R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
Guest Columnist Robert Watson, Jr. ISSUE HIGHLIGHTS Volume 24 Issue 4 Feb. 24 - March 15, 2012
For office and multifamily properties in NJ and PA Meridian Capital Group, LLC negotiates $28.9 million in financing
ORT WASHINGTON, PA – Meridian Capital Group LLC, negotiated
working class communities of Bordentown, NJ; Ewing, NJ; Irvington, NJ; Bound Brook, NJ and Upper Manhattan. “Investors have recognized that while middle income com- munities around the country are still struggling to recover from the Great Recession, workforce housing demand in New Jersey and New York City is strong,” said David Turley. “Lenders have noted improving multifamily fun- damentals and are increas- ing allocations for apartment loans. Many will stretch to win a particularly attractive deal.” Anna Westhoff noted that five of the loans were re- finances with significant cash out to the borrower. “While many lenders are hesitant to allow borrowers to leverage up their assets with non-recourse capital,” she said, “we have identified several sources that are not sensitive to cash-out transactions.” ■ a five-year term. The trans- action was negotiated by Joshua Gorsky. Meridian negotiated $2.4m in acquisition financing for the purchase of a 39-unit multifamily building on Eu- clid Avenue in Hackensack, NJ. The loan features a rate of 4.50% and a 10-year term. The transaction was negoti- ated by Steve Tessler. A new mortgage of $1.5m was placed by Meridian on a five-story, 38-unit multifam- ily building situated on Lare- ineAvenue in Bradley Beach, NJ. The loan features a rate of 4.75% and a five-year term. The transaction was negoti- ated by Steve Tessler. Anewmortgage of $7mwas placed by Meridian on Ches- wick Square Apartments, a 111-unit garden-style, mul- tifamily complex located in Philadelphia, PA. The loan features a rate of 4.20% and a 10-year term. The transac- tion was negotiated by Israel Schubert. ■
a $7.1 Million mortgage for a medical office building locat- ed in Fort Washington, PA. The five-year financing features a favorable rate of 4.75% And was provided by a local savings bank. This transaction was negotiated by Joshua Gorsky, a mort- gage finance advisor based in meridian capital’s New Jersey office. The two-story, 33,000 s/f multi-tenant, medical of- fice building is located at 467 Pennsylvania Avenue. The property was recently renovated and has been fully occupied for more than five years by a stable tenant base that is attracted to its loca- tion and the recent capital improvements. The tenants in the building include highly specialized practices with fully functional operating rooms and teaching suites used to hold virtual demon-
467 Pennsylvania Ave.
strations of state-of-the-art procedures. In other news – Merid- ian Capital Group, LLC, announced the following transactions: Meridian negotiated a new mortgage in the amount of $6.4m for the Lion’s Gate Apartments, a garden-style multifamily complex located in Philadelphia, PA. The loan
features a rate of 4.20% and a 10-year term. The transac- tion was negotiated by Israel Schubert. A new mortgage of $7.1m was placed by Meridian on a medical office building on Pennsylvania Avenue in Fort Washington, PA. The property contains eight units totaling 33,000 s/f. The loan features a rate of 4.75% and
Balliet of KW-The James Balliet Commercial Group inks $16.35m sale
Cronheim Mortgage arranges $25.5m in financing for 485 multifamily units
BORDENTOWN, NJ—Da- vid Turley and Anna Westhoff of CronheimMortgage teamed up to arrange permanent mortgage financing totaling $25,475,000 for nine multi- family properties located in New Jersey and New York City. The 5 and 10-year loans
were placed with three banks and an insurance company. The 5-year rates averaged 3.55% while the 10-year rates were locked as low as 4.1%. All of the loans were non-recourse.
The properties range in size from a 105-unit midrise to a 40-unit garden apartment complex. With the excep- tion of one luxury asset, the properties are located in the
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