O WNERS , D EVELOPERS & M ANAGERS
Mid Atlantic Real Estate Journal — June 22 - July 12, 2012 — 7A
www.marejournal.com
442-unit class A community funded through Fannie Mae Grandbridge closes $121m acquisition financing
Multifamily properties located in NJ NorthMarqarranges$24.482m in mortgages for 315 units
A RLINGTON, VA—The Washington, D.C. pro- duction office of Grand- bridge Real Estate Capital recently originated and closed a $121.13million first mortgage loan secured by The Buchanan, a 442-unit class A residential community located in Arling- ton. Funded through Fannie Mae’s Delegated Underwrit- ing and Servicing (DUS) MBS loan product, the acquisition financing was originated by Grandbridge senior vice presi- dents Paul Aanonsen and Jack Bauer. The seven-year fixed rate mortgage features a 30- year amortization and closed with an interest rate of 3.89 percent. The 13-story high rise is comprised of 442 multifamily units with commercial retail and office space on the first
Hamiltonian Gardens and Meadowbrook Gardens
The Buchanan
floor. The property features a mix of studio, one-, two- and three-bedroom units as well as
eight retail spaces and one of- fice space on the first floor and underground parking. ■
Cushman&Wakefield and Grant StreetAssociates release plans for 90,000 s/f office building
Gilbert Manor Apartments
PARSIPPANY, NJ—Gary Cohen, senior VP and senior director of NorthMarq’s
arranged for the borrower, Frieman Realty, by North- Marq through its relation-
No r th NJ R e g i o n a l of f i ce , ar- ranged com- bined first mo r t g a g e acquisition financing of $15.75 mil- lion for two
ship wi th a regional bank. In other news, Rob- ert Ranieri, senior VP/ manag i ng d i r e c t o r o f No r t h -
McCandless Corporate Center
PITTSBURGH, PA — Cush- man & Wakefield and Grant Street Associates have released plans for a 90,000 s/f office building to be constructed on the final lot at McCandless Corporate Center, a 322,000 s/f office complex. The Grant Street Associates leasing team of Gary Roberson and Rob Geiger has leasedmore than 100,000 s/f in the complex over the past two years. In response to this success, Zell Two, the owner of the complex, is investigating moving forward with a fifth building. Construction of the new building will begin upon the lease commitment of an an- chor tenant and should take approximately 18 months to complete. ■
Gary Cohen
Robert Ranieri
market-rate multifamily properties located in Cen- tral New Jersey. These two properties contain a com- bined total of 207 units. Hamiltonian Gardens, lo- cated on Warrenville Rd. in Middlesex County, contains 140 units and was financed at $10.65 million. Meadowbrook Gardens, located on Pompton Ave. in Cedar Grove, contains 67 units and was financed at $5.1 million. Financing for both proper- ties was based on a 5-year term and a 30-year amor- tization schedule and was
Marq’s East Regional office arranged first mortgage re- financing of $8.732 million for Gilbert Manor Apart- ments located at 269-297 Liberty Street in Little Ferry. The asset is an affordable housing property contain- ing 108 multifamily units. Financing was based on a 7-year term with two years interest only then a 30-year amortization schedule and was arranged for the bor- rower, Gilbert Manor LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac. ■
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