Mid Atlantic Real Estate Journal — June 14 - 27, 2013 — 17A
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c ReAtive F inAncing
Through BB&T Real Estate Funding Grandbridge closes $38.3m in multifamilies
N G L E w O O D CLIFFS, NJ — Ken- nedy Funding Fi- Financing obtained by Keystone Investments, LLC Kennedy Funding completes $3.9m financing for ind. parcels E construction of a 1,100-foot berth, channel dredging and a rail extension. the Panama Canal, as well as proximity to a 40-foot chan- nel depth, and continued economic strengthening.”
ATLANTA, GA — The At- lanta office of Grandbridge Real Estate Capital re- cently originated and closed three multifamily transac- tions totaling $38,325,000. The acquisition/bridge financ- ing for these properties was facilitated by Grandbridge through its proprietary lend- ing platform, BB&T Real Estate Funding LLC . The first transaction, a $17,835,000 first mortgage non-recourse bridge loan se- cured by Villa Medici Apart- ments located in Overland Park, KS, was originated by Atlanta-based Grandbridge senior vice president Alan
Tapie for an Atlanta based multifamily investment com- pany. The second transaction was originated by Atlanta- based Grandbridge Senior vice president Tom walsh . The $6,900,000 first mort- gage loan was secured by a 29-unit/116-bed student hous- ing property in Philadelphia, PA. Walsh also originated a $13,590,000 first mortgage loan secured by Birch Grove Apartments and Sycamore ChaseApartments in Decatur, GA., for a repeat borrower. The two garden-style properties have a total of 332 units. n
nancial , one of the nation’s largest direct private lenders, has completed a $3.87 mil- lion loan for two industrial parcels in Jacksonville, FL in a refinance development transaction. The financing, obtained by Keystone In- vestments, LLC , carries an interest-only term of three years. Located at 1915 Wigmore Street in Jacksonville, Flori- da, Parcel 1 consists of 27.36 waterfront acres on the St. Johns River. Parcel 2, total- ing 11.16 acres, is located di- rectly across the street. Both were acquired by Keystone Investments in 2010 from the Jacksonville Port Authority, and subsequent improve- ments have included site cleanup, perimeter fencing, Ea s t e r n Un i on Funding arranges $10.5 million in NYC financing NEw YORK, NY — Com- mercial mortgage brokerage firm Eastern Union Fund- ing announced that it has arranged approximately $45 million in financing for com- mercial real estate properties in NYC. Select transactions in- clude: • $4 million for the refi- nance of a 65 unit multifamily property in Brooklyn, on a 10 year term, at 3.55% and a 30 year amortization. Shaya Ackerman of Eastern Union arranged the transaction. • $3.25 million for the re- finance of a 13 unit mixed use property in Manhattan, on a 10 year term, at 3.75% and a 10 year amortization. Mark Perlowitz and Beth Perlstein of Eastern Union arranged the transaction. • $3.4 million for the re- finance and cash-out of a 6 story medical office prop- erty in Brooklyn, on a 10 year term, at 4.50% and a 30 year amortization. Nate Hyman of Eastern Union arranged the transaction. In other news, Eastern Union Funding has named banking industry veteran Richard Cassin to lead the firm’s newly launched credit quality division. n
“The borrower will use the financing to complete further site improvements, as well as to pay annual property taxes and pay the Jackson- ville Port Authority four additional payments,” said Kevin wolfer , president and CEO of the Englewood, New Jersey-based Kennedy Funding. “The properties have considerable upside re- lating to additional demand arising from the expansion of
Keystone Properties , an affiliate of Keystone Invest- ments, operates the Key- stone Jacksonville Terminal, a deep-water bulk terminal and trans-loading facility lo- cated on the parcels. The site and terminal facility offer proximity to the Interstate highway system, including a nearby under-construction interchange, as well as rail access. n
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