S hopping C enters
Refinance of the leasehold interest in The Left Bank mixed-use property in Philadelphia, PA Cohen and Beyderman of Meridian Capital Group arrange $88 million loan P www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — 19A hiladelphia, PA – Meridian Capital Group , one of Ameri-
converted and gut renovated in 2001. The building is composed of 282 apartments, 98,707 s/f of office space, 22,605 s/f of retail space and 259 parking spaces. It also features a rooftop deck, large landscaped inner court- yard, state-of-the-art fitness center and club and meeting rooms. The property spans three acres in the University City neighborhood, adjacent to the University of Pennsylvania and Drexel University, and fea- tures frontage on Walnut St., Chestnut St. and South 32nd St. Tenants of The Left Bank benefit from its location which is a short walk to City Center, the 30th St. Station and the I-76 interchange as well as major attractions including the World Cafe Live, Penn Mu- seum and Cira Center.
situated on 65 acres. Located directly across from the Ham- ilton NJ Transit Center, the property is just minutes from Exit 65 of Interstate 295, and in close proximity to many of the state’s highways including I-95 and Rtes. 1, 33, 130 and 206. Additionally, the site is 36 miles to Philadelphia and 57 miles to NYC. Nearby are several dining options, retail shopping centers including the Quaker Bridge Mall, and an AMC Hamilton 24 Movie Cineplex. Due to its former use as a flooring manufacturing plant, CDC will handle any neces- sary environmental clean-up at the site. The developer plans to raze the majority of the buildings on site, with the exception of Building 55, an existing 150,000 s/f warehouse building. “We believe the site would benefit from a mixed-use devel- opment, and we will entertain land sales from one to 65 acres, as well as the sale or lease of Building 55,” said Meyer. “We are already speaking with several retailers, as well as rec- reational and light industrial prospects," he added. n “Meridian was able to quick- ly rate lock the loan at applica- tion to protect the sponsor from treasury volatility. Further, by coordinating efficiently with all parties to underwrite the ground lease structure and various income streams, we closed the loan in under 45 days; an impressive accom- plishing that can only be at- tributed to a true team effort,” added Beyderman. n “As always, it was a plea- sure working with the very professional team at Dranoff Properties; the quality of their assets and reputation speaks for itself. We are pleased to further our long standing re- lationship by negotiating an aggressively priced loan that features prepayment flexibil- ity,” said Cohen.
HI-LIGHTS February 12- 25, 2016 ca’s most active debt brokers, negotiated an $88 million per- manent loan for the refinance of the leasehold interest in The Left Bank mixed-use property located in Philadelphia on be- half of Dranoff Properties . The five-year loan was pro- vided by a regional balance sheet lender and features a rate of 3.38%. This transaction was negotiated by Meridian managing director, David Co- hen , and senior vice president, Max Beyderman , who are
The Left Bank
both based in the Company's Iselin, NJ office. The Left Bank, located at
3131 Walnut St. and built in 1929, is a unique six-story mixed-use property that was
NAI Mertz’s Licht & Meyer sell one million s/f Congoleum site in Hamilton Twp., New Jersey
Shorenstein enters Pittsburgh market with acquisition of One Oxford Centre
Hamilton Twp., NJ — NAI Mertz , one of the leading full-service commercial real estate firms serving southern NJ and greater Philadelphia, is pleased to announce the sale of the former Congoleum Corporation site located at 861 Sloan Ave. in Hamilton Twp., NJ, to Commercial Develop- ment Corporation (CDC) . The NAI Mertz team of Jef- frey Licht, SIOR , senior vice president, and Fred Meyer, SIOR , director of corporate services, handled the mar- keting efforts for the subject property on behalf of the seller, Congoleum Corporation. NAI Mertz was the sole real estate brokerage firm involved in the sale to the buyer. The sale price was not disclosed. In addition, CDC has award- ed NAI Mertz with the exclu- sive assignment to assist in creating a new vision for the property. "This is an exciting an- nouncement for our team at NAI Mertz,” said Licht. “My family routinely rides the New Jersey Transit train from Hamilton to New York, and I always marveled at the very visible Congoleum asset across
Alliance HSP acquires +560,000 s/f industrial portfolio
861 Sloan Ave.
the street with the cool statues from the Grounds for Sculp- ture saying one day it should be redeveloped into a higher and better use. Ironically, I
was afforded the opportunity to assist in the redevelopment and am grateful." This high-profile property totals in excess of 1,050,000 s/f
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