Mid Atlantic Real Estate Journal — December 6 - 19, 2013 — 13A For the Hilton Meadowlands and the Sheraton Edison PCCP provides senior loans totaling $57.5 million to recapitalize two New Jersey hotels F inancial D igest F eaturing T ax I ssues & A ccounting
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EW YORK, NY — PCCP, LLC announced it has provided two se-
and repositioning of the Hilton Meadowlands & Conference Center (formerly the Sheraton Meadowlands), a 427-room full-service hotel located less than a mile from MetLife Stadium (the site of the 2014 Super Bowl) and just six miles west of Manhattan. The hotel was acquired in 2005, under- went a $17 million renovation in 2006, was reflagged as a Hil- ton Hotel in conjunction with the closing of the PCCP loan, and will undergo a significant property improvement plan following the Super Bowl. PCCP also provided a $16.5 million loan to refinance an
existing senior loan on the Sheraton Edison, a 276-room full-service hotel located with- in the Raritan Center corpo- rate park in Edison, which is made up of nearly 350 compa- nies and over 13 million s/f of flex/industrial/office space. The hotel is also less than 1.5 miles from the 125,000 s/f New Jer- sey Convention & Exposition Center and is well positioned at the confluence of the New Jersey Turnpike, I-287, and the Garden State Parkway. The property was acquired in 2007 and underwent an exten- sive $20 million renovation in 2008. n
nior loans to a private, East Coast-based real estate firm totaling $57.5 million for the recapitalization of two New Jersey hotels. The hotels in- clude the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison. “These loans are supported by institutional quality assets with strong in-place cash flow and significant upside poten- tial,” said Kevin Chin , vice president with PCCP, LLC. PCCP provided a $41 million loan for the recapitalization
Sheraton Edison, Edison, NJ
Meridian Capital Group arranges $4.8 million in permanent financing
MMCC arranges $5.3m multifamily aquisition loan
1221 Mount Vernon
PHILADELPHIA, PA — Marcus & Millichap Capi- tal Corp. (MMCC) has ar- ranged $5.3 million of debt for an apartment complex in Philadelphia. Kristopher Wood and John Banas , both directors inMMCC’s Philadelphia office, arranged the loan. “The borrower has worked with us on past projects and was seeking a five-year fixed- rate construction loan,” says Wood. “Our client wanted to mitigate the interest rate risk between now and stabiliza- tion.” “The 40-unit apartment building is in the Loft District,” says Banas. “It is an up-and- coming area in the city that is regarded as one of the top
places to live.” The five-year fixed loan am- ortizes over 25 years at 4.7 percent and it is interest only for the first 18 months. The loan represents 80 percent of the total cost of the project. Marcus & Millichap Capital Corporation is a subsidiary of Marcus & Millichap Real Estate Investment Services. Through its network of nation- al and regional lenders, MMCC provides capital markets prod- ucts for a wide variety of in- vestment properties, including apartments, shopping centers, office buildings, industrial fa- cilities, single-tenant net-lease properties, seniors housing, hotels/motels, manufactured home communities and self- storage facilities. n
124 Montague St., Brooklyn, NY
BROOKLYN, NY — Me- ridian Capital Group, LLC negotiated a $4.8 million mort- gage for the refinancing of a retail property located in Brooklyn, NY. The ten-year loan features a fixed-rate of 3.375% and was provided by a local balance sheet lender. This transaction was arranged by Meridian Capital Group vice president, Judah Hammer , who is based
in the company’s NewYork City headquarters. The two-story retail prop- erty, located at 124 Montague St., contains two commercial spaces totaling 4,450 s/f and a small office space. Situated at the corner of Montague St. and Henry St. the property is oc- cupied by notable tenants The Corcoran Group and Kiehl’s. The Montague Street corridor is home to many other notable
national retailers such as Ba- nana Republic, Ann Taylor, and Starbucks. “Meridian was able to lever- age our strong relationship with the existing lender to reduce the prepayment penalty on the sponsor’s current loan and negotiate a non-recourse loan on this commercial building complimented with loan terms typically reserved for multifam- ily assets,” said Hammer. n
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