O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section C
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Haase arranges $18.3 Million in debt for the refinance of the Residence Inn in Blacksburg, VA Greysteel orchestrates two transactions on behalf of Newport Hospitality Group
HI-LIGHTS FEBRUARY 2024 Napco introduces advanced Lidar for 3D scans & BIM services LACKSBURG, VA & SILVER SPRING, MD — Greysteel has arranged two separate trans- actions on behalf of Newport Hospitality Group: In the first transaction, Greysteel worked on behalf of the sponsor, Newport Hos- pitality Group to secure a 5-year, fixed-rate loan through a regional bank. Greysteel cre- ated a competitive marketing process, bringing in several local, regional, and national lenders who provided seven term sheets throughout our B
Washington Office, repre- sented the seller Longfellow Terrace LLC. Longfellow Terrace is a 41- unit community located im- mediately south of Downtown Silver Spring, MD, in the Northwest DC neighborhood of North Petworth. The purchaser worked with the residents prior to clos- ing to plan to implement a much-needed renovation of the property while preserving af- fordable housing. Existing and future residents will take ad- vantage of upgraded building systems, in-unit amenities, and enhanced security systems. “This was a fantastic way to end 2023, especially given the challenges presented by the volatility in the capital markets this past year”, said senior as- sociate Michael Murray. “With rates moving more than 100bps from contract execution to close, we were pleased to have been able to preserve the full value of the contract price for our client, the seller, by efficiently coordinating and effectively communicating with transac- tion stakeholders.” MAREJ
Residence Inn
Longfellow Terrace
process. This enabled our cli- ent to weigh the various loan options thoughtfully while pushing each lender to pro- vide the most competitive structure. The 5-year fixed term has a rate of 6.13% on a 25-year amortization with a 2-1-1 prepayment penalty. The hospitality industry has recovered rapidly in the past few years, and this asset was able to show consistent year- over-year growth in its perfor- mance to achieve this accretive loan structure. The sponsors built the hotel and have owned and operated it since 2017. It is situated directly adjacent to Virginia
Tech University, providing a consistent flow of guests who require more extended stays while visiting the university. Blacksburg also allows access to the Blue Ridge Mountains, several seasonal festivals, a growing winery and craft beer scene, and several incredible wedding venues. Greysteel director Stephen Haase secured the bank loan on behalf of the sponsor. “Newport Hospitality Group is a top-tier hotel management and development company, and working with their team on this opportunity was ex - tremely rewarding. The hospi- tality industry continues to be
an attractive area for lenders, which was shown in the quan- tity of interest brought in on this transaction. We continue to see activity in the capital markets for hotels and expect a more stable lending environ- ment in 2024, further bolster- ing loan options,” said Haase. In the second transaction, Greysteel has arranged the sale of Longfellow Terrace, a 41-unit multifamily property in Washington, DC senior as- sociate Michael Murray , se- nior managing director Kyle Tangney , managing director Herb Schwat and senior director Nigel Crayton who are based in the company’s
The Hampshire Cos. & Borough of Allendale celebrate ribbon cutting for 70-unit multifamily community
By Kevin O’Keefe
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ALLENDALE, NJ — Exec - utives from The Hampshire Companies and RHO were joined by Allendale Mayor Amy Wilczynski and Borough officials to celebrate the ribbon cutting for The Vale, a 70-unit multifamily community lo- cated at 220 W. Crescent Ave. Featuring a design from ar- chitectural firm DMR Archi - tects , The Vale‘s variety of one and two-bedroom floorplans are built around the needs of today’s residents with quartz countertops and mosaic tile backsplashes, soft close custom cabinetry, stainless steel ap- pliances, luxury plank flooring and 9’ ceilings. The completion of The Vale marks the latest chapter in The Hampshire Cos.’ multi- year real estate investment in Allendale. In March 2019, the company was appointed
PROPERTY MANAGEMENT SPOTLIGHT
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Executives from The Hampshire Companies and RHO were joined by Allendale Mayor Amy E. Wilczynski and Borough officials to celebrate the ribbon cutting for The Vale.
designated redeveloper of the 10-acre tract, which included two vacant industrial build- ings. Hampshire then worked closely with three different administrations of the Borough as well as Mayor Emeritus Vin- cent Barra and former Mayor Liz White to create a multi-use plan for the property. This plan included the complete reno. of the 114,000 s/f warehouse at
230 West Crescent St., the de- velopment of the Vale and the construction of a 10,000 s/f com- munity center. The warehouse renovation was completed in 2021 and the Borough’s com- munity center is slated to open this fall. “The completion of The Vale underscores our focus on serv- ing as a trusted partner to municipalities, leveraging our
experience to create spaces that truly meet the needs of their community,” said James Hanson , president & CEO of The Hampshire Cos. “By recog- nizing the untapped potential within these properties, we have created a hub for thriving businesses within Allendale while also establishing a place that residents can be proud to call home.” MAREJ
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ALSO INSIDE People on the Move....12C
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