F inancial D igest
M id A tlantic Real Estate Journal — January 22 - February 18, 2021 — 3A
www.marej.com
Team representing the borrower was led by Cadranell, Nalbandian and Carney JLL Capital Markets lead financing efforts for 9-prop. industrial portfolio in Northern NJ & South FL
M
ORRISTOWN, NJ — JLL Capital Mar- ket s has se cur ed
Mac. The loan will be serviced by JLL Real Estate Capital, LLC , a Freddie Mac Optigo lender. In addition, JLL secured equity financing from National Property REIT Corporation (NPRC) for Brick Lane. This marks the third deal completed between Brick Lane and NPRC. The Valora at Homewood apartments consist of 722 one-, two- and three-bedroom units, averaging 1,062 s/f each. Origi- nally completed in 1971, the property underwent renova- tions from 2016-2019 and offers various community amenities for residents, including a Bark Park and dog spa, playground, tennis courts, two clubhouses, two swimming pools and a fit - ness center. The property is located at 915 Valley Ridge Dr. in Homewood,
just 15-20 minutes from Bir- mingham. Homewood is a quaint suburb with various restaurants, retail and boutiques. It’s also known for being home to Red Mountain Park, consisting of six acres of beautiful green space, and Samford University, one of the state’s top-ranked schools. The JLL Capital Markets team was led by senior director Michael Cosby and Managing director Jamie Leachman . “Valora at Homewood is a continuation of the partner- ship between Brick Lane and NPRCwith their third acquisi- tion together,” said Leachman. “Additionally, this will serve as an anchor property as Brick Lane enters the Birmingham market as well as taking them to over 3,500 units under own- ership.” MAREJ
$32.75 million in permanent financing for a nine-property industrial portfolio, aggregating 410,000 s/f and located in key in- dustrial submarkets in Northern New Jersey and South Florida. JLL worked on behalf of the borrower, Seagis Property Group LP , to secure the fi- nancing through Nuveen Real Estate . The portfolio consists of small- er industrial buildings, each less than 100,000 s/f, that are in high demand and well-suited to the local tenant bases. As such, the portfolio is 100% leased overall to 18 diverse tenants. All of the properties are positioned within preferred infill locations in high demand industrial submar-
Jim Cadranell
Gregory Nalbandian
Maxx Carney
kets, including Secaucus/North Bergen and Carteret/Avenel in Northern New Jersey, and Miami-Dade County in South Florida. The JLL Capital Markets team representing the borrower was led by senior managing directors Jim Cadranell and Gregory Nalbandian and director Maxx Carney . “It was a great pleasure to work with both Seagis and Nu- veen Real Estate to structure
this attractive rate, full term interest-only financing in the midst of the ongoing pandemic,” said Cadranell. In other JLL news, JLL Capi- tal Markets has arranged acqui- sition financing and sourced new equity for the Valora at Home- wood multi-housing property near Birmingham, AL. JLL worked on behalf of the borrower, Brick Lane LLC, to assume the existing 10-year, fixed-rate loan through Freddie
Falzarano & Gunning of CBRE arrange refinancing for multifamily property in South Orange, New Jersey
SOUTH ORANGE, NJ — CBRE announced it has secured a $14 million refinanc - ing loan for The Ridge- wood Com- mons, a 66- unit midrise multifamily a p a r tme n t bui lding at 1 0 N o r t h R i dg ewo o d Rd. in South Orange. The l o a n w a s a r r a n g e d t h r o u g h Dana Ber- lin of Spen- cer Savings Bank , a com- munity bank headquartered in Elmwood Park, New Jersey. CBRE’s Donna Falzarano and James Gunning sourced the financing and represented the borrower, 10 North Ridge- wood Rd. LLC, in the negotia- tions. “After a quick and effective marketing effort, CBRE was able to secure the refinancing with Spencer Savings Bank Donna Falzarano James Gunning
The Ridgewood Commons
at an interest rate well below 3.0% and a maximum 75% loan-to-value on a non-re- course basis,” said Falzarano. “Spencer was an outstanding lender to work with and facili- tated a closing in just 30 days.”
Originally constructed in 1938, 75% of the building units have been renovated over the past 36 months. Apartments are spacious, averaging 1,050 s/f, and offer 9-foot ceilings, granite counter tops, stainless
steel appliances and hardwood floors. Common amenities in - clude an appointed lobby en- trance and climate-controlled storage. The property is within walking distance of the South Orange NJ Transit train sta-
tion, as well as dozens of restau- rants, retailers, entertainment venues and recreation options. The property has had histori- cally high occupancy with a ma- jority of residents living there for many years. MAREJ
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