- DC
In multifamily investments in New York City Global One Investments &NelsonMgmt. Group launch fund targeting $450m
ISSUE HIGHLIGHTS Volume 29 Issue 3 February 10 - 23, 2017 Meridian Capital’s NJ office announces recent loan closings totaling $40.3 million
P
tifamily and mixed-use assets in New York City of 50-5,000 units, for both Value-Add and Core Plus investments. Both Gerstein and Nelson have owned and operated over 3,000 units worth $660 million in market rate, rent stabilized and regulated housing. “By gaining a thorough understanding of the overall dynamics of the New York City marketplace, including local, state and federal afford- able housing programs, we have been able to target assets primed for market reposition- ing,” said Gerstein. “We have had a tremendous amount of success with the support
of several local investors to improve the quality of life for residents and preserve afford- able housing in the New York metropolitan area. To this day, we have performed more than $60 million in capital improvements to our existing portfolio.” “Our expertise is in owning and operating a variety of mul- tifamily assets, from luxury properties to middle income to Section 8 housing with an investment strategy that also proves beneficial to the residents of the buildings we own,” said Nelson, president of Nelson Management Group and principal of Global One.
The first Global One Real Estate Fund, launched in 2008, purchased over 1,300 units of housing with a cur- rent market value of $200 million. Other Global One ventures acquired over 1,700 units of housing with a current market value of $460 million. Properties in the portfolio cur- rently include 275 South St. in Lower Manhattan, Prom- enade Apartments in Upper Manhattan, Atlantic Plaza Towers in Brooklyn’s Ocean Hill neighborhood and Hazel Towers and the Lafayette Boynton apartments in the Pelham Bay and Soundview sections of the Bronx. n
HILADELPHIA, PA — Global One Invest- ments, LLC and Nel-
s on Man - a g e m e n t Group, LTD has launched the firm’s sec- ond fund tar- geting $450 mi l l i o n i n multifamily investments in New York City.
Michael Gerstein
Local Philadelphia-area investor, Michael Gerstein , principal of Global One Invest- ments, established the fund along with partner Robert Nelson to target existing mul-
6A
NorthMarq Capital negotiates $78.8 million refinance
Lodi and Roseland properties garner a combined $230 million Gebroe-Hammer closes two nine-digit North Jersey multi-family sales in one week
LIVINGSTON, NJ — The persistent pursuit of high- quality, appreciating multi- family properties continues in North Jersey where Gebroe- Hammer Associates recently recorded two nine-digit sales within a one-week span total- ing $230 million and 1,002 units. The transactions in- volved Cedar Wright Gardens, located at 77 Mary St. in Lodi (Bergen County), and Nob Hill Apartments, accessible from Eisenhower Pkwy. at 28 Nob Hill Rd., in Roseland (Essex County). In both transactions, the
FC-C
Upcoming Conferences March 9, 2017 NJ Land Development Summit For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com
Cedar Wright Gardens
Nob Hill Apartments
brokerage team of Ken Ura- nowitz , president, and G reg Pine , executive VP represented the sellers and managing di- rector Joseph Brecher and senior VP Nicholas Nicolaou procured the buyers of the Lodi and Roseland assets, respec- tively. “2016 proved to be a year in which original owner/builders and decades-long owners, who never considered selling, took advantage of extremely heated market demand for multi- family product. These industry ‘veterans’ know, from past experience, this is a cyclical business and the curtain may be coming down soon on sub 4% interest rates,” said Ura- nowitz. “Bidding on existing
for-sale properties is becoming even more competitive and ag- gressive as investors continue to seek class A and B capital improvement opportunities that offer long-term rent ap- preciation and a greater return on investment.” Known for their high visibil- ity and distinguished presence within two of the most-dense- ly populated counties in the greater New York MSA, Cedar Wright Gardens and Nob Hill are poised for value-add repo- sitioning under new ownership. Both appeal to the region’s professional and executive- level tenant base associated with their strategic location in transit-based commuter hubs near retail, dining and lifestyle
conveniences. In the Lodi sale, Gebroe- Hammer represented the sell- er, Cedar Wright Gardens LP, and identified the buyer, Cedar Wright Apartments LLC. The 642-unit garden-style apartment complex has been a fixture within the Roosevelt/ Terhune/Passaic Avenue dis- trict since the seller acquired the property in 1952. The neighborhood is now undergoing extensive redevel- opment associated with the opening of Westmont Station, a rail station that launched oper- ations in May 2016. Newly con- structed mixed-use buildings, including luxury residential housing units, high-end retail continued on page 14B
Directory
Upcoming Spotlights Environmental Services/Green Buildings Commercial Office Properties Mixed-Use Projects Financial Digest................................................5-12A Pennsylvania..................................................13-20A New Jersey................................................. Section B
www.marejournal.com
Inside Cover A — February 10 - 23, 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
Facilitating Sustainable Economic Advancement in Clarion County PA by : • Partnering with local businesses • Connecting organizations with resources • Promoting Clarion County regionally, nationally, and globally • Assisting companies with financing, workforce development, and site selection Call or stop by our office TODAY and see how we can help you! Just off I-80 exit 62 in Clarion, PA Gregory Barnes Center (2nd floor), 330 North Point Drive Phone: (814) 226-9045 Email: Info@CallClarionPA.com
www.CallClarionPA.com
Real Estate Journal — February 10 - 23, 2017 — 1A
www.marejournal.com
M id A tlantic
7:55 AMWelcome & Introduction 8:00 AMMarket Forecast Update – State of Land Sales • Inventory status: Inner Ring vs. Outer Ring – Recent Significant transactions • Current and future absorption • Land prices: Where are they now and where are they headed • How does New Jersey stack up to the rest of the United States • Interest rates and other economic conditions affecting consumer confidence and Land Sales 9:00 AM Residential Home Builder and Developer Update • Evaluating land prices: Where they were, Where they are at and Where are they going • Evaluating bank owned lots and what is left to be traded • What is the market for raw land and what does the deal need to look like today
