8B — May 27 - June 9, 2016 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
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O wners , D evelopers & M anagers
A project owned by Fidelco Realty Group and Diversified Realty Advisors G.S. Wilcox & Co. finances Summit Lane Apartments - $27 million
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garden-style community with one and two bedroom units. The loan has a 15 year fixed rate termwith an interest only period, and a 30 year amortiza- tion thereafter. The lender also committed to provide further proceeds at the conclusion of phase 2 of the project, which is set to add 29 additional units. n B e n c hm a r k Construction announces promotions BROWNSTOWN, PA — Benchmark Construction Company announced two promotions within their or- ganization. Stephanie Kline has been promoted to Assistant Proj- ect Manager. Kline began her career at Benchmark in 2013 as a preconstruction coordinator. As an assistant project manager, Kline will be responsible for assisting project managers with over- seeing the daily operations of select projects. Derek Denlinger has been promoted to Systems Analyst. Denlinger began his career at Benchmark in 2013 as an information technician. As a Systems Analyst, Den- linger’s responsibilities will be to implement and main- tain all software and hard- ware systems and provide Tier 2 general IT support for all Benchmark users. n IPA arranges the sale of Monmouth County assisted living and memory care facility TINTON FALLS,NJ — In- stitutional Property Advi- sors (IPA) announced the sale of Kensington Court, a 118-unit, 121-bed assisted liv- ing andmemory care facility in Tinton Falls. Mark Myers, IPA executive director, Joshua Jandris, IPA senior director, both in Chicago, and Charles Loc- cisano, a Marcus & Millichap investment sales professional in NJ, represented the seller, the TAK Group of Clark, New Jersey, a private developer of seniors housing and medical office buildings. An affiliate of the Carlyle Group acquired the facility. n
ORRISTOWN, NJ — Gretchen Wil- cox , president, and
Al Raymond , Principal of G.S. Wilcox & Co. have ar- ranged financing for a 160 unit luxury apartment project in the amount of $27 million through a life insurance company. The loan was funded prior to sta- bilization. The loan, financed the Sum- mit Lane Luxury Apartments, a project owned by Fidelco Realty Group and Diversi- fied Realty Advisors , and located in Newburgh, NY. The project consists of a two story
Summit Lane Luxury Apartments
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