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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 26 Issue 2 Jan. 31 - Feb. 13, 2014 Economic Development Spotlight

Holland and Weilheimer represent parties in the transaction Kislak completes $14.75 million sale of Greentree Village Apartments

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and mezzanine loans for a wide range of commercial properties including multifam- ily, office, retail, industrial and healthcare facilities primar- ily in New York, New Jersey and Connecticut, announced that it recently arranged two multifamily loans for a total of $5.18 million. “These deals, which range from New Jersey to Texas, are indicative of our versatility and experience as a mortgage broker,” said Mark Scott , founder and president of Com- mercial Mortgage Capital. “Though we do most of our business in the Northeast and Mid-Atlantic regions, being in touch with the capital markets every day allows us to find the best loan product for our bor- rowers’ appetites - wherever their properties are located.” CMC arranged a $3.1-mil- lion fixed-rate, first mortgage loan for an 80-unit apartment complex in Cedar Park, TX. “Greentree Village was a distressed property that of- fered a purchaser a value- added opportunity to reposi- tion it in a strong market,” said Holland. “Most of the nearby competitive properties operate in the 95% occupancy range. Greentree is well lo- cated with very good floor plans. The purchaser plans extensive renovations and up- grades including new kitchens and bathrooms and installing washers and dryers in each unit. These improvements and the property’s other amenities will make Greentree competi- tive with other area proper- ties and a desirable home for tenants.” The seller was led by an af- ways including Routes 95 and 495, easily commutable to Philadelphia andWilmington, DE. Amenities include a club house, storage facilities and playground.

LAYMONT, DE — The Kislak Compa- ny, Inc. announced the

$14 , 750 , 000 sale of Green- tree Vi l lage Apartments, a 286-unit apart- ment complex in Claymont, DE. President and co-manag-

Robert Holland

ing director Robert Holland and senior vice president Matt Weilheimer represented the parties in the transaction. Greentree Village Apart- ments is an all-brick, well landscaped property with on-site parking situated in a residential neighborhood of Claymont, which is a suburb of Philadelphia. It includes 88 one-bedroom apartments, 169 two-bedroom apartments and 29 three-bedroom apart- ments in eleven buildings. It is located near major high-

Greentree Village Apartments

filiate of a large international insurance company that fore- closed on the property and engaged Kislak on an exclu- sive basis to market and sell it. The purchaser was The Galman Group , a longtime Kislak client. “The Galman Group is an experienced mul- tifamily owner and operator that owns in the area and will surely make the property a great success,” added Hol-

land. The property has since been renamed the Edge at Greentree. Financing was provided by M&T Bank . The seller was represented by Michael Roth of Sheppard, Mullin, Rich- ter &Hampton, LLP and the purchaser was represented by Howard Grossman, Esq. of CozenO’Connor . At the time of closing, the property was 92% occupied. n

Section A Healthcare

Two apartment complexes in Cedar Park, TX & Roselle, NJ Commercial Mortgage Capital arranges two multifamily loans totaling $5.18m

9-10B Mid Atlantic ICSC

Conference & Deal Making

The 10/30 loan was placed with a correspondent life com- pany lender.Buttercup Creek Apartments is a mix of seven one-bedroom and 73 two-bed- room apartments for a total of 65,200 rentable s/f. The garden apartment complex consists of 20 two-story buildings situ- ated on 4.81 acres. Located just 17 minutes from downtown Austin, TX, Cedar Park is now the third largest city in the Austin area with a population exceeding 54,000 within its city limits. The property is easily acces- sible from highway 183 and within walking distance to stores, restaurants and medi- cal offices. It is also in close proximity to ACC, Concordia, and Lakeline Mall. In addition, CMC recently arranged a $2.08-million fixed- rate loan for a modern garden style apartment in Roselle, NJ. The loan was placed with a local New Jersey bank. The

LIVINGSTON, NJ – Mark Scott’s Com- mercialMort- gage Capi - tal (CMC) , a leader in real estate finance that arranges p e rman e n t , construction Mark Scott

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147 East 5th Ave

property, which features 20 one-bedroom and four two- bedroom units, is located in Central New Jersey, which of- fers year-round outdoor activi- ties and recreational offerings and is currently experiencing an uptick in service-oriented employment opportunities such as leisure and hospital- ity. 147 East 5th Ave. is located in close proximity to major roadways including the Gar- den State Parkway, New Jer- sey Turnpike and Routes 1 & 9, as well as a variety of shop- ping and dining options. n

Directory

People on the Move.............................. 18A Owners, Developers & Managers..Section B Green Buildings............................. 13-19B Shopping Centers................... Section C

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