6 — November 2024 — Lenders Directory — M id A tlantic Real Estate Journal
www.marej.com
L enders D irectory
Newmark facilitates $59M sale & financing
Interview with CRO and Partner at Alpha Funding Matthew Weber boosts growth with smart lending solutions
rea of Interest: Fix & Flip, New Con- struction, and Rental DSCR. Who is your target market? Real estate investors that like to perform short term value-add improvements to distressed housing stock on residential 1-4 unit assets. What is your most note- worthy transaction or project this year? Our most noteworthy trans- action/loan that we funded this year was a 1M+ purchase and construction loan in Ha- waii. We have never funded a project in the state of Hawaii and 5000 miles away we are helping an investor achieve their goals. Where do you think your largest growth area is and why? Our largest growth area is new construction and heavy rehab being performed in sub- urban markets across the NY/ NJ/PA Metropolitan region. Our very strong program for New Construction and Fix & Flip and focus on these types of projects has proven to help us distinguish ourselves as a A
Matthew Weber Chief Revenue Officer, and Partner Alpha Funding Headquarters: Red Bank, NJ # of CRE specialist: 10 Years with company/firm: 8 years Years in field: 8 Years
6250 Baltimore Ave.
fers a stabilized, cash-flowing, multi-tenant asset, a strategic advantage for investors given its proximity to the infrastruc- ture and population bases of Philadelphia and Southern New Jersey. According to Newmark re- search, the industrial vacancy rate in Delaware County is just 5.6%, well below the Greater Philadelphia vacancy of 7.6%. In addition to its desirable location, the property boasts a high-quality tenant roster including SEPTA, Peak Sup- ply Solutions and Beacon Roofing Supply, and structural features such as 24-foot clear ceiling height, more than 80 loading docks, and truck court depth of 125 feet with secure outdoor storage space and trailer parking. Newmark executive manag- ing director Jim Badolato and associate Adam Rud- man , of the firm’s Philadel - phia-based Debt & Structured Finance group, secured acqui- sition financing on behalf of the buyer. Newmark Analyst John Cook provided support on the transaction. MAREJ
PHILADELPHIA, PA — Newmark has completed the $59 million sale and financ - ing of 6250 Baltimore Ave., a 450,000 s/f industrial building located in Philadelphia. The 96% occupied asset traded from the seller, an affiliate of Velocity Venture Partners , to an undisclosed buyer. New- mark was the sole broker on the transaction, with manag- ing director Ryan Guittare leading the team’s efforts. “This transaction shows the demand for well-positioned in- dustrial facilities with access to key transportation routes and proximity to major residential and commercial centers within the Greater Philadelphia mar- ketplace,” said Guittare. “The property’s recent renovation and 96% occupancy underscore its appeal and stable income stream. We congratulate all parties on this transaction.” 6250 Baltimore Ave. is a small-bay in-fill industrial property in Delaware County, an in-demand submarket of Philadelphia with a high bar- rier to entry due to its low vacancy rates. The property of-
unique qualities/reasons why someone should do business with your financial institution? We are a team that has been privately lending to real estate investors new and experienced for over 20 years. We interview and approve each borrower and group that we work with a hands-on, go-giver approach with all of our relationships. We have had great success with our POF generator that all ap- proved borrowers can leverage 24/7 in our portal when making offers. We also have a down- payment assistance program called MBAlpha for gap funds that provide investors the ad- ditional capital needed to get into a new project. MAREJ
reliable and proven lender to handle these advanced level projects that yield strong re- turns for our borrowers. What separates you from the competition? Our proven team and con- sistency over 20 years in pri- vate lending. We are a family office that provides exception - al care and customer service to our strong repeat borrower base and new borrowers. Our high touch, customer service first focus has helped us sus - tain through multiple up and down markets. Name some of your most
Marcus & Millichap Capital Corporation arranges $8M financing for Union County, NJ fitness center
LINDEN, NJ — Marcus & Millichap Capital Corpo- ration (MMCC) , a leading
provider of commercial real estate capital mar- kets financ- ing solutions, a r r ang e d $7.95 million in financ- ing for the acquisition of a single tenant asset tenanted by LA Fitness in Linden, New Jersey. C h r i s Marks and Steve Filip-
Cronheim arranges life-co financing for Hoboken, NJ retail property
Chris Marks
LA Fitness
and a loan-to-value of 56%. Located at 950 West Edgar Rd., the property spans 41,000 square feet and was construct- ed in 2023. It is located in a highly trafficked shopping area, adjacent to several major retail stores and restaurants. In other news, Marcus & Millichap Capital Corpora- tion arranged $3.47 million in financing for the acquisition of a single tenant asset occupied by Chesterbrook Academy Pre- school at 130 Borton Landing Rd. in Moorestown. Josh Sciotto , senior direc-
tor in MMCC’s Phoenix office, secured the financing with a local credit union on behalf of a private investor based in New Jersey. Terms of the 10-year loan in- clude a 6.2% fixed interest rate with 30-years amortization and a loan-to-value of 64%. The property is located in the Philadelphia MSA. Chester- brook Academy is one of several private school institutions oper- ated under Spring Education Group, a multi-brand education network spanning infant care through high school. MAREJ
Two-tenant retail property in Hoboken, NJ
HOBOKEN, NJ — Bran- don Szwalbenest, Dev Mor- ris, and Andrew Stewart of Cronheim Mortgage secured financing for a two-tenant retail property in Hoboken on behalf of a NJ-based real estate developer with a siz- able portfolio of multifamily and retail assets throughout Northern NJ. Financing was secured from an Oregon-based life insurance company which
Cronheim Mortgage represents as a correspondent and ser- vicer. The financing featured a 25-year term with periodic interest rate adjustments, a 25-year amortization schedule, and a significant return of cash equity to the sponsor. Originally constructed in 1935, 40 Hudson Place now serves as the home of two tenants: Dunkin Donuts and Pump Pilates. MAREJ
Steve Filippo
po , based out of MMCC’s Man- hattan office, secured the fi- nancing with a national bank on behalf of a private client. “We were able to secure com- petitive terms in addition to meeting our client’s 1031 dead- line,” said Marks. Terms of the 5-year non- recourse loan include full-term interest-only at a rate of 7.73%
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