16A — August 17 - 30, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com
F inancial D igest
Also closes $57 million construction financing Cassidy Turley secures $64 million permanent financing
For Bcb Community Bank Helios completes $17.35 million loan sale
NEW YORK, NY — Steven Schultz, CEO of Helios Capital Advisors served as the advisor to BCB Community Bank in the sale of a $17.35 million non-performing commercial mortgage and residential loan portfolio. The portfolio, which included 52 individual loans collateralized by 17 commer- cial and 26 residential sites of various asset types throughout New Jersey, was sold to a New York fund/investor. These deals are small bal- ance distressed asset portfolios with loans collateralized by a range of property types in loca- tions throughout the state. “Market conditions are still very choppy and on a down- ward path, fueled by uncer- tainty with the upcoming elec- tion, legislation issues and the general overall economic condition,” said Schultz. “There is still distress on the banking COLUMBIA, MD — Corpo- rate Office Properties Trust (COPT), an office real estate investment trust (REIT) that focuses primarily on serving the specialized requirements of U.S. Government and De- fense Information Technol- ogy tenants, announced that, subsequent to June 30, 2012, it completed the disposition of 24 operating properties and the Fort Ritchie development for gross proceeds of approxi- mately $179 million. The op- erating properties contained an aggregate of 1.5 million square feet and were 83.8% occupied (90 leases) at the time of sale. Year to date through July 24, 2012, COPT has sold a total of $317 million of properties and adjacent land containing approximately 2.3 million operational square feet and 162 leases that were 83.2% leased at the time of sale, realizing net proceeds of $253 million. Since announcing its Strate- gic Reallocation Plan (SRP) in April 2011, COPThas disposed of $394 million of properties containing approximately 3.2 million operational square feet and adjacent land, realiz- ing net proceeds after closing adjustments and repayment of property-specific debt of approximately $323 million. These properties represent 31% of COPT’s total leases but only 15% of its consolidated
side and banks are in a tough position to liquidate. Money is chasing this limited supply, so now is the ideal time for banks to dispose of these assets to take advantage of the strong demand.” Schultz adds that Helios, be- ing a specialist in the Tri-State market, is uniquely positioned to advise the region’s buy- ers and sellers on note sales transactions due to the firm’s strong understanding of the local real estate market and conditions and established relationships. “This is the first loan sale BCB has done and they are happy with the outcome,” said Tony Georgiev, senior director for Helios Capital Advisors. “Because of our expertise, bank executives knew they could come to us for an efficient sales process and proper execution of this complex transaction.” n operating square feet that were in place at March 31, 2011 (the last reporting period before the SRP was announced). COPT recycled $49.6 million of the proceeds into the acqui- sition of a 202,000 s/f property located at 13857 McLearen Road, known as the McLearen Center in Herndon, Virginia. McLearen Center is a five story, Class-A building built in 2007 and is in close proximity to the large US Government controlled campus at Dulles Discovery. The building is 99% leased to a strategic tenant in the Defense Information Tech- nology industry. “We are pleased with our ability to execute the disposi- tion of non-strategic assets, and to recycle some of the pro- ceeds into McLearen Center, a highly strategic property. We look forward to discussing details of these transactions on our second quarter conference call on July 26th,” said Roger Waesche, Jr., president and Chief Executive Officer. Silver Spring, MD — COPT sold 11800 Tech Rd. in Silver Spring, MD, for $21.3 million. Net proceeds after closing costs and the repay- ment of debt associated with the property were $5.3 mil- lion. The property contained approximately 228,200 s/f that were 82.5% leased at the time of sale to six tenants. The building was redeveloped in the late 1980s. n
W
ASHINGTON, DC — Cassidy Turley secured a $64 mil-
lion long term fixed rate loan for 1129 20th Street, a tro- phy quality 176,059 s/f office building located in the heart of Washington, DC’s Central Business District. The loan was provided by a life company. John Campan- ella, senior managing director, and Paul Spellman III, associ- ate vice president, arranged the financing on behalf of the owner. The asset was completely redeveloped in 2008 by Liberty Property Trust and received LEED Gold certification in 2010. The freestanding build- ing features four sides of floor- to-ceiling glass curtain wall, a class A fitness facility, an award winning day spa, con- cierge service, on-site park- ing and a rooftop terrace. The property is currently 96 percent leased to long-term tenants, providing stable cash flow and tenant diversity. Bethesda, MD—Cassidy Turley secured on behalf of Carr Properties, $57 million in financing for the construction of 4500 East West Highway, a 220,000 s/f speculative office building with ground floor re- tail and underground parking, located just one block from the SADDLE BROOK, NJ — James Gunning and Donna Falzarano of CBRE New Jer- sey’s Debt & Equity Finance group recently secured $7.5 million in permanent financing for borrower Onyx Equities. The transaction was a refi- nance of existing debt secured by Freehold Corporate Center, a 60,286 s/f professional office building located at 303 West Ken Markison will par- ticipate on super panel of experts addressing the CFPB regulations and their industry impact. Ken Markison is associate VP and regulatory counsel at theMortgage BankersAssocia- tion (MBA), where he works on a very wide range of mortgage lending issues. These include matters under the Housing and Economic Recovery Act of 2008 (HERA), the Real Estate
COPT announces July dispositions of $179 million
1129 20th Street, Washington, DC
Bethesda Metro station. The loan was provided by Wells Fargo. David Webb, senior managing director, Jamie Butler, associate vice presi- dent, and Phil Mudd, senior managing director, arranged the financing on behalf of Carr
Properties. 4500 East West Highway will be the first trophy office building to deliver in down- town Bethesda in over a de- cade. The project will be built to achieve LEED Platinum certification. n
CBRE procures $7.5 million in permanent financing for Freehold Corporate Center
Main Street in Freehold, N.J. “This is the second time CBRE Debt & Equity Finance has secured financing for Free- hold Corporate Center; we pro- vided the borrower with a very attractive, fixed interest rate,” said Gunning. “Several of the tenants are medical related and benefit from the site’s proximity to the CentraState Medical Center, a teaching Settlement Procedures Act (RESPA), the Home Mortgage Disclosure Act (HMDA), the Truth in Lending and Home Ownership and Equity Pro- tection Acts, laws governing Fannie Mae and Freddie Mac, as well as other housing, fair lending, consumer protection and anti-predatory lending laws. Markison joined MBA in July 2004 following his retire- ment from a 33 year career
hospital.” Originally constructed in 1976 and renovated in 2008, the four-story, steel-frame building is currently 98-per- cent leased to a variety of professional tenants including Zenith Marketing and Liberty Mutual. The site has easily di- visible, 15,000 s/f. floor plates and a 4.5 per 1,000 s/f parking ratio. n with the Federal government. At the time of his retirement, he served asAssistant General Counsel for Government Spon- sored Enterprises/RESPA in the Office of General Counsel of the Department of Hous- ing and Urban Development (HUD). Markison was one of the prin- cipal architects of HUD’s 2002 proposed RESPA Reform Rule and HUD’s Fannie Mae and Freddie Mac regulations. n
Markison to speak during the NE conference
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