F INANCIAL D IGEST
Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 19A
www.marejournal.com
Including $28,384,372 to refinance two medical office buildings in Newark, NJ Eastern Union’s Ackerman closes $94 million in financing; Completes 60-days of transactions
N EW YORK and NEW JERSEY — Mortgage brokerage Eastern Union Commercial announced that Shaya Ackerman, a man- aging director in the firm’s New Jersey office, has ar- ranged more than $94 million in financing over the last 60 days. As one of the firm’s leading brokers, Ackerman noted that the success is not his alone. “I have a great team working with me at Eastern Union and the support of the entire organization. The quality and number of lending relation- ships the firm has cultivated, the vast industry knowledge and first-class support staff have all contributed to our success in closing deals,” Ack- erman said. “Our ability to structure financing of all sizes and for all property types stem from the time and attention we put into learning and under-
standing each of our client’s individual financing needs and then structuring each loan to meet them.” Ackerman arranged the fol- lowing transactions, predomi- nantly for properties in the New York-New Jersey region: • $28,384,372 with a floating rate of 350 bpi over the 30-day Libor (no floor) to refinance two medical office buildings to- taling approximately 270,000 s/f in Newark, N.J. The deal was closed with TD Bank. • $9.6 million at 4.375 per- cent to refinance a 43-unit residential property in the As- toria neighborhood in Queens, NY, on behalf of the borrower, Alma Realty. The lender was Investors Bank with a 5-plus 5-year loan with a 30-year amortization. Construction was recently completed on a portion of the building. The loan was committed and funded during lease-up.
“Shaya Ackerman is a true professional and a pleasure to work with,” said George Valiotis, principal at Alma Realty. “The refinancing was a multifaceted transaction and Shaya had what it took to get the deal closed.” • $6,553,388 construction loan for the acquisition and gut renovation of a 65-unit multi- family property in Brooklyn, on behalf of the borrower, the Marcal Group. The lender was Investors Bank with a two- year loan at 75 percent of all costs, at a rate of prime plus one. The loan has a built-in option to convert to a perma- nent ten-year term at 4.125 percent and a 30-year amor- tization upon stabilization of the asset. “Whenever ShayaAckerman is involved in securing our financing, there is a sense of comfort that he will deliver,” said Mark Caller, of the Mar-
cal Group. “Our deal has a construction component that certainly could have made things complicated, but Shaya was able to deliver without any complications.” $9.25 million at 3.73 percent to refinance a 54,200 s/f com- mercial building in Queens, N.Y., which included ground- floor retail and three floors of office. The lender was TD Bank with a 5-year term, 25- year amortization and limited recourse. Also among the transactions that Ackerman recently closed are $7.3 million and $7 million in financing, respectively, for the purchase of two mixed-use properties in NewYork City; a
$9.6 million SBA loan, secured by a leasehold interest; a $2.45 million cash-out for the gut rehab of a Jersey City multi- family project and $2.3 million to refinance a multi-family property in Peoria, Illinois. “At some point in the pro- cess, ShayaAckerman’s clients almost always tell us that he has a deeper understanding of their property and their fi- nancing needs than they them- selves do,” said Ira Zlotowitz, president of Eastern Union Commercial. “Clients are in- variably impressed by his intu- itive ability to structure deals. They accurately perceive that they could not be getting any better outcome.” ■ center as well as a 125,000 s/f center. The borrower ’s existing loan contained a defeasance pre-payment penalty; how- ever it still made sense for the borrower to prepay the loan. Deerwood was able to negotiate a 10-year loan, at a rate of 4.75% with a 30-year amortization. The loan was 75% LTV, which allowed the borrower to cash out extra dol- lars. The deal was arranged by Abe Katz, Joe Hercenberg and Mark Silbersher. ■
Deerwood Real Estate Capital closes $19.2 million loan
ENGLEWOOD CLIFFS, NJ — Deerwood Real Estate Capital, a commercial mort-
Hudson Realty Capital funds $5.6 million
gage broker- age and ad- visory firm, r e c e n t l y closed on a $19.2 mi l - lion loan on two shop - ping centers in Western
HOUSTON, TX—Hudson Realty Capital LLC (Hud- son), a real estate fund man-
ager wi th more than $2 b i l l i on i n a s s e t s c u r r e n t l y under man- a g e m e n t , has funded a $5.6 mil- lion bridge
Abe Katz
Pennsylvania. The cross-col- lateralized loan is secured by a 160,000 s/f shopping
Houlihan-Parnes Realtors places $4 million first mortgage on 62,000 s/f
Spencer Garfield
loan involving a 275-unit garden-apartment complex in Houston’s Sharpstown /Westwood submarket. The borrower is utilizing the loan proceeds to purchase the 92- percent occupied multi-fam- ily property and establish reserves for capital improve- ments. The 232,895 s/f complex is comprised of 34 two-story walk-up buildings featur- ing a mix of one-, two- and three-bedroom units as well as a wide range of on-site amenities, such as two swim- ming pools, a courtyard, laundry facilities, covered parking and patios/balconies.
275-unit garden-apartment complex
Planned renovations include paving, landscaping, minor repairs and improvements to vacant units. The borrower, an experienced sponsor with a portfolio of more than a dozen multi-family build- ings throughout New York, Tennessee and Texas, has completed 10 other similar property repositionings dur- ing the past three years. “Like the majority of our sponsors who seek funding
for middle-market property repositionings, this strong borrower required rapid deployment of capital and surety of execution to finalize the acquisition,” said Spen- cer Garfield, managing direc- tor. “Hudson is doing a great deal of business with many repeat sponsors, including this client, who value our thorough understanding of complex loan structures and secondary markets.” ■
schedule. The loan, closed with a local Bank, is prepay- able throughout the term on a declining scale and the Bor- rower has an option to extend the loan for an additional 5 years. The borrower was rep- resented in the transaction by Elizabeth Smith of Goldbeg Weprin Finkel Goldstein LLP and title was provided by Jim Maloney of Chicago Title. ■
GREENBURGH, NY — Houlihan-Parnes Realtors, LLC, announced the place- ment of a $4,000,000 first mortgage on the 62,000 s/f Greenburgh Shopping Cen- ter (shown) located at 77-97 Knollwood Road, in Green- burgh, Westchester County. The 5-year, non-recourse loan has a fixed rate of 4.50% with a 30-year amortization
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