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

Krame Development to develop 27 retail spaces in seven buildings The Provident Bank closes $55m loan for the development of a 244,450 s/f SC C LARK, NJ — The Provident Bank , a leader in commercial

ISSUE HIGHLIGHTS Volume 27 Issue 5 March 13 - 26, 2015

1031 Exchange

real estate lending state- wide, has closed a $55 mil- lion loan for the development of a new, 244,450 s/f shop- ping center in Clark. Krame Development will develop 27 retail spaces housed in seven buildings on the 28- acre parcel of land located on the former US Gypsum pa- per plant site. Construction is expected to be completed in late spring 2015 with a proposed Grand Opening on or about August 1, 2015. Executed leases lined up for 100% of the center include anchor tenants of Whole Foods and Home Goods. Other prominent tenants in the project include L.A. Fit- ness, Michael's, Petco, Ulta, Modell's and Party City. Provident and M&T Bank provided the construction financing with Provident as administrative agent.

Clark Commons Rendering

tailers that will complement each other and appeal to a broad section of the local population. Furthermore, we designed the project to make it pedestrian friendly and a true community shopping experience." As a major provider of com- mercial real estate loans in New Jersey, The Provident Bank specializes in financ-

ing retail, office, warehouse, apartment and mixed-use properties. In addition, Prov- ident also provides construc- tion financing for both new construction and building renovations for a variety of property types, including tract developments with multiple homes, condomini- um developments, retail cen- ters and office buildings. n ful physician who has ac- quired a substantial medical office portfolio over the past several years, purchased this asset from a local bank who had foreclosed on the property after the occupancy plummeted to 54 percent,” said Nalbandian. “Through hands on management and their extensive reach within the medical community, the sponsor created significant leasing momentum at the property. Within the first six months of ownership, the property was stabilized at over 90 percent occupancy. Sentinel understood the story and that this building is the top medical building in this sub-market, boasting an on-site surgery center. Consequently, Sentinel pro- vided a full 75 percent LTV, which represented a loan well above $200/s/f, enabling our client to cash out his eq- uity through this substantial value creation.” n

Gregory Lamb handled the transaction on behalf of Provident. "We have attracted the most desirable National and Regional tenants to this project due to its superb location and the quality of construction," said William Krame , president of Krame Development. "We went to great lengths to select re-

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Case Real Estate broadening its platform in 2015

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Northmarq Capital closes $16.5m refinance of New Jersey Health Care Center in Oradell, NJ

Skelly & Loy to design wastewater treatment plant

ORADELL, NJ — Greg- ory Nalbandian , manag- ing director of NorthMarq Capital ’s New Jersey office, arranged a $16.5 million re- financing for the New Jersey Health Care Center, a 75,000 s/f medical office building located at 680 Kinderkamack Rd. in Oradell, less than 2.5

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DelMarVa.................................................................5-6A Financial Digest......................................................7-17A New Jersey....................................................... Section B Northern New Jersey. ............................................5-12B Pennsylvania.................................................... Section C Central PA.............................................................. 5-10C

680 Kinderkamack Rd.

miles away from the Hack- ensack University Medical Center at Pascack Valley. The transaction was struc- tured with a 10-year term and 30-year amortization at a very aggressive inter- est rate and represents a

full cash-out refinance less than a year after acquir- ing the property. North- Marq arranged the financing through its correspondent relationship with Sentinel Investments. “Our client, a very success-

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