10C — March 30 - April 12, 2018 — The Best of 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
Top Financial Deals of 2017 HFF 51, 101 and 103 JFK Parkway Loan $124.5 Million
Meridian Capital Group The Grande at Metro Park Loan: $50 Million
JLL - PA The Curtis Loan $173.25 Million
51 JFK Parkway
Financier: TD Bank ($35 M) and Lakeland Bank ($15M) Location: 3 Ronson Road, Iselin, NJ
Meridian negotiated $50 million in construction fi- nancing on behalf of SAMTD Woodbridge for The Grande at Metro Park—a luxury multifamily devel- opment. The 36-month, limited-recourse construction loan features a LIBOR-based floating rate and full- term interest-only payments with two 12-month ex- tension options. The property will consist of 232 units across three, five-story buildings and will include 8,200 SF of retail space. Emil DePasquale arranged the financing. In a market where construction lending has become more challenging to obtain, Meridian was able to effectively advocate for the client, negotiate favorable terms, and syndicate the loan by identifying a participant lender.
101 JFK Parkway
Institution: Mack-Cali Realty Corporation Financier: Citi and Goldman Sachs & Co. Location: Short Hills, NJ
Institution: Keystone Property Group Financier: TPG Real Estate Location: Philadelphia, PA
HFF secured $124.5 million in financing on behalf of the borrower, Mack-Cali, to acquire three Class A office properties at 51, 101 and 103 JFK Parkway in Short Hills, New Jersey. The buildings are fully leased to tenants, including KPMG, Merrill Lynch, Wells Fargo, Dun & Bradstreet and Investors Bank. Citi and Goldman Sachs & Co. provided the 10-year, fixed-rate loan.
The Curtis is a 912,244 SF mixed-use development adjacent toWashington Square and Independence Hall in Philadelphia, PA. The 12-story Property includes 760,685 SF of office space, 52,443 SF of retail, 63 high-end residential units (currently under construc- tion), and a 300-space parking garage.
The Largest Acquisition of 2017 Corporate America Realty&Advisors Old Water Works Road Old Bridge, NJ
Procida Funding/100Mile Fund Gulls Cove II Jersey City, NJ
MPN Realty, Inc. 910 N 6th Street Philadelphia, PA
Size: 107 residental units, 10,300 net leasable SF. Brokers: KathyAnderson, Progress Capital- Mortgage broker Procida Funding’s construction loan for Gulls Cove II, the Jersey City luxury residence developed by Liberty Harbor North Urban Renewal LLC, is respon- sible for reviving Jersey City’s waterfront condominium market. Procida Funding’s history with the project dates back to a 2011 loan by its 100 Mile Fund made to finish Phase I. Procida then provided a pre-development loan for Phase II in late 2015, ultimately providing the construc- tion loan in April, 2016 for Gulls Cove II, 107 luxury condominiums with ground floor retail. Units went on sale in 2017 starting at $750 per foot during presales and are now topping $900. Kathy Anderson
Size : 46+/- acre industrial site. Howard Applebaum, President of Corporate America Realty &Advisors (CARA), procured the sale of an industrial site on Old Water Works Road in Old Bridge, NJ. The site will host a $25M+, 315,000 SF distribution center that will be the first constructed industrial facility, exceeding 130,000 SF, in Old Bridge since the mid-1970’s. Howard, implemented a strategic plan for Kennedy Inter- national, Inc. (“KII”) that enabled them to own a “big box” distribution facility. Outside of real estate developers and in- stitutional investors, few (users) have achieved this accom- plishment. To achieve his Customer’s goals, Howard created a series of strategic maneuvers in the 8A marketplace for “KII”. He also “bundled” the construction, legal, and Municipal approval process.
Size : 67,070 SF Brokers: Kenneth Mallin and Veronica Blum This was the site of the for former Palmer School slated for redevelopment.
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