10-28-16

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

ISSUE HIGHLIGHTS Volume 28 Issue 20 Oct. 28 - Nov. 10, 2016

P Financing for eight properties was provided by KeyBank Real Estate Capital AMA Financial arranges $192.5 million financing for student housing portfolio HILADELPHIA, PA — AMA Financial (AMA) , a commercial •West 22 at Kennesaw State University (Kennesaw, GA)

SPO TLIGHT

•Hawks Ridge at Iowa State University (Iowa City, IA) •University Crossing at Kansas State University (Manhattan, KS) •The District on Luther at Texas A&M (College Station, TX) •Campus Quarters at Tex- as A&M (Corpus Christi, TX) •Islander Village at Texas A&M (Corpus Christi, TX) “We have partnered with Gregg since 2009 and this deal is truly representative of his aid in making Vesper a leader in the space. AMA has assisted us with financings of more than 13,000 beds repre- sentative of approximately $1 billion,” said Isaac Sitt , co- founder and co-CEO, Vesper Holdings LLC. n initially, and they took a lead role in hammering out a very advantageous deal for our client in the closing phase.” Spruce Law’s boutique firm efficiency and financing ex- perience were leveraged to close this deal in less than 30 days from loan commitment. Atwater consists of 232 apartment units, 549 resi- dential building lots, and up to 120,000 s/f of mixed-use commercial development. The project commenced in 2014 and has been incred- ibly successful, with over 100 homes sold in a little over a year of full-scale marketing. It is the fifth major devel- opment by the sponsor, RLD Land & Development since 2011, all of which have been highly successful ven- tures in which RLD has partnered with some of the nation’s leading homebuild- ers. This momentum has vaulted RLD to the position of the leading residential land development firm in the Philadelphia region. n

mortgage-brokerage firm, announced a financial ar- rangement totaling $192.5 million on behalf of Vesper Holdings (Vesper) in its ac- quisition of a sizable student housing portfolio. Financing was provided by KeyBank Real Estate Capital (Key- Bank) and consisted of eight loans, including: six fixed-rate Freddie Mac loans amount- ing to $168 million; and two bridge loans amounting to $24.5 million. “As the student housing market continues to flour- ish, we rely on Gregg and AMA Financial for projects that require serious financial strategy,” said Todd Gou- let , senior vice president, KeyBank Real Estate Capi- tal. Added John Manginelli,

17-25A EXECUTIVE WOMEN IN BUSINESS

Governments and developers need to cooperate to achieve smart development

Hawks Ridge at Iowa State University

Northeast regional executive at KeyBank, “AMA has been a reliable correspondent to KeyBank for more than 10 years, allowing us to truly expand across several regions via student housing.” The eight-property portfo- lio includes more than 4,900

beds and spans Alabama, Georgia, Iowa, Kansas and Texas, including: •Crimson Student Living at the University of Alabama (Tuscaloosa, AL) •Legacy at Georgia South- ern University (Statesboro, GA)

UPCOMING CONFERENCES November 10th, 2016 NJ Real Estate Capital Markets Summit December 9th, 2016 4A By Glenn Ebersole, High Construction

Real Property Capital originates $53.78m in land development financing in Malvern, PA

MALVERN, PA — Real Property Capital (RPC) has originated a $53,781,504 first mortgage for the re- finance of the remaining undeveloped residential lots and common areas of The Village at Atwater, located immediately adjacent to the new Malvern/PA-29 Inter- change of the Pennsylvania Turnpike. This loan carries

For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com NJ Commercial HealthCare & Medical Properties Summit

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Shopping Centers.............................................7-14A Executive Women in Business. .......................17-25A Owners, Developers & Managers............... Section B

The Village at Atwater

an interest rate of 1,150 basis points over 30-day LIBOR and was structured as a thirty-month interest only loan. The loan is non- recourse with a completion only guarantee to the spon- sor and provisions for a partial return of capital to the sponsor group with the ability to reduce the project’s cost of capital by accelerating

investor distributions. Yet again Spruce Law and RPC worked in tandem to affect another successful transaction for a common client. Brenner Green , president of RPC, said “The team at Spruce Law, led by Kate Sibel and Jason Si- eminski , was instrumental in assisting us in putting this transaction together

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