12-27-19

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OLMDEL, NJ — Meridian Capital Group , America’s H Anderman, Berman& Serebrowski negotiate loan for office campus inHolmdel, NJ Meridian Capital Group arranges $200 million in financing for the Bell Works

ISSUE HIGHLIGHTS Volume 31, Issue 24 Dec. 27 - Jan. 16, 2020

and retail space,” said Ander- man. “Today, with Bell Works nearly 100% leased, this refi- nance allows the sponsorship to finish building-wide capital improvements, fund tenant improvements and leasing commissions, and pay off their existing debt.” Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate fi- nance, investment sales and retail leasing advisors. In 2018, Meridian closed over $37 billion in financing through more than 3,500 transactions across more than 250 unique lenders and sold nearly $1 bil- lion in commercial property. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive plat- form has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties.  Announced in June 2019 to meet the needs of investors seeking green bonds, KG-Deals are the environmental and social impact series of Freddie Mac’s flagship K-Deal program. KG-Deals exclusively securitize workforce housing loans made through the Freddie Mac’s Green Advantage program, which provides incentives to multifamily housing borrow- ers to make water and energy efficiency improvements to existing properties and to lower expenses for workforce housing tenants. The Green Advantage pro- gram currently requires that borrowers reduce energy or water consumption by a total of 30% with a minimum of 15% of those efficiencies found through energy improvements. Borrow- ers have two years to make the improvements, which are tracked in an ENERGY STAR database. 

SPOTLIGHTS

most active dealmaker, ar- ranged $200 million in financ- ing to refinance Bell Works, a class A office campus that was magnificently redeveloped from the historic Bell Labs scientific research center in Holmdel. The loan, provided by a balance sheet lender, was negotiated by Meridian senior managing director, Drew Anderman , senior vice presi- dent, Josh Berman , and vice president, Eli Serebrowski , who are all based in the com- pany’s New York City head- quarters. Located at 101 Crawford’s Corner Rd., Bell Works, for- merly a research and de- velopment facility for Bell Labs and Alcatel Lucent, was designed by Eero Saarinen and has become one of the country’s most architecturally significant office buildings, serving as the site of some of the 20th century’s greatest

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Bell Works

technological advancements. The sponsor preserved the building’s original architec- ture while modernizing it to accommodate today’s technol- ogy tenants, including iCIMS and WorkWave, as well as other credit tenants such as Guardian Life Insurance and Jersey Central Power &Light. The property is comprised of four separate six-story buildings connected via open space walkways and a grand pavilion. The ground floor, known as The Block, is lined

with shops and restaurants for building tenants and the neighboring community. Bell Works spans 1.4 million leas- able s/f in total across 236 acres and features more than 4,000 parking spaces. “Having bought the prop- erty vacant only four years ago, the sponsorship had a vi- sion that no one else saw—the concept of the “Metroburb,” an urban oasis in a suburban setting. In an incredibly short period, sponsorship leased nearly 1.4 million s/f of office efforts to decarbonize build- ings, including multi-family properties.” “Morgan Properties contin- ues to be one of the nation’s most active multifamily inves- tors and we have demonstrated our ability to invest across the capital stack. Over the past two years, we have closed on eight Freddie Mac K-Series Deals secured by over $7 billion of multifamily loans,” said Jason Morgan , principal at Morgan Properties. At closing, the total loan bal- ance represented by the K-G02 Multifamily Mortgage Pass- Through Certificates was $544 million and the unguaranteed B-Piece that Hannon Arm- strong and Morgan Properties acquired had a face amount of $41 million. K-G02 is rep- resented by a well-diversified, high credit-quality portfolio of 17 multifamily properties located across 12 states.

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UPCOMING CONFERENCES

February 13, 2020 NJ Commercial Real Estate Forecast Conference February 2020 PA Commercial Real Estate Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Morgan Properties and Hannon Armstrong acquire B-Piece on KG-Series Securitization

die Mac’s previously settled KG series focused on environ- mental and social impact, and

ANNAPOLIS, MD & KING OF PRUSSIA, PA — Hannon Armstrong , an investor in climate change solutions, and Morgan Properties , a real estate investment and manage- ment company, announced a new joint venture that will ac- quire the B-Piece from Fred-

part of Fred- dieMac’s flag- ship K-Deal p r o g r a m . T h e i s s u - ance, K-G02, is exclusively comprised of s e cur i t i zed w o r k f o r c e

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Jason Morgan

housing loans made through Freddie Mac’s Green Advan- tage program which requires borrowers to make energy and/ or water efficiency improve- ments to their properties. “We are pleased to partner with Morgan Properties on what is our first-ever transac- tion with Freddie Mac,” said Hannon Armstrong chief investment officer Nathaniel Rose . “Expansion into this new asset class will further diversify our portfolio and bolster our

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