F inancial D igest

Real Estate Journal — May 11 - 24, 2018 — 5A


M id A tlantic

A combined 307 units on eight properties throughout New Jersey NorthMarq Capital’s Cohen finalizes $30 million refinance of DeMatthesis multifamily portfolio


100 Hillside Ave.) Edison, NJ “The borrower is a full ser- vice real estate investment company whose business activities encompass the ac- quisition, development, re- development and manage- ment of strategically located neighborhood/community shopping centers and apart- ment complexes in around NJ,” said Cohen. “NorthMarq was able to help the borrower secure long term financing with a national life company at an attractive rate. Owner- ship was able to pay off their debt service and recoup equity which will be reinvested into all eight properties.” n variety of other companies out- side of the traditional scope of manufacturing and industrial enterprises, and it can also fi- nance costs associated with the acquisition of machinery and equipment, as well as working capital costs. Through this initiative, RIDC will begin focusing on offer- ing PIDA loans to companies throughout the region that meet the program’s criteria, whether or not they are located in an RIDC property. Donald Smith, Jr. , RIDC’s CEO, said: “RIDC plays a unique role in this region, de- veloping properties that become economic drivers for their com- munities and supporting the growth of companies that popu- late those properties and create jobs. Our partnership with these companies and under- standing of their needs is what attracts so many fast-growing businesses, in fields ranging from robotics to life sciences to manufacturing, to RIDC sites. “Being able to serve as a con- duit for PIDA loans, not only to our tenants, but to companies throughout the region that are contributing to our economy, creating jobs and growing our tax base will now enable us to play an even greater economic development role with a far greater number of businesses.” n

at 34-36 Elm St., Morristown, NJ • Morris Hill Apts. located at 34 Hill St., Morristown, NJ • Elmwood Gardens located at 30 Elm St., Morristown, NJ • Franklin Hill Apts. lo- cated at 44 Hill St., Morris- town, NJ • Highland Manor Apts. located at 330-338 Crowells Road, Highland Park, NJ • Park Ridge Manor Apts. located at 304 South Second Ave., Highland Park, NJ • Bridgeton Apts. located at 101-130 Martin Terrace, Woodbridge, NJ • Hillside Apts. located at 307-311 Division St. (AKA

EWJERSEY — Gary Cohen , senior vice pr e s i den t /manag -

ing director o f No r t h - Marq’ s NJ regional of- fice, arranged the $30 mil- lion refinance of the DeMat- theis Multi- family Portfo-

Gary Cohen

lio, which contains a combined 307 units on eight properties. The transaction was structured with a 15-year term on a 30- year amortization schedule. NorthMarq arranged financ- ing for the borrower through

DeMattheis Multifamily Portfolio in New Jersey

its correspondent relationship with a life insurance company.

The properties are located at: • Morris Elm Apts. located

RIDC partners with Pida to expand low-interest loanprogram

Jacobovitch and Munk of Meridian arranges $13 million in financing

Pittsburgh, PA — Re- gional Industrial Develop- ment Corporation of South-

tion was negotiated by Merid- ian senior vice presidents, Jay Jacobovitch and Josh Munk , who are based in the company’s Iselin, NJ office. The commercial properties span 132,574 s/f and are lo- cated at 15, 20, 25, 37, 80-100, 356 and 363-365 Market St. and 360 Carnegie Ave. in Ke- nilworth, NJ. Tenants include Community Bank, KinderCare Learning Center, and Atlantic Federal Credit Union. “Maximizing loan proceeds on a seven-property office and industrial portfolio is a of Silver Arch Capital Part- ners. “More owners, investors and developers than ever before are taking note and sending their loan submis- sion forms to us.” The expansion is a natural next step for a firm whose partners have closed more than $2 billion in loans over the course of their careers. Wolfer added that the firm’s specialty, bridge loans to owners, investors and devel- opers in the commercial real estate market, has driven its growth in a cautious commer- cial real estate market. “We get more and more

challenging assignment, and finding a balance sheet lender ready to fill the space typically occupied by CMBS lenders adds another layer of complex- ity,” said Jacobovitch. “We were able to leverage Merid- ian’s strong relationships with a wide network of lenders, identifying a suitable balance sheet lender to provide the financing at a very competi- tive rate. This execution gave the borrower both the flexibil- ity and post-closing customer service indicative of a balance sheet loan.” n calls from borrowers who need to access capital to complete these multi-facet- ed commercial real estate transactions,” Wolfer said. “Bridge loans can be tricky, and borrowers want to make sure that these loans are in capable hands. They’ve come to the right place.” The expansion comes right after the launch of a mobile- friendly website, which fea- tures an easy loan submis- sion form for borrowers. “We’re proud to continue to serve our borrowers both online and offline,” Wolfer said. n

Kenilworth, NJ — Meridian Capital Group ar- ranged $13 million in financ- ing for the refinance of the

w e s t e r n Pennsylva- nia (RIDC) i s par tne r - ing with the Pennsylva- nia Indus- t r i a l D e - velopment A u t h o r i t y

Cristie Port- folio, seven commercial p r o p e r t i e s l o c a t e d i n Kenilworth, on behalf of Pierre Devel- opment Corp. The seven-

Donald Smith, Jr.

(PIDA) to market an expanded offering of PIDA’s programs of low-interest loans and lines of credit for businesses. By of- fering a wider range of PIDA assistance, a larger number of Pennsylvania businesses can commit to creating and retain- ing full-time jobs within the commonwealth. RIDC has primarily utilized PIDA real estate loans in the past to finance the develop- ment of industrial parks and multi-tenant facilities and has been responsible for financing more than 300 projects total- ing more than $295 million through the assistance of PIDA. Prior to the PIDA consolidation which occurred in November 2014, PIDA loans were only available for the purchase or improvement of real estate as- sets. By utilizing the full range of PIDA’s current loan offer- ings, RIDC can now assist a

Josh Munk

year loan, provided by a bal- ance sheet lender and features a rate of 4.375%. This transac-

Silver Arch Capital Partners expands Hackensack, NJ HQ

HACKENSACK, NJ — Silver Arch Capital Part- ner announced the expan-

s i on o f i t s h e a d q u a r - ters at Conti- nental Plaza, a 650,000 s/f office com- plex located on Hacken- sack Ave. in Hackensack.

Jeffrey Wolfer

“We are known nationally for our flexibility, creativity and speed in a field not typi- cally associated with any of those traits,” said Jeffrey Wolfer , president and CEO

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