F inancial D igest F eaturing M ultifamily F inancing

Real Estate Journal — August 14 - 27, 2015 — 9A


M id A tlantic

NorthMarq Capital arranges $51.844mmultifamily refinance

RLINGTON, VA — Holliday Fenoglio Fowler, L.P. (HFF) Debt placement teamwas led by Carras, Coker &Crivella HFF furnishes $62.5mfinancing for dev. of leasehold interest A

has arranged $62.5 million in financing for the develop- ment of the leasehold inter- est in 1008 North Glebe, a to-be-built, 15-story, 267-unit, class A mixed-use apartment and retail property situated on Marymount University’s Ballston Center Campus in Arlington. HFF worked on behalf of the developer, The Shooshan Company , to secure the con- struction financing with Sun- Trust Bank. The Shooshan Company was selected by Marymount University in 2012 to evalu- ate their Ballston Campus, a 110,000 s/f site with a 1960’s- era office building that Mary- mount purchased in 1992 as an extension to their main cam- pus. A site plan was approved whereby Marymount could demolish the aging classroom building and redevelop the site into two new buildings: a class A 165,000 s/f classroom/office building owned byMarymount, and a class A mixed-use apart- ment and retail tower owned by an affiliate of The Shooshan Company on a leasehold inter- est in the land. 1008 North Glebe is prominently situated at the corner of North Glebe Rd., North Fairfax Dr. and I-66 in the transit-oriented Rosslyn-Ballston Corridor. The combined project is expected to be complete by spring of 2017. The HFF debt placement team representing the bor- rower was led by Sue Carras, Walter Coker and Brian Crivella . GREENSBORO & HIGH POINTE, NC — Holliday Fenoglio Fowler, L.P. has secured financing totaling $49.801 million for a three- property apartment portfolio totaling 811 units in Greens- boro and High Pointe. HFF worked on behalf of the borrower, Hudson Capital Properties, to place three sepa- rate 10-year, fixed-rate loans with Freddie Mac’s (Federal Home LoanMortgage Corpora- tion) CME Program. The secu- ritized loans will be serviced by

1008 North Glebe rendering

Excelsior II

HFF through its Freddie Mac Program Plus Seller/Servicer program. The properties included in the portfolio are Steeplechase at Adam’s Farm located at 1338 Adams Farm Parkway in Greensboro; Park Forest located at 3214 Brassfield Rd. in Greensboro; and Deep River Pointe located at 3971 River Pointe Place in High Pointe. The garden-style com- munities have a variety of floor plans ranging from one- to three-bedroom units. Commu- nity amenities vary for each property but include features such as swimming pools with sundecks, 24-hour fitness cen- ters, business centers, tennis courts and walking trails. The portfolio is 96% leased. The HFF debt placement team was led by senior man- aging director Thomas Didio and director Luke Vander- poel . “Hudson Capital Properties is excited about bringing these three properties into its grow- ing portfolio,” Hudson Capital Properties president Frank Huttle III said. “We have been an owner of multifamily prop- erties in North Carolina and are delighted to expand our footprint to Greensboro. Many thanks to HFF for their help in making this transaction a reality.” “We are pleased to have secured favorable debt for the Hudson Capital Proper- ties’ acquisition of three qual- ity apartment assets in the Greensboro and High Pointe, North Carolina markets,” said Didio. “Our Freddie Mac team did a great job securing the

interest rate prior to closing the purchase.” EATONTOWN, NJ — Hol- liday Fenoglio Fowler, L.P. has secured a $10 million refinanc- ing for West Ridge Corporate Center, a 113,715 s/f, office/flex campus in Eatontown. Working on behalf of the bor- rower, Bollerman Real Estate Services, Inc., HFF placed the 10-year, fixed-rate loan with Principal Commercial Capi- tal, a lending platform jointly formed by Macquarie Group and Principal Real Estate In- vestors. Loan proceeds were used to refinance an existing loan on the property. The HFF debt placement team representing Bollerman was led by director Michael Klein . West Ridge Corporate Cen- ter is located at One Industrial Way West within the Eaton- town Business Park. The five- building, office/flex complex is located just west of Rte. 35, one mile south of its intersection with Route 36 and less than three miles from Interchange 105 of the Garden State Park- way and Rte. 18. The property, which was constructed in 1983 and pur- chased by Bollerman in 2004, is currently 96% leased. “Bollerman was seeking a long term loan that would en- able them to take advantage of low interest rates in argu- ably a soon to be rising inter- est rate environment,” said Klein. “Principal understood the submarket and the short term leases associated with this product type and was able to provide a loan that best met Bollerman’s needs.” n

Lakeshore Apartments

for the sponsor as he was able to significantly reduce his in- terest rate while cashing out significant equity.” LOWELL & DRACUT, MA —Ranieri arranged supplemen- tal financing of $1.5 million for Lakeshore Apartments, two multifamily properties with a combined 146 units located at 390 & 395 Mammoth Rd. in Lowell, and 325-355 Tyngsboro Rd. in Dracut. The transaction was structured with a 7-year term with 2-years interest only followed by a 30-year amorti- zation schedule. NorthMarq arranged financing for the bor- rower through its seller-servicer relationship with Freddie Mac. “The borrower wanted to bor- row additional funds in order to upgrade the property,” said Ra- nieri. “Cash flow was sufficient to provide this second mortgage opportunity. We did two years of interest only as that is the period in which the majority of the work will be done.” n

HACKENSACK, NJ — Rob- ert Ranieri , senior VP/man- aging director of NorthMarq Capital’s Greater Westchester NY/CT based regional office and Greg Nalbandian , senior VP/ managing director of North- Marq’s NJ based regional office collaborated to arrange the $51.844 million refinance of Ex- celsior II, a 267 unit multifamily property with 11 professional spaces located at 170 Prospect Ave. in Hackensack. The trans- action was structured with a 10-year term and 30-year amor- tization schedule. NorthMarq arranged financing for the bor- rower through its seller-servicer relationship with Freddie Mac. “The loan represented a re- finance of an existing Freddie Mac mortgage for a long-time Freddie Mac borrower,” said Ranieri. “The property is one of the premiere multifam- ily complexes in Hackensack.” Nalbandian added that “this early refinance was a win-win

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