F inancial D igest F eaturing M ultifamily F inancing
Mid Atlantic Real Estate Journal — August 16 - 29, 2013 — 11A For mixed-use, multifamily & co-op Meridian Capital negotiates $72.6m
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reenwich, CT — The Richman Group Affordable Hous- G Includes portfolio of properties located in 18 states Richmancloses taxcredit funds totaling $291 million in equity
New York, NY — Merid- ian Capital Group, LLC an- nounced the following transac- tions: Meridian negotiated a mort- gage in the amount of $32 million on two multifamily buildings to- taling 153 units located on West 106th St. The loan features a rate of 3.00% and a 15-year term. Michael Kesselman negotiated this transaction. Mortgages totaling $18.9 mil- lion were placed by Meridian on six multifamily buildings total- ing 134 units located on 15th St., Seventh Ave., Eighth Ave., 11th St., First St. and Church Ave. in Brooklyn. The loans feature a rate of 3.00% and a 10-year term. Morris Diamant and Joe Klein negotiated this transaction. Meridian negotiated a mort- gage in the amount of $8 million on five multifamily buildings totaling 66 units located on Bar-
boroughs of NYC. The properties acquired by Funds 89 and 95 will provide high-quality affordable housing for family, senior and special needs tenants and will add over 3,000 units to Richman’s current portfolio which exceeds 105,000 units. According to StephenDaley, executive vice president of Richman, “Fund 89 was a na- tionally diversified fund while Fund 95’s targeted acquisitions were limited to New York City. Richman’s lengthy experience in the affordable housing indus- try and its acquisitions capabil- ity throughout the U.S. and its territories allows it to custom tailor funds which match the differing needs of institutional investors seeking to invest in affordable housing tax credit properties.” In addition to being a spon- sor of affordable housing tax
credit funds, Richman is also a leading developer of afford- able, market-rate and luxury rental housing, an asset and property manager and, more recently, a mortgage lender. Richman and its affiliates have developed more than 19,000 residential units, provide asset management services to nearly 100 public, private and institu- tional investment funds which own approximately 120,000 housing units, and have capital under management approach- ing $10 billion. RICHMAC Funding LLC, an affiliate of Richman, is a mortgage lender with a deep bench of talent and resources to underwrite and place loans for market rate and affordable multifamily proper- ties and healthcare facilities. RICHMAC Funding LLC is an approved FHAMAP and LEAN lender and a designated Fannie Mae Affordable lender. n
clay Ave. in Flushing. The loan features a rate of 3.00% and a 10-year term. Joe Taub negoti- ated this transaction. A mortgage of $5.5 million was placed by Meridian on two mixed-use buildings totaling 21 units and 2,370 s/f of retail space located on Mott St. The loan features a rate of 3.13% and a 12- year term. Diamant and Klein negotiated this transaction. Meridian negotiated a mort- gage in the amount of $4.725 million on two multifamily build- ings totaling 29 units located on 67th Rd. in Flushing. The loan features a rate of 3.00% and a 10-year term. Taub negotiated this transaction. A mortgage of $3,500,000 was placed by Meridian on a 74-unit, 13-story cooperative building located on West 23rd St. in NY. The loan features a rate of 3.38% and a 10-year term. Ami Levin negoti- ated this transaction. n
ing Corpo- rat ion an- nounc ed i t closed a $166 million fund, U.S.A. Insti- tutional Tax Credit Fund LXXXIX L.P. Fund 89 will include a di-
Stephen Daley
versified portfolio of properties located in 18 states. Investors in Fund 89 included 11 insti- tutional investors comprised of insurance companies and banks. Richman also closed a $125 million fund, U.S.A. Insti- tutional Tax Credit Fund XCV, L.P. Fund 95 had four bank- ing institutions as investors and will specifically target for acquisition affordable housing tax credit projects in the five PITTSBURGH, PA — HFF announced today that it has arranged a $53.7 million con- struction loan for a to-be-built, two-building class A office campus totaling 336,000 s/f in Southpointe Office Park located 15-miles southwest of downtown Pittsburgh, Penn- sylvania. HFF worked on behalf of the borrower, Quattro Invest- ment Group , to secure the three-year construction loan through Wesbanco Bank with First Commonwealth Bank and First National Bank as participants. Due for completion in October 2014, the project will consist of an 186,000 s/f, LEED certi- fied, five-story building that is a build-to-suit for the world headquarters of Ansys plus a 150,000 s/f speculative office building. The properties are situated on a 21 acre site within Southpointe Office/Industrial Park, an 830-acre mixed-use development about 15 miles southwest of the Pittsburgh central business district and
HFF arranges $53.7 million construction loan for two- building office campus in suburban Pittsburgh, PA
Ansys Corporate Campus rendering
dent of Burns & Scalo Real Estate Services . Scalo states that, “this is an incredible development in a very tight office market. Based
12 miles southeast of the Pitts- burgh International Airport in Southpointe. The HFF team representing Quattro Investment Group was
led by senior managing director Mark Popovich and manag- ing director Matt Kafka . The managing partner of Quattro is Jim Scal o, presi-
on the activity in the market, we anticipate that the specu- lative office building will be leased before construction is completed.” n
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