• What are the builders buying and why • How are land deals structured today • What future opportunities exist • Residential Development Opportunities that will change the face of New Jersey 9:55 AM Break 10:05 AM How to Effectively Work With Municipalities • Annexation of parcels into cities • How cities our effectively working with builders to fast track the approval process • How are municipalities effectively working with home builders and commercial developers to spur growth • What are cities doing to attract investment in their communities • Modeling for site selection and development planning 11:00 AM How Developers Can Work With Land Owners to Maximize Value Using Structured Seller Financing or Joint Ventures • Real estate financing and using a layered capital stack model and how risk affects pricing for each layer. • What are the 5 risks in real estate finance and what is the risk management process • Negotiating strategies and tactics are discussed from the viewpoint of a developer working with a land seller. • Deal structuring from very low risk - low return to high risk - high return. 12:00 PM Adjourn & Networking Register at Marejournal.com
2A — February 10 - 23, 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
Markets we serve: Commercial Industrial Residential
Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ..........................................................Barbara Holyoke Associate Publisher ...................................................................Kim Brunet Associate Publisher ............................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant/Graphic Artist ...........................................Julie King Office Manager .................................................................... Joanne Gavaza Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 29 Issue 3 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
Mid Atlantic Real Estate Journal
Electrical Contractors State, Municipal & Government Hospital & Institutions Property Management & Hospitality Products we offer: Wire, Pipe, Fittings & Wiring Devices Switchgear, Panelboards, Motor Controls & Motors Lighting & replacement Lamps LED Retrofits, Fixtures and other Energy Efficient Products Sub-Metering Equipment Meters, Tools & Ladders Safety Devices & Equipment Fire Alarms, Smoke Detectors & Burglar Alarms Generators Services we offer: On time Deliveries to meet customer requirements 24/7 Emergency Response Inventory Management Project quotes Lighting & Energy Audits Customer Training
Signage Plays a Key Role at Shopping Center Properties N Roy Vice O R T H P L A I N - FIELD, NJ — The adage “you only get one chance to make a first impression” rings true in re- tail real estate. Signage – the first component that meets a consumer’s eye – is a vital tool for communicating with shop- pers, and has a major impact on a property’s aesthetic ap- peal, according to Roy Vice , vice president of construction and development at commer- cial real estate services firm LevinManagement Corpo- ration (LMC) . Signage projects for shop- ping centers and tenants within LMC’s 95-property, 13 million s/f portfolio fall under the jurisdiction of the full-service firm’s construction team. Within that capacity, Vice frequently works with property owners and occu- pants to incorporate signage that brands and distinguishes centers as well as individual storefronts. This role is an extension of the group’s work fitting out individual ten- ant spaces and orchestrating property renovations, expan- sions and redevelopments. In the following interview, Vice talks about the role sig- nage plays at shopping center properties. Q: Why is signage so im- portant for retail proper- ties and tenants? A: When you see an Apple or Nike logo, the brand identity is so strong that no additional words are needed. To that end, creative, attractive signage can help a business stand apart from the competition (even if they are not a house- hold name). When someone opens a new business, signage is not necessarily a top prior- ity on their list. Further, they may not understand how to use it to their advantage. That’s where we come in. When a tenant leases at a center we manage, we handle everything from start to fin- ish. Our in-house construction department works closely with each tenant and sug- gests what we think might be attention-grabbing signage that communicates their mes- sage to the public. We do our
455 Third Street Jersey City, NJ 07302 Ph: 201-653-1613 Fx: 201-653-5470 Bob Kilroy bkilroy@Jewelelectric.com
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
Markets we serve:
of creativity to develop sig- nage that both meets town approval and effectively com- municates with shoppers. At Post Road Plaza in the Village of Pelham Manor, NY, we worked with an architect who designed attractive and color- ful monument signs that line the highways bordering prop- erty. Each includes a single tenant name. Additionally, we have two tenants at Post Road Plaza – Dave & Busters and a soon-to-open national fitness chain – that occupy a combined 82,000 s/f at the back of the center. We wanted to implement incremental signage to help these tenants, and worked with an architect to present a comprehensive plan. The result: there are now two additional wall signs for these tenants, as well as two new pylon signs. Q: What are some proper- ty signage planning “stan- dards” and newer trends? A: Every property is differ- ent, but there are a few tips and tricks we have learned over the years. First, irregu- lar, non-rectangular signage shapes attract the eye more quickly than the more tra- ditional square or rectan- gle. Similarly, bright colors against strongly contrasting backgrounds enhance both appeal and legibility. Prop- erty signage must convey the property’s name and its major retailers. Remember, poten- tial customers in vehicles can read only so many names as they drive past a property; for those with dozens of tenants we recommend listing only key anchors on the pylon. Sig- nage also needs to work both during daylight hours and at night. Lighting is critical. Increasingly, large properties like Fairlane Village Mall in Pottsville, PA, are incorporat- ing digital reader boards in their pylon signage, which is a great way to communicate special events and tenant pro- motions to passersby. n
