10A — January 13 - 26, 2017 — Financial Digest — M id A tlantic
Real Estate Journal
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F inancial D igest
anassas, Va — Grandbridge Real Estate Capital re- Closed a $5 million first mortgage refinance loan secured by Discovery Center Carroll of Grandbridge Real Estate Capital finances Virginia multi-tenant office property M
with an interest rate of 4.25%. “While it’s unusual for a commercial bank to make a long-term, fixed rate loan on a nonrecourse basis, the lender’s confidence in the long-term outlook for this Washington, DC area market was integral to making this deal work. The property is 100% leased to three tenants with lease maturities occur- ring during the loan term,” Carroll said. n Kennedy Funding Financial closes $1.705 million loan East Windsor, NJ — Kennedy Funding Fi- nancial has closed on a frastructure improvements at The Seasons at East Wind- sor, a proposed 121-unit/148- bed assisted living facility located at 359 Princeton Rd. in East Windsor. The property was pur- chased in July 2005 for $625,000. The 89,038 s/f improvements are scheduled for completion in 2017 and situated on a 3.97-acre site. The development will contain a mix of assisted and memory care units. “We are always excited to be lending for housing for seniors,” said KevinWolfer , president and CEO of Ken- nedy Funding Financial. “There is a tremendous need for senior housing. In New Jersey in particular, we seek out opportunities in that sector. We know that senior housing occupancy increased during the third quarter of 2016. That coupled with the aging population, bodes well for the success of this type of housing.” Despite the optimism in the lending market regard- ing easing of credit, it is still a major challenge to secure commercial real estate loans today. Kennedy Funding Financial has earned an envi- able reputation for providing fast short-term loans when banks and other conventional lenders cannot deliver. n Kevin Wolfer $1.705 mil- lion loan to EW Acqui- sition LLC. T h e l o a n p r o c e e d s will be used for working capital and to fund in-
cently closed a $5 million first mortgage refinance loan secured by Discovery Center, a 42,700 s/f multi-tenant office building inManassas. Built in 2011, the class A suburban of- fice building was 100 percent occupied at closing. Miami-based senior VP Philip Carroll originated the transaction. The 10-year, fixed rate nonrecourse loan was funded through one of Grandbridge’s commercial banking relationships, closing
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