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

ISSUE HIGHLIGHTS Volume 25 Issue 13 August 16 - 29, 2013

For Bordentown, NJ luxury apartment complex Mark Scott’s Commercial Mortgage Capital secures $23m construction loan

Contributing Columnist

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ORDENTOWN, NJ — Mark Sco t t ’ s Commercial Mort-

buildings will be equipped with an elevator and there will be 16 under-building garages and 40 free-standing garages. The complex will also boast an outdoor resort style swimming pool, state-of-the-art fitness center and an exclusive club- house. Construction has com- menced, with an anticipated completion date of 12 to 18 months. Rivergate is part of the Bordentown Waterfront Com- munity Development, which will include a mix of residen- tial and commercial uses on approximately 100 acres. On the residential side, there the community will feature a total of 358 apartment homes, 118

skyline make it a perfect place to live, work and play,” said Emanuel Stern , president and chief operating officer for Hartz Mountain. While Hartz Mountain’s strategy for increasing its residential asset class focuses on newly constructed develop- ments in fast-growing urban areas on the East Coast it is Hartz’ goal to continue to survey the national markets for other quality residential acquisitions like the Alto. Stern continues, “AltoApart- ments offered Hartz an excit- ing opportunity that we could not pass up along withmaking it a meaningful acquisition in a market that is both flourish- ing and still nowhere near its full potential.” “Hartz Mountain is known for their portfolio of well-locat- ed, luxury rental communities in metropolitan areas,” said JimAtkins , managing direc- tor of Harbor Properties . “They have developed over 1,500 residential units of their own and will be great stew- ards of Alto Apartments.” Jeff Dunne of CBRE’s New York Institutional Group rep- resented Hartz Mountain had loft homes, 120 manor town- houses and 52 townhouses. There will also be 31,400 s/f of commercial property and additional restaurant and of- fice uses. When completed, the community is projected to be the location of at least 75 em- ployees and 648 households. The Bordentown Waterfront Community also has plans to reconstruct the Light Rail System, which includes a station at the entrance to the community. The site is surrounded by the Delaware River and Crys- tal Lake, easily accessible pub- lic transportation and a major highway network. Bordentown boasts a lively downtown of

the following comments on the acquisition: “Alto Apartments represents Hartz Mountain’s first major apartment acqui- sition on the West Coast. The Seattle market is an exciting investment opportunity for Hartz andAlto’s high-rise con- struction and transit-oriented location should provide for long-term rental growth.” The property was construct- ed in 2012 and enjoys modern, Class A apartment finishes. The rich amenity package at the property includes a glass- enclosed penthouse lounge, Viking BBQ grilling stations, community room, common area wi-fi, bike storage, state- of-the-art fitness center, two on-site Zipcars and other mod- ern urban-centric amenities. Hartz Mountain was repre- sented in the purchase by Jef- frey Dunne and Christopher Leonard of CBRE’s NewYork Institutional Group. James Gunning and Donna Fal- zarano of CBRE’s Debt & Eq- uity Finance team secured the debt for Hartz Mountain. Jon Hallgrimson, Frank Bosl and Eli Hanacek of CBRE’s Seattle office represented the seller. ■ boutiques, restaurants, cafes and galleries. Other retail op- tions are located on US 130, including three regional malls located within a 20-minute drive of the development site. “With interest rates likely to escalate, borrowers remain eager to lock in loans at today’s low rates,” said Mark Scott . “Now is the time for borrowers to take a hard look at what makes the most sense for their bottom line and to recast, un- wind, extend or rebind their loans into new 10- to 15-year term loans. Several large lend- ers have not hit their targets and are still aggressive, while others have hit their goals and are raising spreads.” ■

gage Capi- tal (CMC) announc ed that i t re - cently closed a three-year, $23 million l o a n c o n - s t r u c t i o n l oan f o r a

J. Glenn Ebersole, Jr.

Mark Scott

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four-building luxury apart- ment complex located in Bor- dentown. The property, which has been named Rivergate, will feature four-story apartment buildings containing 159 lux- ury units. Three of the four

Multifamily Financing Spotlight

Gunning and Falzarano of CBRE’s Debt & Equity Finance team secures debt Hartz Mountain Industries expands national residential portfolio with West Coast acquisition

SEATTLE, WA —Secaucus, NJ-based Hartz Mountain Industries , which began acquiring and constructing a national portfolio of luxury apartments in 2010 that has reached close to 3,000 units, has expanded to the West Coast by purchasing Alto Apartments, a 184-unit resi- dential tower in the popular Belltown section of Seattle. The Alto is located within close proximity to popular destinations and employers by foot or public transporta- tion. Alto’s thriving urban

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Alto Apartments

Directory

neighborhood boasts popular restaurants, boutiques, and nightclubs. Hartz Mountain caters to a musical clientele at its Tribeca Grand and Soho GrandHotels inNewYork City and appreciates the building’s name Alto in honor of the site, which was once the home of the Musician’s Association of Seattle formed in 1889. “Everything about the Alto Apartments says attention to detail and the outstanding views of the Olympic Moun- tains, Puget Sound, the Space Needle and the downtown

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