homework and present what we think is the best approach. Ultimately, property owners and retailers spend a lot of time on every facet of their presentation. Signage is an important part of that. Q: Can you give an example? A: At The Shoppes at Flem- ington – an open-air lifestyle center in Flemington, NJ – healthy casual restaurant chain Freshii recently joined the tenant mix. This chain is known for its fresh ingre- dients and eco-friendly prac- tices. We recommended façade signage that we thought was interesting and really fit the restaurant’s personality. It incorporates Freshii’s logo against a background of green grass. Lifestyle centers, in particular, place a focus on presentation, and retailers always are trying to do some- thing a little unique. Freshii’s signage is a real differentiator for this tenant. Q: What are some chal- lenges involved with shop- ping center signage? A: It may sound straightfor- ward, but creating pylon and building/façade signage can be a complex process, in part because it is often restricted by municipal or zoning regu- lations. In some cases, where regulations are particularly strict, pylon signage may not even be an option for a shop- ping center. For shopping cen- ters located close to the road, prominent tenant signage on the building façade can help consumers see which retailers are located there. In the case of large centers or those with obstructed visibility from the road, it can be even more diffi- cult for shoppers to see exactly what a center offers. Q: Can you provide an example of how to solve that second scenario? A: For properties that are set back off the road or have a town-mandated buffer of trees it takes a higher level
MA REJ A dvertising D irectory ARD Appraisal.................................................................. 11A Berger Organization........................................................ IC-B Bussel Realty Corp........................................................... 11B CAPSTAN........................................................................... 8B CIRC.................................................................................... 1A Clarion County EDC. ...................................................... IC-A Construction Roundtable of NJ....................................IBC-A Cooper Horowitz. ...................................................... 9A Crew LV.......................................................................... 21A Cushman & Wakefield....................................................... 1B Deerwood Real Estate Capital........................................... 7A Feinberg Real Estate Advisors.......................................... 3A Fowler Companies.........................................................IBC-A Gebroe-Hammer Associates............................................... 4B Giovannone....................................................................IBC-A Healthcare Facilities Solutions. ...................................IBC-A Hillcrest Paving & Excavating.....................................IBC-A Hinerfeld Commercial.............................................15, IBC-A Investors Real Estate Agency.......................................IBC-A Jewel Electric...................................................................... 2A Kaplin Stewart. .................................................................. 4A Kearny Bank....................................................................... 7B Keen Summit...................................................................... 4A LMS Commercial.............................................................. 16A Marcus & Millichap............................................................ 4A Markward Group.............................................................. 17A MBA. ................................................................................... 8A Mericle............................................................................. BC-A Meridian Capital Group..................................................... 9B NAI Summit...................................................................IBC-A NorthMarq Capital........................................................... 20A Precision Realty Group.................................................... 14A Real Property Capital......................................................... 6A Regal Bank........................................................................ 10A Redwood Realty Advisors................................................... 3B REMCO Realty Group...................................................... 10B Rittenhouse Realty Advisors. .......................................... 19A RT Environmental............................................................ 18A Sax LLP............................................................................. 13B SEBCO Laundry Systems.................................................. 2B Somma Associates............................................................ 17B Subway...........................................................................IBC-A The Kislak Co..................................................................... 6B WBG...............................................................................IBC-A WCRE.................................................................................. 4A Weichert Commercial Brokerage....................................... 3B Wolfer Commercial Realty Corp.................................... BC-B Zimmel Associates............................................................ 12B
To advertise, call 1-800-584-1062
Real Estate Journal — February 10 - 23, 2017 — 3A
www.marejournal.com
M id A tlantic
JUST LISTED - FOR SALE Berks County Multi-Family Portfolio Call for Offers – March 13, 2017
Township Village Apartments 5th & Euclid Avenue, Temple, PA. 19560 48 Units, 80 Bedrooms $3,840,000.00 i ill li , l , . ,
Orchard Apartments 5th & Shalter Avenue, Temple, PA . 19560 62 Units, 106 Bedrooms $5,270,000 t t t lt , l , . it , , ,
,
,
.
Devonshire Park Apartments 40-80 S. Elm Street, Kutztown, PA. 19530 72 Units, 96 Bedrooms $6,480,000.00 i t t - . l t t, t t , . it , , , .
Topton Garden Apartments 125-135 Palm/Franklin Street, Topton, PA. 19562 36 Units, 52 Bedrooms $2,700,000.00 t l li , , . i , , , .
