F inancial D igest
Real Estate Journal — May 13 - 26, 2016 — 5A
www.marejournal.com
M id A tlantic
Walker & Dunlop closes $53m loan for office bldgs.
448 units managed by Applied Housing Management NorthMarq arranges $81.9m refinance for four properties
OBOKEN, NJ — Gary Cohen , senior vice president/senior director of NorthMarq Capi- tal ’s New Jersey-based region- al office, arranged the $81.9 million refinancing of four affordable housing properties in Hoboken. The properties consist of a combined 448 units and are managed by Applied Housing Management . The transaction was structured with a 10-year term and 30- year amortization schedule. NorthMarq arranged financ- ing for the borrower through its seller-servicer relationship with Freddie Mac . “The four properties are sub- ject to long-term regulatory agreements where 40 percent of the apartments must be rented to Section 8 tenants,” H
embark upon this strategy in the Tenleytown submarket. Located in Bethesda, Mary- land, Dan Martin , senior vice president, and Chris Hew , vice president, led the Walker & Dunlop team that structured the deal. Hew said, “The Tenleytown proj- ect was an exciting opportu- nity to provide liquidity for a truly neighborhood-changing project. Walker & Dunlop’s vast network in the real es- tate capital markets allowed us to find the perfect execu- tion for our client’s needs.” Financing procured by Walker & Dunlop included $24,962,542 and $18,645,900 floating rate construction loans, with 4- year terms, for the two office-to-multifamily conversion projects. A sec- ond lender was engaged for the operating office build- ing which secured a max- leverage $9.75 million float- ing rate permanent loan. The permanent loan was designed to be coterminous with the two construction loans. n for the management of a staff of commercial property ap- praisers as well as business development, client services, and appraisal review. Robert Delisio will be senior valuation specialist for the Pittsburgh office. He has over 10 years of appraisal experience including prepa- ration of appraisal reports, appraisal review, supply and demand analysis, financial and site feasibility, and over- all market examination. n
WASHINGTON, DC — Walker & Dunlop, Inc. an- nounced it closed a $53,358,442 loan for three class-C office buildings in Tenleytown, a his- toric neighborhood in North- west, Washington, DC. This transaction was unique due to the complex financing Walker & Dunlop provided and the distinct conversion of two office buildings into class-A multifamily proper- ties, with the third building continuing to function as an office property. Known for its strong single family residen- tial market, Tenleytown has limited multifamily proper- ties, and developers have recently been identifying of- fice sites for conversions into residential units. As DC’s population continues to grow at a rate of 1,100 new resi- dents per month (U.S. Census Bureau), property owners are swiftly becoming aware of the changing highest-and-best- use of their properties. The borrower, Urban Investment Partners , is one of the first firms to acquire a property and PITTSBURGH, PA — Colliers International Valuation & Advisory Ser- vices announced the launch of their Pittsburgh office and has brought on two commer- cial real estate veterans to lead it. N. Todd Albert is the new managing director for the Pittsburgh office, which pro- vides valuation and advisory services in Western-to-Cen- tral Pennsylvania and West Virginia. Albert is responsible
said Cohen. “Freddie Mac provided a competitive deal where the borrower was able
to reduce the interest rate on the loans and pull out a sig- nificant amount of equity.” n
JLL secures $42.5m in financing for River Park at Raritan in NJ
The Thornton
River Park at Raritan
Colliers Int’l Valuation & Advisory Services launches Pittsburgh office
vious successful transactions, we are pleased to continue and expand our relationship with their entire team.” River Park at Raritan is located 60 miles from New York City and 50 miles from Philadelphia, directly off route 206 and provides easy access to Interstates 287 and 78 as well as surrounding retail centers. Community amenities include a heated pool, state-of-the-art fitness center, club room with bil- liards, bar, flat screen TV and a fireplace, as well as tennis and basketball courts. n
RARITAN, NJ — Taking advantage of low vacancy rates and a premium suburban location, Castle Lanterra Properties announced it has secured $42.5 million in financing for the acquisition and rehabilitation of River Park at Raritan, a 224-unit multifamily asset located in Somerset County. JLL se- cured the loan through Freddie Mac. The securitized loan will be serviced by JLL through its Freddie Mac Program Plus Seller/Servicer program. Sen i o r v i c e p r e s i den t Jonathan Schwartz , man-
aging director Aaron Appel and vice president Adam Schwartz led the JLL team on the deal. “Somerset County’s ex- tremely low multifamily va- cancy rate combined with River Park at Raritan’s tre- mendous value-add potential drew significant interest from lenders looking to get into a prestigious market,” said Jon- athan Schwartz. “This financ- ing provides Castle Lanterra Properties with a high-quality asset with upside rents primed to produce a steady yield. Hav- ing worked with CLP on pre-
Made with FlippingBook HTML5