F inancial D igest F eaturing T ax I ssues /A ccounting

Mid Atlantic Real Estate Journal — December 7 - 20, 2012 — A


10 yr. loan is secured by shopping center G.S. Wilcox & Co. closes $13.25m in financing

Grossberg, Yochelson, Fox and Beyda close loan Cassidy Turley secures $27.8 million for 1666 K Street, NW

Cinnaminson TWP., NJ — G.S. Wilcox & Co. an- nounced that it has arranged $13.25 million in financing through ING Life Insurance & Annuity Company. The 10 year loan is secured by a 100% leased, class “A” shopping center located in Cinnamin- son Township. The 330,000 s/f center is anchored by Wal- Mart and Sam’s Club, both Morristown, NJ — Janet Proscia and David Turley of Cronheim Mort- gage partnered to place an $8 million floating rate debt financing on an 86,182 s/f professional office building at 10 Madison Ave. The borrower was an un- disclosed pension fund that wanted to take advantage of historically low short term rates while maintaining max- imum flexibility to pursue a future sale of the asset. To that end, the three-year initial term was extended by two one-year option terms to allow for an extended exit window. The loan was placed with one of Cronheim’s banking relationships. “While New Jersey suburban office has struggled to find its footing PHILADELPHIA, PA — Guardian , a national real estate investment bank, recently closed on a portfolio of loans for Fulton Bank. The portfolio included resi- dential homes, restaurant, office building and recreation center. The first asset was a col- lection of C class Section-8 homes located in northeast Philadelphia. Guardian used its real es- tate technology platform, Guardian MarketMaker, to specifically target a database containing low-income hous- ing investors. Due to unavail- able HUD contracts, it was impossible to validate the duration, requiring buyers to underwrite the asset as short

of which are on long-term ground leases through Janu- ary 2028. The borrowing entity is a wholly-owned subsidiary of National Realty & Devel- opment Corp. , one of the northeast’s leading real estate development and manage- ment firms with a portfolio of over 140 projects totaling over 22 million s/f in 14 states. n in the recovery, we were able to demonstrate why this asset deserved special consideration,” said Turley. “Conservative leverage, at- tractive tenant roster, and strong occupancy history helped us justify compelling debt terms.” Proscia said, “When the pension fund advisor approached us with this assignment, they wanted options and that is what we delivered. The market is flush with diverse debt sources ready to deploy capital for strong assets, resilient mar- kets and experienced spon- sors. With our best-in-class combination of expertise and relationships, we are able to provide thoughtful and thorough market coverage for each assignment to deliver solid results.” n

W ASHI NGTON , DC — Cassidy Tur l ey , a com- mercial real estate services provider, announced that it secured a $27.8 million loan for 1666 K St., a 12-story, 286,000 s/f office building located on Farragut Square in Washington, DC’s Central Business District. The 15-year fixed-rate loan was provided by The Pruden- tial Insurance Company of America. Christian Miles , Philip Mudd and Bradley Geiger secured the financing on behalf of 1620 K Street Associates L.P. The loan was closed by Grossberg, Yochel- son, Fox and Beyda, owner’s counsel. 1666 K St. is located at the southeast corner of the inter- section of 17th and K Streets, overlooking Farragut Square. The property is surrounded by world-class shopping, res- taurants and hotels, and is Red Hill, PA — The Annapolis office of Tremont Realty Capital arranged the debt for the refinance of Red Hill Estates, a 61-lot MHP located in Red Hill. John Chase , senior direc- tor, arranged the $2.345 mil- lion loan which was funded by a private investment firm. The 10-year, fixed-rate loan provided for roughly 70% loan to value with a 4.62% interest rate. According to Chase, “Through Tremont’s close relationship with the lender, we were able to leverage a small mobile home park with an aggressive Fannie STAMFORD, CT — Silo Financial Corp. announced the recent closing of four real estate financing transactions totaling $4.76 million. In the first transaction, Silo Financial funded a $2.55 million first mortgage for the acquisition and rehabilita- tion of two single-family homes in the Greater Green- wich area.

Cronheim Mortgage arranges $8m financing for office building

1666 K St.

just one block from both the Farragut West and Farragut North Metro stations.  666 K Street is currently 100 percent leased to law firms, financial institutions and personal services. Ad- ditionally, McCormick & Schmick’s is located in the ground-level retail space.

“The key feature of this loan was finding attractive 15-year fixed-rate financ- ing, which was important to the sponsorship,” said Miles. “Accordingly, Pruden- tial offered the kind of flex- ibility and speed of execution that aligned with the owner’s interest,” he continued. n

Chase of Tremont Realty Capital positions $2.345m loan

Guardian concludes East Coast loan sale term or “market rate.” The condition of the collateral, both actual and perceived was another major concern to potential buyers as the buy- ing community was unable to ascertain the status of the HUD required repairs.

Red Hill Estates

Mae loan structure that pro- vided a competitive long-term

interest rate on a non-recourse basis with cash out.” n

The second asset was a restaurant located in a NJ suburb of Philadelphia. The third asset was a 25,000 s/f partially leased of- fice building in Metro DC. The last asset was a recre- ation center located in NJ. A local buyer with intimate knowledge of the asset and problems associated with it was identified and Guardian was able to procure an offer, exceeding Fulton Bank’s ex- pectations. n

Silo Financial completes more than $4.7 million in financing

Silo Financial also pro- vided a $1.225 million first mortgage loan to acquire a Shell-branded gas station and convenience store in Yaphank, NY. The third closed deal was a $735,000 bridge loan for the acquisition and reconfigura- tion of a three-story multi- family building on Manhat- tan Ave. in NYC – just five

blocks from Central Park. Once complete, the 2,400 s/f property will house two one- bedroom apartments and a three-bedroom duplex. The borrower is a private real estate investor. Lastly, Silo Financial closed a $250,000 small equity loan secured by membership in- terest in a class-Aoffice prop- erty in Scarsdale, NY. n

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