Portfolio Price: $18,290,000.00 Offers Due by 5:00 PM, Monday, March 13, 2017 Property Tours Tuesday February 14 th , Devonshire 12:00 & Topton 2:00 Thursday February 16 th , Orchard 12:00 & Township 1:30 Monday February 20 th , Devonshire 12:00 & Topton 2:00 Wednesday February 22 ND , Orchard 12:00 & Township 1:30 Cindy McDonnell Feinberg, CCIM – 610-360-9733 or cfeinberg@feinbergrea.com Gregg M. Feinberg, Esq. – 484-201-6645 or gfeinberg@feinbergrea.com www.feinbergrea.com
1390 Ridgeview Drive, Suite 301, Allentown, PA 18104 610-709-6233 i i i , it , ll t ,
-
-
4A — February 10 - 23, 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal 3,993,874 s/f portfolio offers leasing of small spaces to anchors Cedar realty trust hires metro commercial to lease 24 centers
Immediate Action Required • Offers currently being considered Portfolio of Environmentally ImpactedDevelopment Sites Three Sites Located in New Jersey BANKRUPTCY SALE (Subject to Bankruptcy Court Approval) Offer Deadline: March 22, 2017 n Kearny, Hudson County, NJ – Belleville Turnpike 28.65 Acres Across 4 Parcels n Kearny, Hudson County, NJ – O’Brien Road 6.76 Acres Across 5 Parcels n Newark, Essex County, NJ – 5.82 Acres Across 2 Parcels All Environmental Issues Have an Active Responsible 3 rd Party
LYMOUTH MEET- ING, PA — Metro Commercial Real Es- tate, Inc ., has been hired by Cedar Realty Trust to lease their Pennsylvania portfolio of 23 properties as well as one New Jersey location. Cedar’s portfolio offers leas- ing opportunities from small spaces to anchors to pad sites. Collectively the GLA of these 24 sites is 3,993,874 s/f. “We are pleased to have been selected to be the ex- clusive agent for one of the most respected REITs in our industry. Metro possesses the expertise and the right team to quickly execute large assignments like this,” said TomLondres , president and CEO at Metro Commercial. “We look forward to part- nering with Metro Commer- cial and believe the synergy between our firms will allow us to best cover the market, create value and return for our shareholders,” said Rob- in Ziegler , chief operating officer of Cedar Realty Trust. “Metro is well versed in both the urban and suburban markets within our region, and we’ve constructed a team of local experts that can P
doah, PA; +/- 71,720 s/f • Golden Triangle - Lan- caster, PA; +/- 202,790 s/f • Halifax Plaza - Halifax, PA; +/- 51,510 s/f • Hamburg Square - Ham- burg, PA; +/- 99,580 s/f • Lawndale Plaza - Philadel- phia, PA; +/- 93,040 s/f • Maxatawny Marketplace - Kutztown, PA; +/- 59,939 s/f • Meadows Marketplace - Hummelstown, PA; +/- 91,518 s/f •Mechanicsburg Center - Me- chanicsburg, PA; +/- 51,500 s/f • Newport Plaza - Newport, PA; +/- 64,489 s/f •NorthsideCommons - Camp- belltown, PA; +/- 69,136 s/f • Palmyra Shopping Center - Palmyra, PA; +/- 111,051 s/f • Port Richmond Village - Philadelphia, PA; +/- 154,908 s/f • River View Plaza - Phila- delphia, PA; +/- 236,217 s/f • Swede Square - East Norri- ton Township, PA; +/- 100,816 s/f • The Commons - Dubois, PA; +/- 203,426 s/f • The Point - Harrisburg, PA; +/- 268,037 s/f • Trexler Mall - Trexler- town, PA; +/- 337,297 s/f • Trexlertown Plaza - Trex- lertown, PA; +/- 319,529 s/f • Washington Center Shop- pes- Sewell, NJ; +/- 157,394 s/f
speak to each center’s specific needs based on their loca- tion, demographics and retail mix,” said Joe Dougherty , executive VP and principal at Metro. The leasing team includes executive VP and principals Joseph Dougherty and Glenn Marvin and vice presidents Pat Gallagher , Valerie Pettine and Lars Kerstein . “We have a wide breadth of knowledge and relationships in both the urban and sub- urban retail markets of the region. Recently, we’ve seen a dramatic shift with suburban retailers looking to expand in the urban environment and this is an area where Metro’s relationships with local, re- gional and national tenants comes as a huge advantage,” said Kerstein. Property locations: • Academy Plaza - Philadel- phia, PA; +/- 137,415 s/f • Camp Hill - Camp Hill, PA; +/- 463,967 s/f • Colonial Commons - Har- risburg, PA; +/- 461,914 s/f • Crossroads II - Bartons- ville, PA; +/- 133,717 s/f • Fairview Commons - New Cumberland, PA; +/- 52,964 s/f • Gold Star Plaza - Shenan-
ADDITIONAL PROPERTIES: PAINESVILLE, OH & TUSCALOOSA, AL
KEEN-SUMMIT CAPITAL PARTNERS LLC (646) 381-9222 • Keen-Summit.com
Client: KEEN-SUMMIT • Job No: GAK-187 Publication: Mid Atlantic RE Journal (NJPA RE Journal) Issue Date: 2/10, 2/24 & 3/3 Size: 4”x 4.25” Leading the Real Estate Investment Market Contact us today to access the largest inventory of properties. This Ad Prepared by SMM Advertising 631-265-5160
J.D. Parker Manhattan
Brian Hosey New Jersey (201) 582-1000 Bryn Merrey Washington, D.C. (202) 536-3700
(212) 430-5100 Brenton Baskin Philadelphia (215) 531-7000
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
FULL SERVICE COMMERCIAL REAL ESTATE BROKERAGE & ADVISORY FIRM
SOME PLAY BY THE BOOK. WE’RE REWRITING IT.
Landlord Representation Tenant Representation Research & Marketing Information Corporate Real Estate Representation
l
l
l
l
Investments
l
Property Management
l
Appraisal & Advisory Services
l
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • www.kaplaw.com Visit our Blogs: www.pennsylvaniaconstructionlawyer.com www.philadelphiarealestatelaw.com Kaplin Stewart Attorneys at Law
Construction Services
l
Putting our experience to work for you. In a whole new way.
For more information, visit WolfCRE.com or call 856-857-6300 .
