O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
EWARK , N J — One Wall Partners (OWP) , the Newark, Oropeza of Gebroe-Hammer brokers North Jersey transaction One Wall Partners expands portfolio; acquiring 217 additional units in Northern New Jersey N
Oropeza , executive managing director with Gebroe-Ham- mer Associates . “We have brokered numerous real-estate transactions with One Wall Partners; their commitment to transit-oriented workforce housing continues to add value to the Northern New Jersey region.” “Northern New Jersey con- tinues to be a smart and logical place for the expansion of work- force housing in the tri-state area,” said Nate Kline , chief investment officer and principal at OWP. “Our strategic part- nerships with Gebroe-Hammer and others continue to help us accelerate our investment pace and we see a long runway of opportunity now and into the future. We are thrilled with our momentum and growth here and are committed to expand- ing our asset base in Northern New Jersey.” in Freddie Mac and Federal Housing Administration lend- ing products. From originations to underwriting and facilitating the deal flow through closing, CPC provides a team solely dedicated to facilitating the Agency lending process. As a long-time Freddie Mac Seller/Servicer, CPC offers a range of competitively priced, reliable mortgage products for the acquisition and refinance of multifamily properties. This includes Freddie Mac’s con- ventional financing with loans ranging from $5 million to $100 million with 5- to 10-year terms, and the Small Balance Loan (SBL) product which helps to close that gap in the market for flexible financing for small buildings by offering loans from $1 million to $7.5 million with flexible terms, prepayment options, competi- tive low rates, and streamlined pricing, underwriting, closing, and funding process. Though Fiscal Year 2018, CPC has originated more than $436 million in Freddie Mac multi- family loans.
HI-LIGHTS J une 22 - J uly 12, 2018 New Jersey-based real estate investment firm has acquired three new properties adding 217 units to its ever-growing portfolio which now encom- passes 1,917 units in 39 build- ings. All of OWP’s properties are transit-oriented workforce housing options that provide middle-class residents with easily accessible public trans- portation to New York metro area job centers. The recent ac- quisitions of 742 Park Avenue in East Orange, 103 Chancellor
742 Park Avenue
in Newark and 25 Van Velsor in Newark reinforce OWP’s com- mitment to offering affordable commuter-friendly housing
options. “The demand for naturally occurring affordable housing, combined with revitalization
efforts in Northern New Jersey is causing many people to call places like Newark and East Orange home,” said David
CPC delivers $11M to finance acquisition of multifamily property in Greater PGH
Contractors/ Subcontractors
work anymore. At CPC we’ve been delivering flexible capital and hands-on technical assis- tance to multifamily owners and purchasers of all sizes, in all types of neighborhoods. From the suburbs, to historic downtowns, and rural areas, Freddie Mac’s suite of prod- ucts provides the flexibility and terms that our borrowers are asking for,” said Matthew Nelson , vice president at CPC. The borrower also received a 15 bps benefit in pricing by taking advantage of Freddie Mac’s Green Advantage pro- gram, which makes it easier for properties to go green and achieve energy and water sav- ings. When borrowers commit to reducing energy or water consumption by at least 25%, they may get better pricing and more funding to implement their efficiency upgrades. “Green financing of this prop- erty is win-win-win – it will lower utility bills for renters, keep borrower costs low and protect the environment,” said Peter Giles , Freddie Mac vice president, production and
sales. “Thanks to our strong partnership with The Commu- nity Preservation Corporation, the Greater Pittsburgh Area has gained a revitalized prop- erty in Terrain Apartments.” The borrower utilized Fred- die Mac’s Green Assessment which showed them how their property could achieve the required water and energy sav- ings, and committed to invest- ing in low-flow showerheads and toilets to achieve a water savings of 27.75%. In addition to the 15 bps benefit, they were reimbursed $3,500 for the costs of the Green Assessment. CPC is committed to the long term economic and en- vironmental sustainability of our communities. Efficient buildings not only provide a host of long-term benefits for investors, tenants, and the environment, but also cut down on fossil fuel consumption and have smaller carbon footprints. CPC continues to expand its Agency lending platform, a one-stop-shop that provides borrowers with a team of ex- perts that have deep experience
PITTSBURGH, PA — The Community Preservation Corporation (CPC) , a non-
10-15B
IMC Construction breaks ground on new Women’s Health Center in King of Prussia
profit afford- able housing a n d c o m - muni ty re - vitalization finance com- pany, closed $11 million in conventional F r e d d i e
Matthew Nelson
Mac financing for the acquisi- tion of a 19-building apartment complex located in the Green- tree Borough of Allegheny County, near Pittsburgh. Built in 1985 and renovated in 2016, Terrain Apartments consists of 19 improved, two- and-a-half story apartment buildings, as well as a com- munity and leasing building. Located at 700 Mansfield Ave., the property’s 152-units sit on 8.95 acres of land and provide residents with 219 surface parking spots. “There’s a real diversity of needs in the multifamily mar- ket, and the days of the one- size-fits-all lender just doesn’t
ALSO INSIDE www.marejournal.com Industry Professional Profiles. ............................. 18B Environmental/ Green Buildings 14 21-22B B
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