6A — February 10 - 23, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
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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
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