Building Successful Relationships TM
Marlton, NJ l King of Prussia, PA
www.marejournal.com F inancial D igest Construction of the 16-Story project commenced in 2016, expected to be completed in early 2018 Boston properties and rudin development close on $250m const. financing for 675,000 s/f project M id A tlantic Real Estate Journal — February 10 - 23, 2017 — 5A
N
Dock 72 is centrally located within the Navy Yard on a 60,000 s/f strip of land jutting out into Wallabout Bay in the East River between two active dry-docks, offering panoramic views of the City and the activ- ity of the Navy Yard. Designed by S9 Architecture , with the lobby, common areas and amenities designed by Fog- arty Finger Architecture , the building celebrates the surrounding maritime and industrial history of the Navy Yard and is designed to drive innovation and collaboration between tenants. Upon completion, the build- ing will feature floor plates ranging from 40,000 to 60,000 s/f, offering contiguous and easily devisable blocks of space for a variety of tenant sizes. The joint venture is seeking LEED certification for the project and the build- ing includes myriad state-of- the-art design, technology, sustainability and resiliency features, including Nantum, an operating system for the built environment. n
EW YORK, NY — A joint venture between affiliates of Boston
Properties, Inc. and Rudin Development announced that it has closed on a $250 million construction loan for Dock 72, the 16-story, 675,000 s/f creative office development at the Brooklyn Navy Yard. The financing is led by J.P. Morgan , M&T Bank and U.S. Bank . With Dock 72, the joint venture is undertaking one of the largest New York City commercial buildings to be constructed outside of Man- hattan in decades. WeWork will anchor the new building with a 222,000 s/f lease in ad- dition to acting as co-developer and curator of the amenity spaces, which include a health and wellness center, specialty food and beverage offerings and a rooftop conference cen- ter. The joint venture broke ground in May 2016 and the project will be ready for tenant fit-out in late 2017 and will be completed in early 2018. “The Boston Properties/ NORTHERN NJ — Hol- liday Fenoglio Fowler, LP (HFF) announced that it has secured $162 million in financing for a 13-building industrial portfolio totaling 2.67 million s/f in North New Jersey. HFF worked on behalf of the borrower, Hartz Moun- tain Industries, Inc. , to place the 10-year, fixed-rate loan through Hartford In- vestment Management Company, HIMCO . HFF is servicing the loan. The 98%-leased buildings are located in Secaucus, Whip- pany, East Hanover, Bay- onne, Harsbrouck Heights, Harrison and North Bergen. Additionally, the portfolio includes one industrial spec building currently being con- structed in Linden. The port- folio features six percent office space. The HFF debt placement team representing the bor- rower was led by senior man-
Dock 72 rendering; Photo credit: S9 Architecture
Rudin team is excited to close this transaction with JP Mor- gan, M&T Bank and U.S. Bank to move forward with creating this dynamic, unique project, which will be the office building of the future,” said Michael Rudin , partner in Rudin Development, on behalf of the joint venture partner- ship. “Co-working space is an integral part of New York’s new economy, transforming
the way people do business. With the development of Dock 72, we are building the infra- structure to meet that growing demand.” “Representing an invest- ment of nearly $400 million, Dock 72 is already having a strong impact on the area’s economy, putting hundreds of people to work in what will be a truly iconic addition to the Brooklyn Navy Yard. In the
long term, the building’s ten- ants will bring thousands of good-paying jobs to the Yard, significantly contributing to the Yard’s largest expansion in 50 years,” said Brooklyn Navy Yard Development Corporation president and CEO David Ehrenberg . “Achieving this important milestone affirms the private sector’s confidence in both Dock 72 and in the Yard itself.”
HFF secures $162m financing for portfolio of 13 industrial buildings in North NJ
Hartz Mountain industrial property
Liberty Hall II
significant prepayment costs,” Didio said. UNION, NJ — HFF an- nounced that it has arranged an $11 million refinancing for Liberty Hall II, a recently- renovated, 146,779 s/f, class A office building in Union. HFF worked on behalf of the borrower, Lamar Com-
panies , to secure the floating- rate loan through Malvern Federal Savings Bank . Liberty Hall II is located at 1095 Morris Ave. directly across from Kean University in Union, a Central New Jer- sey township southwest of Newark. This location is four miles from the Garden State
Parkway and Interstates 78, 95 and 287, as well as ad- jacent to a proposed transit village featuring mixed-use properties with residential and retail uses. The HFF debt placement team representing the bor- rower was led by managing director Michael Klein . n
aging director Thomas Didio and real estate analyst Con- nor Milanaik . “Hartford Investment Man- agement Company was able to meet the borrower’s re- quired timeline to close the financing, which was very aggressive, and the lender was able to save the borrower
6A — February 10 - 23, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest Including $12m in financing for a seven-story multifamily property in Philadelphia, PA Meridian Capital Group’s NJ office announces seven recent loan closings totaling $40.3 million
selin, NJ — Meridian Capital Group closed seven transactions in the New Jersey, Connecticut and Pennsylvania markets. Meridian arranged $12 mil- lion in financing for a seven- story multifamily property on Ogontz St. in Philadelphia, PA, consisting of 206-units and one commercial space. The seven-year loan features a fixed rate of 3.50% and was negotiated by senior vice president, Russ Drebin . A new mortgage of $10.5 million was placed by Merid- ian on the Center Port indus- trial complex, consisting of I
