www.marejournal.com F inancial D igest F eaturing A ppraisal S potlight Sale of 176-unit multifamily property built in 2001 drives the defeasance in DC transaction Waterstone Defeasance, LLC closes on a $28.5 Million CMBS Loan M id A tlantic Real Estate Journal — April 13 - 26, 2018 — 5A
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secured by multifamily prop- erty located in Augusta, GA. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property. As the defeasance consul- tant, Waterstone managed the activities of the numer- ous parties involved with the transaction in order to meet the borrower’s closing schedule. Parties associated with a de- feasance transaction typically include the servicer, servicer’s counsel, borrower, borrower’s counsel, securities broker, custodian, accountant, rating agencies, and the successor borrower. “Waterstone worked with the seller to facilitate the defeasance closing on their
Waterstone managed the ac- tivities of the numerous parties involved with the transaction in order to meet the borrower’s closing schedule. Parties as- sociated with a defeasance transaction typically include the servicer, servicer’s counsel, borrower, borrower’s counsel, securities broker, custodian, ac- countant, rating agencies, and the successor borrower. “The sale of this 176-unit multifamily property built in 2001 drove the defeasance transaction. The borrower is currently restructuring their portfolio and chose Waterstone to assist with their defeasance transactions to refinance and sell certain properties. We ap- preciate their confidence in our services,” said Tillman. n fromwhich a future tenant will benefit, the investment was an ideal fit for their portfolio.” In other HFF news, the company announces $14.5 million in preferred equity for the development of Skye 750, a 248-unit, mid-rise apartment community in King of Prussia, PA. The HFF team worked on behalf of the developer, Le- Cesse Development Corp. , to arrange preferred equity from Parse Capital . Due for completion in early 2020, Skye 750 will consist of a five-story building atop a con- crete podium comprising one- and two-bedroom residential units averaging approximately 1,000 s/f. Skye 750 will fea- ture a resort-style clubhouse with a state-of-the-art fitness center, cyber café, juice bar, co-working, private movie theater, game room, sauna, fire pit, package delivery system and miscellaneous resident lounges throughout, as well as an outdoor courtyard with an infinity swimming pool, a fire pit and a summer kitchen. The HFF team representing the developer included manag- ing directors Gregg Shapiro and Ryan Ade . n
Parties associated with a de- feasance transaction typically include the servicer, servicer’s counsel, borrower, borrower’s counsel, securities broker, custodian, accountant, rating agencies, and the successor borrower. “Like many of our clients, the borrower took advantage of higher yields and lower interest rates to refinance their Freddie Mac debt. The loan was secured by a 247-unit multifamily prop- erty inMaryland. The borrower was very pleased with Water- stone’s service and worked with us on their next transaction as well,” Carol Tillman , COO with Waterstone. Waterstone recently closed a defeasance transaction for a $2.4 million CMBS loan,
188 unit, over 90% occupied apartment complex built in the 60’s. The buyer secured a Fannie Mae loan through Arbor Commercial Funding. The defeasance replaced the original debt placed by C-III Commercial Mortgage. We enjoyed working with this new client and look forward to working with them again,” said Tillman. Waterstone Defeasance re- cently closed a defeasance transaction for a $10.3 mil- lion CMBS loan, secured by a multifamily property in Washington, DC. Waterstone guided the owners through the defeasance process coinciding with the owners’ sale of their property. As the defeasance consultant,
yattsville, MD — Waterstone De- feasance recently
closed a de- f e a s a n c e transaction for a $28.5 m i l l i o n CMBS loan, secured by a multifamily property in Hyattsville.
Carol Tillman
Waterstone guided the owners through the defeasance process coinciding with the owners’ refinance of their loan. As the defeasance consul- tant, Waterstone managed the activities of the numer- ous parties involved with the transaction in order to meet the borrower’s closing schedule.
HFF announces $16.2 million in financing for spec industrial development in Newark, New Jersey
Newark, NJ — Holli- day Fenoglio Fowler, L.P. (HFF) announces the $16.2 million in financing for the development of a 290,063 s/f, to-be-built, spec industrial project in Newark. The HFF team worked on behalf of the developer, a joint venture partnership between Penwood Real Estate In- vestment Management, LLC (Penwood) , through its fourth value-added investment vehicle, Penwood Select In- dustrial Partners IV, L.P. , and Penford Group , to place a construction loan with Prin- cipal Real Estate Investors . The industrial distribution facility will be situated on 14.85 acres at 256 Vanderpool St. within the Northern New Jersey Industrial market, one of the top industrial markets in the nation. The site has im- mediate access to the entire New York City metro area via its proximity to Interstate 78 and other highways. Addition- ally, the site is 1.8 miles from the Port of Newark-Elizabeth and 4.1 miles from Newark Liberty International Airport. The state-of-the-art build- ing will feature 40-foot clear heights, 64 loading docks, 79
256 Vanderpool St.
trailer stalls and 8,702 s/f of office space. The HFF debt team repre- senting the developer included managing director Michael Klein and director Matthew Pizzolato . “HFF is pleased to have secured another loan on Pen- wood’s behalf as it contin- ues to expand its presence in the Northern New Jersey Industrial market,” Klein said. “Principal has been making loans on industrial properties in this market for a long time and has a firm grasp of the market’s fundamentals and the property’s attributes and
Skye 750
was able to get comfortable making a construction loan on a speculative development.
Given the property’s accessibil- ity to major highways, the port, airport and deep labor pool
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