A — June 14 - 27, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com M id A tlantic R eal E state J ournal Nalbandian, managing director, arranges loan NorthMarq arranges $3.36m mortgage for ground lease
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ILLOW GROVE, PA — Greg Nal- bandian , manag-
ing director of NorthMarq’s New Jersey regional office, arranged a first mortgage loan in the amount of $3.36 million for the refinance of a 27 year ground lease to a 150 room, fully renovated, limited service Marriott Res- idence Inn. Financing was based on a 5-year termwith a 25-year amortization sched- ule through NorthMarq’s relationship with a regional
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Marriott Residence Inn
bank. “The sponsor required a maximum LTV loan with prepayment flexibility in the event they elected to sell the ground lease,” said Nalbandian. “Working ex- clusively with this repeat borrower, NorthMarq was able to structure an 80% LTV, non-recourse, five-year loan well below 4.0% with flexible prepayment that was completely open at par during the last two years of the loan.” n High Assoc. Ltd. announces transactions Elizabethtown, PA — The property at 221 Ha- nover St. in Elizabethtown has been sold to Jonathan and Lori Hirst for use as an auto repair shop. Sellers Jay Dupler and Jim Eberle were represented in the sale by Denise Cass of High Associates Ltd. Greg Grogan from RE/MAX As- sociates of Lancaster repre- sented the buyers. Susan and Robert Otto Jr. have purchased the property at 101 N. Cameron Street, City of Harrisburg, from Jane and Charles Green. The property consists of a 5,200-square-foot building on approximately one-half acre of land. Judy Pierce of HighAssociates Ltd. handled the transaction. Kellie Harrison, owner of Kenpo Karate, has leased 2,600 s/f of space at Cape Horn Square, Red Lion, for the re- location and expansion of her business. Pierce handled the transaction. n
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