174,800 s/f of space in Newark, NJ. The 30-month loan fea- tures a floating rate of 5.25% over the 30-day LIBOR rate. The transaction was negoti- ated by senior vice president, Jay Jacobovitch . Meridian negotiated $7.1 million in financing for the 181-unit Stone Creek Apart- ments in East Hartford, CT. The seven-year loan features a fixed rate of 4.36%. The transaction was negotiated by Russ Drebin. A new mortgage of $5.2 mil- lion was placed by Meridian on three newly constructed two- story apartment buildings,
located on North 49th St. in Philadelphia. The properties total 63 units. The five-year loan, featuring a fixed rate of 3.91%, was negotiated by vice president, Shalom Krohn . Meridian arranged $3.1 mil- lion in financing for a four-sto- ry, 36-unit multifamily prop- erty, located on West Seventh St. in Plainfield, NJ. The 10- year loan features a floating rate of 2.25% over the 30-day LIBOR rate. This transaction was negotiated by managing director Marvin Jeremias . A new mortgage of $1.7 mil- lion was placed by Meridian on three single-story commercial properties, totaling 21,395 s/f of space, located on Faraday Ave. in Jackson, NJ. The five- year loan, featuring a fixed rate of 5.25%, was negotiated by Jay Jacobovitch. Meridian negotiated a new mortgage in the amount of $660,000 on a 1,600 s/f triple- net single-tenant office build- ing on Morris Turnpike in Short Hills, NJ. The seven- year loan features a fixed-rate of 3.99%. The transaction was negotiated by vice president, Charles Nussbaum . n Greysteel arranges $8.925 million in permanent financing Hyattsville, MD — Greysteel , a national com- mercial real estate investment services firm, has arranged the refinancing of Madison Park, a multifamily property located in Hyattsville, MD on behalf of Madison Park, LLC. The 10-year non-recourse loan, provided by Freddie Mac , features a fixed-rate of 4.65% and three years of inter- est-only payments, followed by a 30-year amortization schedule. This transaction was negotiated by Greysteel director Mark Bittenbend- er , who is based in the Com- pany’s Washington, DC office. Madison Park, located at 5902 31st Ave., was construct- ed in 1962 and totals 91 units with an average unit size of 873 s/f. “The sponsor sought to re- finance a maturing CMBS loan,” said Bittenbender. “Greysteel was able to lever- age the exceptional improve- ments to the property that the sponsor has completed and arrange long-term financing with a substantial interest- only period.” n
Stone Creek Apartments
Recently Closed Loans
$23,000,000 $17,000,000 $8,000,000 Shopping Center Construction Loan Retail/Office Refinance Best Western Refinance Blue Bell, PA Bethlehem, PA Chester, PA 75% LTC, 36 Months, LIBOR + 210 bps 75% LTV, 7/25, 4.82%, Non-Recourse 75% LTV, 10/25, LIBOR + 250 bps
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com . FOR MORE INFORMATION: R. Brenner Green, President 303 Harry Street • Conshohocken, PA 19072 • 610-456-9644 • bgreen@realpropertycapital.com
Real Estate Journal — Financial Digest — February 10 - 23, 2017 — 7A
www.marejournal.com
M id A tlantic
F inancial D igest James Gunning, Donna Falzarano and Stephen Joseph secure attractive bridge loan CBRE Capital markets arranges $24m in bridge financing for class A office building in hanover, NJ
H
ANOVER, NJ — CBRECapital Mar- kets ’ Debt & Struc-
ing loan on the property set to mature, Ravine Development faced the challenge of finding a capital provider that would underwrite a loan for the property during its temporary vacancy. Following an extensive marketing program to doz- ens of national and regional banks, James Gunning , Donna Falzarano and Ste- phen Joseph of CBRE’s Saddle Brook, New Jersey office secured an attractive bridge loan from The Provi- dent Bank of New Jersey. The loan was structured to include good news funding
for tenant improvements and leasing commissions that will go into effect once a tenant for the property has been identified. Located at the interchange of Rte. 24, just minutes from Interstates 287 and 80, 10 Park Ave. provides conve- nient access to public tran- sit options and Morristown Municipal Airport. With its proximity to Morristown’s central business district, the property is ideally situated in a thriving urban/suburban environment that has seen explosive growth over the past decade. n
tured Finance team has ar- ranged a $24 million bridge loan on behalf of Ravine Development Company to refinance 10 Park Ave., a va- cant 154,776 s/f class-A office building in Hanover. Built in 2001, 10 Park Ave. is an amenity-rich office prop- erty, with executive parking, a 376-person full-service caf- eteria, an on-site fitness cen- ter and a multi-media room. The property housed Met- ropolitan Life’s international, fixed-income investment divi- sion for 13.5 years, until the tenant moved to Metlife’s new global headquarters at the termination of its lease in October 2016. With an exist- G.S. Wilcox & Co. secures over $12m in financing in two recent transactions WAYNE, NJ — G.S. Wil- cox & Co. has secured more than $12 million in financ- ing tied to two recent trans- actions. The Morristown- based mortgage banking firm announced that president Gretchen Wilcox , along with principal Al Raymond , arranged the financing on behalf of its developer cli- ents. The largest transaction was $10 million, which was secured for a 311,813 s/f ware- house distribution center in Wayne, NJ (shown). “This transaction repre- sents a long standing bor- rower/lender relationship which G.S. Wilcox & Co. has managed for two decades, financing millions of square feet. Given this relationship, the lender was able to get comfortable with the risk as- sociated with the transaction and put an acceptable miti- gant in place” said Raymond. The second transaction con- sisted of a $2.75 million loan to a refinance a warehousing facility located in Somerset, NJ. n
10 Park Ave.
8A — February 10 - 23, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
Networking Trumps Social Media
34 th Regional Conference of Mortgage Bankers Associations
March 19 - 23, 2017 Harrah’s Resort and Convention Center Atlantic City, NJ
For More Information Visit: www.mbanj.com
Commercial Property Speakers Include
Charles H. Kauffman, Jr., CMB C.H. Kauffman & Associates, Inc.
