F inancial D igest

M id A tlantic Real Estate Journal —April 22 - May 19, 2022 — 13A


O B O K E N , N J – Meridian Capi- tal Group arranged H Anderman & Haber negotiate financing for Waterfront Corporate Center in Hoboken Meridian Capital Group arranges $183.8M in acquisition financing for purchase of office build ing

hotels for a combined purchase price of $29.8 million. The three- property portfolio consists of a Holiday Inn Express & Suites Williamsburg in Virginia, The Allentown Park Hotel by Choice Hotels and the Travelodge by Windham in Philadelphia, Pennsylvania, which total 372 keys. Riverbrook funded their acquisition with a debt pack - age of $18.6 million that was arranged by Meridian Capital Group senior managing direc - tor, Morris Betesh , and senior vice president, Alex Bailkin . The Travelodge by Wynd - ham features six buildings with 130 guest rooms and is strategically located just a few miles from the Philadelphia International Airport. The Allentown Park Hotel features 124 guest rooms, and the hotel offers guests a range of ameni- ties such as a business center, conference rooms, 24-hour fitness center, indoor pool, out - door patio, basketball court, and picnic and grilling spaces. The surrounding area of Allen - town offers an incredible ar - ray of activities including the

Fairgrounds Farmers Market, Dorney Park and Wildwater Kingdom. The Holiday Inn Ex - press & Suites Williamsburg features 118 guest rooms and is conveniently located just minutes from historic, colonial Williamsburg and only 25min - utes away from Williamsburg International Airport. “We believe in the limited-ser - vice hospitality sector and we capitalized on the opportunities presented to us. We expect the full recovery of the industry and are looking forward to continu - ing to expand our portfolio with similar add-on acquisitions,” said Steven Mendel , COO of Riverbrook Equities. “Ri ve rbr ook Equ i t i es doubled down during the Pandemic and was able to acquire these assets at a great basis relative to what they would have traded for historically. Riverbrook’s su - perior operational capabili - ties, coupled with the strong markets that these hotels are located in are sure to make these deals highly profit- able,” said Betesh. MAREJ lobby upgrades and enhanced programming. The District at King Farm is situated along King Farm Boulevard within the 430- acre, master-planned King Farm Park located near the Shady Grove Metro station, the ICC and the I-270 tech - nology corridor. The project is surrounded by numerous shopping and dining destina- tions, such as Shady Grove Center, Rio at Washingtonian and Downtown Crown. “This was an extraordinary opportunity in an ideal loca - tion with a best-in-class own - ership,” said Tonnessen. “BLT Green Hollow&Banyan Street Capital are ideally positioned to reinvigorate the property to accommodate the shifting needs of tenants in today’s market.” MAREJ

$153.8 million in senior financ - ing and $30 million in pre- ferred equity, totaling $183.8 million, for the purchase of the Waterfront Corporate Center office building in Hoboken on behalf of David Werner Real Estate Investments, SJP Properties , and Jeremy Rieder’s Onyx Partners . Meridian’s senior managing di- rector, Drew Anderman , and vice president, Eddie Haber , negotiated the financing. Located at 111 River Street in Hoboken, the 13-story, class-A office building spans 560,000 s/f and features 40,000 s/f floor plates, an elegant lobby, on-site covered parking, on-site retail space, a fitness center, and sweeping views of the Manhattan skyline. Situated just blocks away from the Hoboken PATH, Waterfront Corporate Center I enjoys unrivaled connectiv - ity to Manhattan and the rest of the Hudson Waterfront. Tenants at the property can

Waterfront Corporate Center

take advantage of multiple transportation options, which include the ferry, the Hudson Bergen light rail, and the PATH, all of which offer ac - cess to downtown andmidtown Manhattan, Bayonne, and the Westside neighborhood of Jersey City. “We are excited to have fa - cilitated this highly accretive

financing package for a best- in-class group of sponsors and are appreciative of both BMO and 3650 REIT who were in - credible lending partners and worked expeditiously to close this time-sensitive acquisi - tion,” said Anderman. Riverbrook Equities, an active hospitality focused investor, recently purchased a portfolio of

JLL secures loan for BLT Green Hollow & Banyan St. Capital’s 805 King Farm Boulevard in Rockville, MD

space. Banyan Street Capital had previously acquired a stake in 700, 702 and 800 King Farm Boulevard (District I, II, and III) in the summer of 2020. Banyan Street and BLT Green Hollow acquired 805 King Farm Boulevard. in Oc - tober 2021 through a deed- in-lieu proceeding following a purchase of the then existing loan fromBBVACompass. This acquisition marks the first deal closed in the newly formed BLT Green Hollow Fund. The partnership will invest to reposition the asset through comprehensive lobby improve - ments and upgrades to ameni- ties and foodservice offerings. The partnership plans exten - sive renovation across the Dis - trict at King Farm, which will include additional interior and exterior amenities, building and

ROCKVILLE, MD — JLL Capital Markets has ar- ranged $38.5 million in acqui - sition financing for 805 King Farm Boulevard, a 240,000 s/f office building known as District IV that is located within The District at King Farm in Rockville. JLL worked on behalf of the borrower, BLT Green Hol- low , a partnership between Building and Land Tech - nology and Green Hollow Capital Partners , along with Banyan Street Capital , a commercial real estate owner and operator. Led by senior managing director Michael Gigliotti , and directors Rob- ert Tonnessen a nd Brian Buglione , the JLL team se- cured $38.5 million in financ - ing through Ladder Capital . District IV is part of the

805 King Farm Boulevard

recently rebranded District at King Farm, which is comprised

of four assets totaling over 750,000 s/f of office and retail

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