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

ISSUE HIGHLIGHTS Volume 24 Issue 12 June 22 - July 12, 2012 Max Spann to auction Princeton Technology Ctr.

HILADELPHIA, PA — Meridian Capital Group, LLC, a national com- Multifamily & commercial properties throughout PA & NJ Meridian Capital Group negotiates $77.3 million in financing P

44,000 s/f office and retail build- ing located at 80 River Street in Hoboken, NJ. The loan features a rate of 4.25% and a seven-year term. Emil DePasquale negoti- ated the transaction. Meridian negotiated a mort- gage in the amount of $6 million on the East Mountain Apart- ments, a 188-unit, two-story garden apartment complex in Wilkes-Barre, PA. The loan features a rate of 4.10% and a 10-year term. Russ Drebin negotiated the transaction. A mortgage of $4.75 mil- lion was placed by Meridian on Alpine Village, a 132-unit, two-story garden apartment complex in Sussex, NJ. The loan features a rate of 3.95% and a seven-year term. Israel Schubert and David Cohen ne- gotiated the transaction. ■ Windsor Campus annual electric- ity usage, saving about $750,000 annually on electricity costs. The project will be built on 45 acres within a 67-acre parcel of cur- rently undeveloped land owned by the college on the east side of the campus. The ownership of the project has been structured as a lease- purchase agreement. The title owner is the MCIA; the MCIA and MCCC have entered into a 15-year lease with SunLight General Mercer Solar, which will offer energy from the project to MCCC at a discounted rate of 3 cents per kilowatt-hour, compared to the 14 cents per kilowatt-hour the college cur- rently pays to its local utility. The lease transfers all burdens and benefits of ownership to SunLight General Mercer Solar, including the right to sell energy to the College. The educational benefits offered by the project are especially important in New Jersey, which is the second larg- est solar market in the nation after California and one of the 10 largest in the world, accord- ing to the NJ Board of Public Utilities. ■

mercial real estate finance and advisory firm, announced the following transactions: Meridian negotiated a new mortgage in the amount of $29 million on the 2100 Parkway Apartments, a 124-unit luxury multifamily building located one block from historic Logan Square in Philadelphia. The loan features a rate of 4.00% and a seven-year term. David Fisher and Scott Jackson ne- gotiated the transaction. Anewmortgage of $25million was placed by Meridian on the Greenbriar ClubApartments, a 346-unit, three-story multifam- ily complex in Philadelphia. The 20-acre property consists of nine, all brick buildings

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2100 Parkway Apartments

LCOR breaks ground at Aurora

and 11,500 s/f of street level commercial space. The loan features a rate of 3.88% and a 10-year term. David Fisher and

Scott Jackson negotiated the transaction. A mortgage of $12.5 million was placed by Meridian on a

For Careers in solar/energy technology, engineering and sustainability Solar project at MCCC to foster opportunities in the solar industry for students

WEST WINDSOR, NJ — An innovative solar project of the Mercer County Improvement Authority (MCIA) to be installed on the West Windsor Campus of Mercer County Community College (MCCC) will foster aca- demic opportunities for students interested in pursuing careers in solar/energy technology, en- gineering, sustainability, and other programs. The energy output of the

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Auction News/Directory ............... 4-5A Owners, Developers & Managers.. 7-28A Green Buildings ........................ 15-21A Shopping Centers ..................... 29-44A Calendar of Events......................... 45A Mid Year Review.................... Section B

Mercer County Community College Campus

8-megawatt solar project will provide real-time data that will enable students to conduct cross-disciplinary studies of the benefits of alternative energy and sustainability. “We are excited about the multiple ways in which this solar project will foster academic op- portunities for MCCC students,” said Dr. Guy Generals, vice presi- dent for academic affairs. “Such learning opportunities will break new ground in community college education, preparing students

for a world that is moving further away from expensive, dirty fossil fuels and closer to clean, renew- able sources of energy.” In addition, the system will benefit students by allowing the college to re-channel savings on energy costs, among the college’s highest operating expenses, back into college programs and services that were cut because of budget constraints. The ground-mounted solar array will offset approximately 70 percent of the college’s West

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