Richard T. Carr, Jr. Silverthread Capital, LLC
Frederick A. McDonald, Jr. Popular Community Bank
Ronald M. Shapiro Rutgers, The State Univ. of NJ
Lawrence J. Longua Urbanalysis LLC
Kevin Farrell ACRES Capital
Carlo L. Batts, MAI Rittenhouse Appraisals
Paul P. Braungart III Regional Capital Group (RCG)
Sanford Herrick Case Real Estate Capital
Marc Leno Commercial Real Estate Lender
Ellen McHenry UCEDC
Shari D. Linnick Trepp, LLC
Real Estate Journal — Financial Digest — February 10 - 23, 2017 — 9A
www.marejournal.com
M id A tlantic
$205,000,000
33 SOUTH SIXTH - CITI CENTER 33 SOUTH SIXTH STREET MINNEAPOLIS, MINNESOTA A 51 story Class A office tower containing 1,207,889 square feet of office space and 409,999 square feet of retail The undersigned arranged the above financing
622 Third Avenue New York, NY 10017 (212) 986-8400 Fax: (212) 983-0512 www.cooper-horowitz.com
David Horowitz
Real Estate Financing
10A — February 10 - 23, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
ersey City, NJ — Mack-Cali Realty Corp. announced recent financ- The company closes on senior unsecured credit facilities totaling $925 million Mack-cali announces recent financing activity J credit facilities consist of: JPMorgan Chase Bank, N.A. as administrative agent;
outstanding bonds scheduled to mature in August of 2019 and repaid a series of loans totaling approximately $200 million of high rate mortgage debt. The following is a summary of these recent financing trans- actions: The company closed on senior unsecured credit facilities total- ing $925 million with a group of 13 lenders, with Wells Fargo Securities, LLC; J.P. Morgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Inc. as joint lead arrangers and joint bookrunners; and Capital One, National Association and U.S. Bank National Association as joint lead arrangers.
The credit facilities are com- prised of a renewal and exten- sion of the company’s existing $600 million unsecured revolv- ing facility and a new $325 million unsecured delayed-draw term loan. The $600 million credit facility carries an interest rate equal to LIBOR plus 120 basis points and a facility fee of 20 basis points. The facility has a term of four years with two six-month extension options. The new $325 million delayed- draw term loan can be drawn over time within 12 months of closing with no requirement to be drawn in full. The loan carries an interest rate equal to LIBOR plus 140 basis points
and a ticking fee of 25 basis points on any undrawn balance during the first 12 months after closing. The term loan matures in three years with two one-year extension options. The interest rate on the revolving credit facility and new term loan and the facility fee on the revolving credit facility are subject to adjustment, on a sliding scale, based upon the company's un- secured debt ratings, or at the company’s option, based on a defined leverage ratio. The credit facilities also con- tain accordion features provid- ing for expansion of the facili- ties up to a total of $1.2 billion. The lending group for the
Wells Fargo Bank, N.A. and Bank of America, N.A. as syn- dication agents; Capital One, National As- sociation; U.S. Bank, National Association; Citibank, N.A.; PNC Bank, National Association and BMO Harris Bank, N.A., all as docu- mentation agents, and The Bank of New York Mellon as Managing Agent; Other participants in the credit facilities are Comerica Bank; TD Bank, N.A.; Associ- ated Bank, National Associa- tion and Fifth Third Bank. Also this month, the company closed on a $100 million mort- gage loan, secured by Alterra at Overlook Ridge, its 722 unit multi-family community located in Revere, MA. The mortgage loan carries a fixed interest rate of 3.75% per annum and is interest only for its seven year term. In December, the company redeemed for cash all $135 million outstanding principal amount of its 7.75% Notes due in August 2019. The Notes were redeemed on December 29, 2016. The redemption price for the Notes, including a make- whole premium, was 115.3% of the principal amount of the Notes, plus any accrued and unpaid interest. Also during the fourth quar- ter of 2016, the company repaid mortgage debt on nine assets aggregating $200 million that carried interest rates rang- ing from 6.3% to 11.3%, The company disposed of two of the assets and seven became unencumbered. Pro forma, with the execution of these financing activities, the company’s $2.5 billion total debt now carries a weighted average interest rate of 3.9%. Additionally, with remaining maturities of up to 12 years, the weighted average maturity of its indebtedness is now 4.4 years. "The completion of these fi- nancings clearly demonstrates the capital markets' strong commitment to Mack-Cali and will provide affordable capital to continue the Company's business plans" said Tony Krug , Mack-Cali CFO. Added Michael DeMarco , Mack-Cali president “We appreciate the confidence our lending partners have in our strategy and look forward to a continued profit- able partnership.” n
ing activities. In a series of transac- t i o n s , t h e company: re- financed and extended its $600 million unsecured re- volving credit
Michael DeMarco
facility; entered into a $325 million delayed draw unsecured term loan; placed a $100 million mortgage on one of its multi- family communities located in Revere, MA; redeemed the remaining $135 million of its
The lending team dedicated to making it happen. ~ Specializing in multi-family lending, loans up to $6 million ~
Sean Howland Vice President and Loan Officer
Monte Ehrenkranz Vice President of Business Development
570 West Mount Pleasant Avenue | Livingston, NJ 973-577-7160 | regalbanknj.com
Livingston, Roseland, Florham Park, Millburn, West Orange, Summit, Somerset & Springfield
EqualHousing Lender EqualOpportunity Lender
Member FDIC
Real Estate Journal — Financial Digest — February 10 - 23, 2017 — 11A
www.marejournal.com
M id A tlantic
Over 50 Years Providing Real EstateValuation Services!
Serving New Jersey, Pennsylvania, New York
www.ardappraisal.com RECENT PROJECTS
1,224-Unit Apartment Complex Mount Olive, NJ
Livingston Town Center Livingston NJ
564-Unit Apartment Complex Cherry Hill, NJ
254,000 SF Class A Office Bldg. Hanover, NJ
2,258,000 SF Industrial Park Wood-Ridge, NJ
523,000 SF Industrial Bldg. Hazleton, PA
Patrick B. Ard, MAI Rodney Copeland, SCGREA
11 Broadway, Suite 831 New York, NY 10004 (212) 509-0095
36 Brant Avenue Clark, NJ 07066 (732) 396- 1965
James Meehan, MAI Joseph Traks, MAI Cynthia Xu, MAI
12A — February 10 - 23, 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
THANK YOU TO OUR PARTICIPANTS!
