4A — September 28 - October 11, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL In New York and New Jersey CMC closes $47.5 million worth in August 2012 L IVINGSTON, NJ — MarkScott’sCommer- cial Mortgage Capital
334 Rising Sun Road, Bordentown, New Jersey
ond phase of construction at Sterling Parc, a multifamily complex located in Middle- town, NY. The financing, ob- tained through PNC Bank , allows for the construction of an additional 120 units and 17,652 s/f of retail space at the Sterling Properties of New Jersey owned property, which will consist of 192 units when completed. The 72-unit phase one has already experienced rapid lease-up, and construc- tion on phase two of Sterling Parc is underway, with units expected to deliver over the next 18 months. The company also arranged a $17.5million loan for 152,000 s/f of prime office space in Yon- kers, NY, which is currently experiencing a multi-billion dollar revitalization program. The area offers convenient ac- cess to Metro-North, Amtrak, Westchester County’s Bee- Line Bus System, the New York State Thruway and two major parkways – the Cross County Parkway and SawMill River Parkway.
Rounding out the August activity was a $3 million first mortgage refinance of a 109- unit high-rise apartment building located on Broad Street in Elizabeth, NJ. The well-maintained property con- sists of 12 studio apartments, 73 one-bedrooms and 24 two- bedroom units. The financing was obtained through AEGON USA Realty Advisors . These transactions follow on the heels of an enormously successful year for CMC, which closed $88.9 million worth of permanent and construction loans in the first six months alone. Scott attributes this to the historically low interest rate environment. “Currently, multifamily borrowers are seeing some of the lowest fixed rates in history for lower loan- to-value transactions, locking in 10-year rates that begin at 3%, and with one-month LI- BOR holding at less than 30 basis points since May 2009, floating rate borrowers are seeing equally low level,” he noted. ■ Newtown South, a 128,700 s/f neighborhood shopping center located at S. Eagle Rd. & Silo Rd. in Newtown, anchored by Petsmart, Ace Hardware, Olly Shoes, Wendy’s and Sleepy’s. ■ EXTRADISTRIBUTIONTOTHE Fastest Growing Firms • This issue will print as a pull-out section LISTINGLenders who are active in the New Jersey, Pennsylvania, Delaware, Maryland and DC area • To receive your FREE LISTING , complete and fax coupon below. • Call to reserve editorial space or expert article on the current state of the commercial lending market
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(CMC) an- nounced that it has closed $47 . 5 mi l - lion worth in loans for the month of Au- gust. “ We a r e p l eas ed t o
Direct access to Exit 7 of the NJ Turnpike, Exit 56 of I-295, and Routes 206 & 130 Centrally located between Philadelphia (32 miles) and New York City (64 miles) Close to a variety of dining establishments, banks, & convenient retail services Owner managed property management services
856.234.9600 Roy Kardon, SIOR | roy.kardon@naimertz.com Rebecca Ting, SIOR | rebecca.ting@naimertz.com Julie Kronfeld | julie.kronfeld@naimertz.com Leasing Contact:
Mark Scott
announce our latest Com- mercial Mortgage Capital transactions, which support our strategy of arranging fi- nancing for multifamily real estate projects in the Tri-State region,” said Scott, founder and principal of CMC. “These loans speak to our ability to facilitate the proper financ- ing structure in an expedited manner. We understand the competitive marketplace and offer quick turnaround as well as responsive and professional guidance throughout the en- tire loan process.” CMC secured a $27 mil- lion loan to finance the sec-
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If you would like more information about real estate services offered by Vanguard Realty Group, contact the representative listed above or visit www.vanguardrealty.com. Vanguard Engineering & Energy Services 301.795.1400 Optimal Building Performance for the Commercial & Multifamily Real Estate Industry, providing clients with positive tenant, resident, and customer relationships, heightened corporate citizenship, and a valued place in their community. Vanguard Realty Group is pleased to announce the addition of Mr. Christopher Bloyer as Chief Operating Officer for their affiliate company Vanguard Engineering and Energy Services.
Soloff Realty&Development finalizes $2.075 million lease with the Rothman Institute
Rothman will open its 15th location at 2700 S. Eagle Rd. where they will occupy a 2- level, 11,060 s/f free-standing building with designated park- ing within the The Village at
NEWTOWN, PA — Soloff Realty & Development, Inc. (“SRD”) has finalized a new 10-year lease, valued at over $2.075 million with the Roth- man Institute.
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