing that allowed our client to recapture equity while satis- fying the payoff deadline of the existing note. Tremont “Countless talented entre- preneurs are forced to pass on buying opportunities because they do not have immediate funds available for the deposit. With our platform, they will now have the ability to tie up deals while they raise the required equity,” said Modell. “Now investors will have the power they need to proceed with all real estate deals being considered.” This platform is geared toward borrowers of varying profiles, including: •Entrepreneurs beginning their real estate career. •Experienced investors, often presented with several opportunities, whose immedi- ate funds may be unavailable
LEWES, DE — The An- napolis office of Tremont Realty Capital , a division of The RMRGroup , announced that it has structured capital for the refinance of Donovan- Smith Manufactured Housing Community, a 128-site com- munity located in Lewes, DE. The non-recourse loan, fund- ed through a relationship lender, represented approxi- mately 70% of appraised value
NorthMarq Capital arranges financing for The Bottle Building at Brewers Hill
New firm BCRM Group funds due diligence deposits NEW YORK, NY — BCRM Group LLC , a real-estate deposit funding startup, an- nounces it will fund earnest money deposits for residential and commercial real estate acquisitions in the United States. property and wants to ensure money is sitting in a secure, escrow account during the lending period. to tie up every deal being considered. •Financial investors with a preference for delaying the internal rate of return clock by funding deposits off the balance sheet.
In response to the unad- dressed demand for capital, owners Ben Cohn and Randy Modell formed BCRM Group to provide capital for 30 to 90 days. The company offers buy- ers immediate financing for soft deposits, enabling them to sign contracts and close on properties. The company can lend for as long as 12 months, charging a monthly fee of one percent. BCRMGroup is a soft money lender, and the day the con- tract becomes hard is the day the loan needs to be paid. The company will never own a
The Bottle Building at Brewers Hill
year amortization schedule. NorthMarq arranged financing for the borrower through its re- lationship with a regional bank. “The project is the former bottling building for the Gun- ther Brewery in the Brewers Hill neighborhood of East Bal- timore. In 2005, the building was redeveloped into a retail/ office mixed use under historic preservation guidelines,” said Ferrell. n
BALT IMORE , MD — Nancy Ferrell , senior vice president/managing director, and Bill Libercci , senior vice president/senior director of NorthMarq Capital ’s Balti- more office secured permanent financing for The Bottle Build- ing at Brewers Hill, a 50,000 s/f mixed-use property located at 3600 Boston St. in Baltimore. The transaction was structured with a 10-year term and 25-
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