SPEAKERS
CARLO BATTS PRINCIPAL RITTENHOUSE APPRAISALS
BILLY PROCIDA FOUNDER & PRESIDENT PROCIDA FUNDING AND ADVISORS
MICHEL GIBEAULT VICE PRESIDENT OF BUSINESS DEVELOPMENT HIGH CONSTRUCTION COMPANY
MATT KOENIG PRINCIPAL BARTON PARTNERS
BOB COHEN EXECUTIVE VP THE PRESTIGE GROUP
DAVID MCHENRY PRINCIPAL ERDY MCHENRY ARCHITECTURE, LLC
MATTHEW ROSENBERG DIRECTOR MARUS & MILLICHAP
TRACEY UNGARETTA MANAGING DIRECTOR REAL ESTATE SERVICES GREYSTAR
SCOTT RELICK PRESIDENT KORMAN COMMUNITIES
NEIL STEIN, ESQ. PARTNER KAPLIN STEWART MELOFF REITER & STEIN, P.C.
MARK TUCKER PRESIDENT TUCKER DEVELOPMENT PLUS
CLARKE TALONE DIRECTOR MARCUS & MILLICHAP
LOU TIBERIO DIRECTOR GREYSTONE & CO., INC.
Bronze Sponsor
Corporate Sponsors
Organization Sponsors
For More Information on This Event Contact: Lea Christman at lea.christman@marejournal.com | 781-871-5298
P ennsylvania
S hopping C enters
Ranieri of NorthMarq’s Greater Westchester New York/Connecticut office finalizes refinance NorthMarq Capital negotiates $78.8m refinance of 768-unit Blair Mill Village East in Horsham, PA H www.marejournal.com M id A tlantic Real Estate Journal — Pennsylvania — 13A orsham, pa — Robert Ranieri , se- nior vice president/ seller/servicer relationship with Freddie Mac .
Conveniently located off of the Pennsylvania Turnpike and Rte. 611, the property is listed as 10 minutes to Fort Washington and benefiting from 55 landscaped acres. Apartment amenities include brand new windows, free hot and cold water, laundry center on site, pet friendly policies, online rental payments, patio/ balcony, spacious garden-style units, outdoor pool, updated fitness center, tot lot, trash removal, air conditioning, heating and resident parking. “As this was an existing Freddie Mac loan, we were able to waive a portion of the prepayment penalty and provide an 80 percent loan-to- value cash-out option,” said Ranieri. n
HI-LIGHTS February 10 - 23, 2017 managing director of North- Marq Capital ’s Greater Westchester New York/Con- necticut-based regional office finalized the $78.8 million refinance of Blair Mill Village East, a 768-unit multifam- ily property located on Blair Mill Rd. in Horsham. The transaction was structured with a 10-year term on a 30- year amortization schedule. NorthMarq arranged financ- ing for the borrower, Blair Mill Associates , through its
CBRE arranges the $25.5m sale of a class A 103,334 s/f, office building tenanted by Radial Blair Mill Village East
“How not to sell your listing short”
KingofPrussia, PA — CBRE Group, Inc. (CBRE) has arranged the sale of a class A 103,334 s/f, single ten- ant office building tenanted by Radial, Inc. (Radial) via a sale leaseback for a purchase price of $25.5 million. The four- story property, which serves as Radial’s corporate head- quarters, is located at 935 1st Ave. in King of Prussia. Robert Fahey , Jerry Kranzel and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented Radial during the transaction. “Quality assets, leased on a long-term basis to established companies are very much in demand,” said Fahey, ex- ecutive vice president, CBRE. “Investors are attracted to the stable returns offered by these investments and the security of a long-term lease with an industry leader such as Radial.” Radial, the leader in Om- nichannel Commerce tech- nologies and operations, has agreed to a 15-year triple-net lease. Radial is the recently combined operations of eBay
16A By Amy Hawley of Markward Group and Michael Jei tner of Bohler Engineering KLNB retail investment sales group brokers $17 million sale
935 1st Ave.
6C
Volunteer Center linked more than 25,000 volunteers with agencies, businesses, schools and universities all across the Lehigh Valley. “Jody continues to be an inspiring leader of our board and is focused on board en- gagement, community rela- tions and increasing our brand awareness,” said Karen Daly Smith, CEO for the Volun- teer Center. “Based on Jody’s energy and effort, the Vol- unteer Center has been able to expand our programs and
Enterprise and Innotrac. Bethlehem, PA — CBRE announced that Jody King , vice president, CBRE, has been re-elected Board President at the Volunteer Center of the Lehigh Valley. This is Jody’s eighth year serving on the Board and her second year as President. The Volunteer Center, which began in 1982, is to- day’s premier apparatus for connecting local volunteers with community needs in the Lehigh Valley. In 2016, the
events with full support and commitment of the board.” “Working with the Volun- teer Center continues to be rewarding both personally and professionally,” said King. “We have built a strong foundation for all things that relate to volunteerism in the Lehigh Valley. I am excited to con- tinue to lead us toward the vision of the Volunteer Center which is – ‘To be the premier resource on volunteerism for the benefit of the community and organizations we serve.’” n
18A
21A
www.marejournal.com
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48Made with FlippingBook - Online Brochure Maker