www.marejournal.com F inancial D igest Williamscoordinates$27minpermanentfinancingfortheResidenceInnSecaucusMeadowlandsHotel Treitel of Meridian Capital Group arranges $28.8 million in financing for the apartment acquisition M id A tlantic Real Estate Journal — January 13 - 26, 2017 — 5A
ew Providence, NJ — Meridian Cap- ital Group negotiated
$28.8 million in financing for the acqui- sition of an a p a r tme n t c o m p l e x , l o c a t e d i n on behalf of Madison Hill Properties.
The seven-year loan, pro- vided by a regional balance sheet lender, features a fixed rate of 3.50% and one-year of interest-only payments. This transaction was negotiated by Meridian senior VP, Elliot Treitel , who is based in the company’s Iselin, NJ office. “In this rapidly changing market, Meridian negotiat- ed an exceptionally low rate for seven years, allowing the borrower to carry out their business plan to renovate the apartments that will signifi- cantly increase rents and the property value, while remain- New York, NY — Zeev Douek of Q10 New York Realty Advisors arranged a $21.5 million Non-Recourse permanent loan on an 80,000 s/f office building located in New York City in close proxim- ity to Bryant Park. The loan was placed with a NY-based bank and was a cash-out re- finance of over $4 Million at a 3.29% fixed interest rate for 5 years. Q10 NY is affiliated with Houlihan-Parnes Realtors , a multi-dimensional privately owned real estate company. In other news, Houlihan- Parnes Realtors, LLC an- nounced the placement of a Vienna, VA — Love Funding announced the clos- ing of a $19 million loan that will help preserve and re- furbish an affordable senior housing community in Vienna. Tysons Tower was built in 1976 by The Fairfax Education Association Retirement Hous- ing Corporation (FEARHC) to provide affordable housing for
New Providence Gardens
Residence Inn Secaucus Meadowlands hotel
ing financially stable,” said Treitel. Secaucus, NJ & Or- lando, FL —Meridian Capi- tal Group arranged $27 million in financing for the Residence Inn Secaucus Meadowlands hotel in Secaucus, NJ and $14.5 million in financing for the Courtyard Orlando South hotel in Orlando, FL, on behalf of Concord Hospitality. The five-year, LIBOR-based, floating-rate, non-recourse loans, provided by a balance
sheet lender, were negotiated by Meridian hospitality finance specialist, Beau Williams , who is based in the company’s New York City headquarters. The Residence Inn Secaucus Meadowlands, located at 800 Plaza Dr. in Secaucus, NJ, is a newly constructed 154-room hotel, conveniently situated off of U.S. Rte. 3 and the New Jersey Tpke. The Courtyard Orlando South, located at 4120 West Taft Vineland Rd. in Orlando. n $12.49 million first mortgage on the office building located at Four West Red Oak Ln., in White Plains. The non- recourse loan is fixed for 7 years at 3.75%. The building contains 132,995 rentable s/f and is 99% leased. The loan, closed with a local bank, is pre-payable throughout the term on a declining scale and the borrower has an option to extend the loan for an addi- tional five years. The borrower was represented by Christie Houlihan , senior director and counsel of Houlihan-Parnes Realtors and title was provid- ed by Ray Cohen of Chicago Title Insurance . n Bolen, with the help of con- sultant Gates Dunaway , worked with the Office of Re- capitalization at HUD head- quarters to secure the new PRBA contract. Other support on the transaction was provid- ed by Virginia Community Capita l. n Assistance (PRBA) contract on 100% of the units.
The Courtyard Orlando South
Q10 NY Realty Advisors’ Douek organizes $21.5m loan
Eastern Union Funding’s Kessner arranges $19m loan for data center
80,000 s/f office building located in New York City
Love Funding’s Bolen closes $19m loan for VA apartment
senior residents. Love Funding director Ann Bolen was able to secure the new loan through the VHDA, after securing a commitment from the U.S. Department of Housing and Urban De- velopment’s (HUD’s) Rental Assistance Demonstration (RAD) program for a new 20-year Project Based Rental
2401 Locust St.
rower CRCO Phil LP in the transaction with a regional community lender. The four-story, 44,015 s/f mission-critical facility located at the intersection of 24th and Locust St.s was originally built in 1928 as a manufacturing facility. n
Philadelphia, PA — Eastern Union Funding has arranged a $19 million loan for the refinancing of 2401 Locust St. in Philadelphia. Meir Kessner , a senior managing director in Eastern Union’s Central New Jersey office, represented the bor-
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