R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
Investors Bank provides financing for Historic Office Building Progress Capital closes three loans totaling $86.2 Million
ISSUE HIGHLIGHTS Volume 26 Issue 16 Aug. 29 - Sept. 11, 2014
M Commercial Real Estate Law Experts
The building’s Neo-Gothic ar- chitecture is visible for blocks because of its two-story cop- per mansard roof decorated with terra cotta gargoyles and eagles. The family is planning a renovation of the lobby and common spaces for the com- ing year while preparing for the opening of the Belgian Beer Café, who will anchor the building’s first floor retail. JERSEY CITY, NJ — A $27.5 million construction loan was arranged by Kathy Anderson to develop a five- story apartment building that will contain 265 units in addi- tion to 5,700 s/f of retail space. The rate is 30 day LIBOR plus 275 bps, floating for 24 months with two 12 month extension options and 25% limited re- course. Located directly across from the Mana Contemporary Fine
Art Complex, the building will benefit from the housing needs of many in the art community. HOBOKEN, NJ — A port- folio of multi-family properties was financed by Brad Do- menico , EVP of Progress Cap- ital in the aggregate amount of $23.7 million for a single own- er. Brad Domenico negotiated a rate of 2.99% for years 1-5 increasing to 3.99% for years 6-10 based on a 30 year amor- tization, non-recourse for all but one of the properties. The remaining property located at 901 Bloomfield Ave. required a construction loan to redevelop an existing Church into seven luxury condominiums. The lender advanced funds for the acquisition of the Church and provided enough time for the owner to secure the required approvals for the repositioning into condominiums. n
ANHATTAN, NY — A $35 million fixed rate loan was ar-
ranged by Kathy Anderson , founder of Progress Capi- tal for the 20 story Historic Landmark Office Building located at 220 Fifth Avenue. The non-recourse loan has a term of 15 years based on a 30 year amortization. The funds were used to refinance an existing CMBS mortgage with Berkadia Commercial Mortgage . This iconic office building has been owned by the same family since 1991. The owners worked with Prog- ress Capital over a 6 month period exploring all options available including CMBS, Insurance Companies and Regional Banks. The own- ers finally chose to accept a loan with Investors Bank which provided the flexibil-
Governor’s Conference on Housing and Economic Dev.
220 Fifth Avenue
ity and personal service they required. Formerly known as the Croisic Building, 220 Fifth Ave. was constructed in 1912.
Properties will be managed by Investment Real Estate Management Investment Real Estate’s Gilliland & Barry broker sale of 957 unit portfolio in Baltimore, Maryland
To Register www.marejournal.com 2014 Conference Schedule Sept. 18 NJ Apartment/ Multifamily Summit Oct. 16 NJ Construction Summit Oct. 17 PA Apartment / Multifamily Summit
management expertise to first generation assets. The only marketing strategy previous-
BALTIMORE, MD — In- vestment Real Estate, LLC announced the transaction where control of the Security Mini Storage and Beltway Mini Storage facilities was trans/ ferred to new entity. John Gilliland and John Barry represented both seller and buyer in the transaction. The properties will be managed
ly employed was on-site signage with a phone num- ber! All new systems are now in place for revenue m a n a g e - men t , web based mar- ket ing and l e a d g e n - eration, 24- hour rental capabilities, rental trucks, tenant insur- ance plans,
Owners, Developers & Managers..Section B Green Buildings............................. 21-27B Shopping Centers..........................Section C
Beltway Mini Storage
A number of improvements are under way by Investment Real Estate Construction including new signage, office refurbish- ment, completion of the new roofing project, perimeter fenc- ing and installation of key pad operated gates. Moove In Self Storage is excited to move into the great- er Baltimore market. These properties offered a great opportunity to bring IREM’s
by Investment Real Estate Management (IREM) and operated under the trade name Moove In Self Storage. The properties are located in Baltimore, near the inter- section of Interstates 695 and 70. Combined, they total 957 units with 69,508 s/f of rentable space. The properties contain 13 single story drive-up build- ings constructed of split face block with metal roll up doors.
retail sales, auction proce- dures, on-call maintenance and professionally trained on-site management. “This transaction was one of the most creative that we crafted in our 17 years of sell- ing self storage facilities,” said John Gilliland, broker. n
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