F inancial D igest F eaturing 1031 E xchange & A ppraisal
M id A tlantic Real Estate Journal — September 11 - 24, 2020 — 5A
www.marej.com
ORTH HALEDON, NJ _— JLL Capital Markets announced $34M loan secured for 920 Belmont Avenue development in North Haledon, NJ Mikula and Klein of JLL arranges loan for Tulfra Real Estate & The Hampshire Companies N ing stations and a fire pit. The development is also conveniently located near
working in,” said Klein. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.” “This project has been years in the making and will finally come to fruition due to the per- sistent efforts of the borrower,” continued Mikula. “Kudos to Investors Bank for helping us get to the finish line during COVID.” JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupi- ers. The firm’s in-depth local market and global investor knowledge delivers the best- in-class solutions for clients — whether investment advi- sory, debt placement, equity placement or a recapitaliza- tion. The firm has more than 3,700 Capital Markets special- ists worldwide with offices in nearly 50 countries. MAREJ
northern and central New Jersey and N e w Y o r k City’ s most p r om i n e n t employment centers. Ide- ally situated f o r t h o s e
today the ar- rangement of a $34 million construction loan for the development of a mul t i - housing prop- erty at 920 Belmont Ave. in North Haledon.
Jon Mikula
Michael Klein
wanting easy access to urban life, the property is within a five-mile radius of three train stations: Glen Rock Borough Hall, Hawthorne Station and Paterson Station with access to Hoboken, Jersey City and Manhattan. Nearby highways include New Jersey Rte. 208, I-80, I-287 and The Garden State Pkwy. Additionally, 920 Belmont Ave. is just 0.3 miles from William Pater- son University and residents will benefit from a variety of
JLL worked on behalf of the borrowers, Tulfra Real Estate and The Hampshire Companie s, to secure the loan through Investors Bank . The development is expected to be completed in 2021. The 180-unit, affordable lux- ury apartments will contain modern amenities including a fitness center, lounge area, coworking space, pet wash center, bike storage, outdoor pool and patio area with grill- PHILADELPHIA, PA — SCOPE Capital Group, LLC has arranged $20.5 million in construction fi- nancing for 88 market-rate apartments with 8,500 s/f of ground floor retail. The loan was funded by a regional bank to an undisclosed bor- rower for the ground-up con- struction of 2nd St. Lofts in Philadelphia. Scope Capital Group’s man- aging director Matthew Rosenberg negotiated the financing. The 75% loan-to-cost con-
920 Belmont Ave.
shops, restaurants and en- tertainment that support the university. The property is also locat- ed in the burgeoning Pas- saic County submarket, where mul t i -housing propert ies make up roughly 29.3% of the local market inventory with a total of 6,278 units across 112 properties.
The JLL Capital Markets team representing the bor- rower was led by senior man- aging directors Jon Mikula and Michael Klein . “We are pleased to have been able to close this transac- tion on behalf of Tulfra Real Estate and The Hampshire Companies despite the diffi - cult market conditions we are
SCOPE Capital Group Arranges Construction Debt for 88-Unit Luxury Mixed-Use Project in Philadelphia
struction loan was provided by a regional bank and features a permanent conversion option to non-recourse. Located at 1701 North 2nd
St., the 18,650 s/f development site is located within a qualified opportunity zone at the border of Olde Kensington and Fish- town neighborhoods. MAREJ
Cronheim closes $4.4M pre-stabilized permanent financing for retail center
Florida’s west coast. The loan was structured on a 10/25 basis with flexible prepay and the interest rate was locked four months prior to closing. It was placed with Southern Farm Bureau Life Insurance Co. MAREJ
MANATEE COUNTY, FL — Cronheim Mortgage ar- ranged a $4.4 million perma- nent loan for a recently devel- oped neighborhood shopping center in the fast-growing Lakewood Ranch commu- nity of Manatee County on
2nd St. Lofts
INSIDE: Kay Properties..............................................................................................................................................................................6-7A Louis Rogers, Capital Square........................................................................................................................................................ 8A Jay White, MAI, CRE, Apex Realty Advisory. ............................................................................................................................. 10A Appraisal Institute Southern NJ Chapter...............................................................................................................................14-15A
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