F inancial D igest
M id A tlantic Real Estate Journal — February 19 - March 12, 2021 — 9A
www.marej.com
Progress’s Domenico closes $81.0M acquisition loan
Firm arranges $86M in loans for four NNJ properties G.S. Wilcox & Co. commits $267Mwith Thrivent Financial
M
updated building contain- ing over 111,500 s/f multi tenanted office space. The property’s Class A renova- tions have office and medical users alike, including RJW Barnabas Health. It is well- situated along Route 22 with immediate access to several major roadways. The loan refinancing was arranged on behalf of a prominent client of the firm with very a flexible prepayment structure. “We are pleased to secure this attractive financing on behalf of our repeat client. The Grey - mark at Bridgewater is a prime example of the strength of the market for renovated, attrac- tive, modern office buildings,” said Fryer. MAREJ
an $18,000,000 loan for a retail center in Long Island, New York. “Despite the challenges we faced in 2020, we continue to meet our clients’ objec- tives by arranging the best financing for their projects. We are proud to serve as a correspondent for Thrivent Financial in our market, and look forward to continu- ing this partnership,” said founder GretchenWilcox in a prepared statement. G.S. Wilcox & Co. recently announced that David Fry- er , principal, refinanced an office building for $6.8 million in Bridgewater, New Jersey. Greymark at Bridgewa- ter is a three-story recently
ORRISTOWN, NJ —Morristown based commercial mort-
gage bank- ing firm an- nounced they c ommi t t e d $267,000,000 with one of their exclu- s ive corre- s p o n d e n t life company
Gretchen Wilcox
lenders, Thrivent Financial . Two of the loans were for multi-family properties in northern New Jersey for $103,000,000 and $60,000,000, respectively. The firm also ar - ranged $86,000,000 in loans for four industrial properties in northern New Jersey and BALTIMORE, MD — MacKenzie Capital, LLC arranged construction de- velopment financing for the redevelopment of Grand Cen- tral into City House, a 38,000 s/f class A office and retail project located in the heart of Baltimore’s Mount Vernon neighborhood. Situated along the thriving Charles Street Corridor, the project sits at the corner of Charles and Eager Streets. MacKenzie Capital president John Black and vice president Brendan Har- man worked with project de- veloper LandmarkPartners , a real estate and community development firm, to secure the financing. “Baltimore’s Mount Ver - non neighborhood is one of the strongest submarkets in Baltimore for office, retail, and apartment projects. The continued flight-to-quality for new, state of the art finishes with neighborhood amenities is expected to drive demand to the property,” stated Brendan Harman. “We enjoyed work - ing with the project team and taking part in the area’s rede- velopment.” The project includes first floor retail with seven levels of office space above and will incorporate modern designs
49 Prospect St., East Orange, NJ
critical and worked very hard to make it happen for their respective clients,” said Do - menico. “It was truly a collab - orative effort.” After two and half years of assembling the portfolio, the sale took place at the stroke of midnight. According toMarcus & Millichap, the sale price of $92.5 Million makes this one of the largest 2020 New Jersey Multifamily sales. Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the com- mercial real estate acquisition and/or financing process. We consistently get our clients to the closing table…plain and simple! MAREJ
EAST ORANGE AND IRVINGTON, NJ — Brad Domenico , partner at Prog-
ress Capital pulled off a New Year’s E v e c l o s - i n g wh i c h came down to the last possible mo- ment when he closed the
MacKenzie Capital arranges construction loan for Mount Vernon redevelopment
Brad Domenico
$81 million acquisition loan for Granit Gjonbalaj , managing partner of Spaxel to purchase 24 properties totaling 701 units in East Orange and Ir- vington. It was a momentous un- dertaking which required many teams to come together – seller, buyer, Marcus &Mil- lichap who represented both parties in the sale and Prog - ress Capital who arranged the financing with Arbor. “All parties involved knew that a year-end close was
Greysteel secures $38.6M in financing for VA Multifamily Community
City House rendering
that compliment the historic property and surrounding neighborhood. Construction began in December on the partially pre-leased project with an anticipated delivery of early 2022. In a separate transaction, MacKenzie Commercial Real Estate Services, LLC an - nounced that Milk Reclama - tion Barn, a Maryland-based premium candle manufac- turer, has leased 7,910 s/f of space at 9West Aylesbury Rd., Timonium. Owned by Merritt Proper-
ties , this location will allow the company to expand their production and serve their growing client base while re- maining close to their employ- ees. MacKenzie vice president AndrewMeeder represented Milk Reclamation Barn in the transaction. Owners Michael and Bobbie Davis explained, “Although the barn will remain the cre- ative influence behind our company, we are investing in new facilities to allow our company to continue our phe- nomenal growth.” MAREJ
team in Washington, DC secured the 20-year fixed-rate Fannie Mae financing on be - half of our client. “Our legacy client was seek- ing a long-term financing solution, given the existing relationship and our teams ability deliver the best capital solution for our clients. We were able to leverage our na- tional capital lending relation- ships to yield the most accre- tive solution.” said Greysteel Capital Markets associate Jack Whitman . MAREJ
STAFFORD , VA — Greysteel , a national com- mercial real estate invest-
men t s e r - vices firm, h a s a r - ranged the financing of a 252-unit mu l t i f am- ily property in Stafford, VA.
Ari Firoozabadi
Gr e y s t e e l CEO , Ar i Firoozabadi and the Mid- Atlantic Capital Markets
Made with FlippingBook - Online Brochure Maker