5-25-12

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 24 Issue 10 May 25 - June 7, 2012 Bayshore: The green solution

Financing from AXA Equitable to build Gallery of Bethesda Donohoe closes on $55 million in construction financing

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ethesda, MD — The Donohoe Companies, Inc. announced the closing

of a $55 million construction loan to build “The Gallery of Bethesda,” a luxury high-rise apartment building located at 4800 Auburn Ave. The project is a partnership between The Donohoe Compa- nies and MPM Investments. The $55 million in construc- tion financing is funded by AXA Equitable. The Gallery of Bethesda will be a 250,000 s/f, 17-story residential tower containing 234 units, a ¼ acre public plaza and 4,600 s/f of retail. Amenities will include a rooftop pool, sundeck and club- room, a resident lounge, fitness room and coffee bar. The Gal-

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The Gallery of Bethesda

lery of Bethesda is the first of three buildings that Donohoe is developing in Bethesda. The three are collectively known as Woodmont Central, and consist of the Gallery of Bethesda; a second residential building to be known as 4850 Rugby; and

a six-story office building, cur- rently pre-leasing, called 8280 Wisconsin Avenue. At comple- tion, the project will measure 580,000 s/f Demolition has been com- pleted on site, and Donohoe Construction Company has

commenced work as general contractor. Miller and Long Concrete Construction will be the concrete contractor. Van- tage Management, an affiliate of Mid-City Corporation, will be the management and leasing agent. n

Industrial RE & Distribution Centers

51 Haddonfield Road in Cherry Hill, New Jersey Time Equities in partnership with Bergman RE Group purchases 100,000 s/f office building

Cherry Hill, NJ — Time Equities, Inc. (TEI) in

these types of transactions.” 51 Haddonfield Road offers office space ranging from 1,200 s/f to 22,000 s/f avail- able for immediate lease. Many of the 1,200 s/f to 3,000 s/f spaces are pre-built and move in ready for tenants. The brokerage team of Grubb & Ellis senior vice president Anne Klein and associate vice president Brian Sherlock will oversee leasing for the property. “We are excited to form this relationship with Time Equi- ties, which is well regarded in the commercial real estate industry and has a proven track record of creating value for turnaround properties such as 51 Haddonfield,” said Michael Bergman, president and CEO for Bergman Real Estate Group. “Our partner- ship is well capitalized and has the experience needed to successfully reposition the property through enhance- ments and an aggressive leas- ing campaign.” n

a joint ven- t u r e w i t h B e r g m a n R e a l E s - tate Group r e c e n t l y pur chased 51 Haddon- field Road, a 100,000 s/f

Section B

Michael Bergman

Directory

Auction News/Directory................. 4-5A Shopping Centers..........................7-17A Green Buildings...........................19-24A Owners, Developers & Managers....25-38A Calendar of Events. ..............................40A Industrial Distribution Centers. ......Section B

51 Haddonfield Road

office building for $3.4 mil- lion. “Through purchase of a non-performing note, we were able to restructure the deal alongside Bergman Real Estate Group, and enter at a basis that we feel will allow us to aggressively price lease rates. While Cherry Hill has suffered from the same mal- aise as the broader economy,

our long term approach to ownership gave us comfort in investing in a market that others were exiting,” said Aaron Medeiros, director of acquisitions at Time Equi- ties. “We hope to find other opportunities to recapitalize groups who have the ability to restructure their capital stack, but lack the necessary liquidity that is required for

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