F inancial D igest F eaturing T he L enders D irectory
Mid Atlantic Real Estate Journal — November 9 - 22, 2012 — 11A
www.marejournal.com
A 15.09% return to investors Procida’s 100Mile Fund celebrates first year
Highlighting the strength of the multifamily market Mark Scott’s Commercial Mortgage Capital closes $51.5m
ENGLEWOOD CLIFFS, NJ — Procida Funding’s 100 Mile Fund announced it
for their borrowers. The 100 Mile Fund’s inves- tors include a broad cross section of high net worth in- dividuals, a public insurance company, and local business owners. “Unlike larger funds we not only lend and invest money but we add value” said William Procida , a former general contractor and award winning real estate developer. “There is nobody else out there like us who can build and mar- ket a building as well as give you the money you need. Our knowledge of construction, development and marketing is second to none and I have the best team in the business.” n “We endeavor to deliver stream- lined, cost-effective solutions tailored to the specific require- ments of our clients’ portfolios in order to smoothly transition receivership assignments to successful execution.” Onyx is currently the ap- pointed receiver and/or manag- er for more than 80 properties on behalf of banks, loan ser- vicers and financial institutions in need of assistance managing defaulted real estate assets for all commercial property types, including office, industrial and retail assets. Additionally, the company has more than 8,000 self-storage units in receiver- ship and/or property manage- ment assignments. n included more than 70 non-per- forming loans grouped in more than 20 different borrower relationships. The collateral for the loans was spread across the Southeast, and was comprised of income-producing assets, de- veloped homes, as well as com- mercial and residential land. Lastly, Roseview advised on the sale of a portfolio comprised of more than 50 commercial real estate notes totaling more than $20 million. Roseview’s bank client sold the notes, all classified as performing and traded at par (or face value) to another commercial bank. n
L ivingston, NJ – MarkScott’s Commer- cial Mortgage Capital
CMC recently secured two loans on behalf of assets locat- ed inWoodbridge, NJ. The first was a $20-million permanent loan to finance a 16-building, 256-unit, recently renovated multifamily complex that of- fers a superior location, with Woodbridge Plaza Center and Woodbridge Center Mall within walking distance. The property is also situated just four minutes from the Wood- bridge train station and less than 10 minutes from the Metro Park train station and the Menlo Park Mall. The second loan arranged was a $15-million first mort- gage refinance for a 24-build- ing, 401-unit garden apart- ment complex that consists of 269 one-bedroom units, 125 two-bedrooms and seven three-bedroom duplexes. Cen- trally located in Woodbridge Township, these luxurious
apartments boast access to the Garden State Parkway, New Jersey Turnpike, I-287 and Routes 1 and 9. The company also arranged a $16.5-million construction loan for a four-story, 60-unit luxury apartment building located in Sleepy Hollow, NY. The waterfront property is part of the Hudson Harbor development project that in- cludes several upscale housing complexes, trendy restaurants and RiverWalk Park, which is on track to run from Pierson Park in Tarrytown to Icabod’s Landing in Sleepy Hollow. In addition to an 888 s/f lobby and 7,813 s/f of amenity space, the building will offer 32 single bedroom units with a den, four two bedrooms, 20 two bedrooms with a den and four three bedrooms. The area of- fers convenient access to the Tarrytown train station, I-287
has achieved a 15.09% net realized gain for its inves- t or s i n i t s first year of operations. The 100 Mile Fund, which launched in
(CMC) an- nounced that it has closed three deals for a total of $51 . 5 mi l - lion worth of multifamily financing. “ W e a r e
William Procida
October of 2011 had a solid opening year having partici- pated in the purchase of over $38 million of non-preform- ing debt, mostly construction loans, and managed to achieve over $23 million in discounts
Mark Scott
pleased to announce our latest Commercial Mortgage Capital transactions, which highlight the continued strength of the multifamily market in the Tri-state region,” said Mark Scott , founder and principal of CMC. “Transactions for top-quality assets in regions such as New Jersey, NewYork and Connecticut are currently experiencing lower loan-to- value ratios and looser lending structures.” LAUREL, MD — Hudson Realty Capital LLC (Hud- son) , a real estate fund man- ager with more than $2 billion in assets currently under man- agement, has funded a $6.8 million bridge loan secured by a 10.95-acre former ship- ping and receiving terminal in Prince Georges County. The loan proceeds were used by the sponsor to effectuate a DPO of the existing mortgage and establish various reserves. The property, which was ac- quired in 2006 by the borrow- er, has been granted rezoning approvals for a mixed-use redevelopment designed to complement Laurel’s planned Town Center area and revi- talization of the U.S. Route 1 corridor. Long-term business plans include the develop- ment of luxury multi-family units as well as office and retail space. A fitness center, theater, day-care facility and 1,800-space parking area are among the proposed future amenities. “Hudson Realty Capital continues to be the leading provider of special-situation
Onyx reaches 16 million+ s/f of receivership/mgmt. assignments
WOODBRIDGE, NJ — Onyx Equities, LLC , a pri- vate real estate investment, development and management firm announced that the firm continues to grow its receiver- ship services division, with more than 16 million s/f of re- ceivership and/or management assignments throughout New Jersey, New York, Pennsylva- nia and Connecticut. “Onyx is uniquely positioned to leverage our fully integrated platform and experience to pro- vide clients of our receivership services division with access to a comprehensive array of resources and expertise,” said Jonathan Schultz , managing principal, Onyx Equities, LLC. BOSTON, MA — The Ros- eview Group announced the sale of three loan portfolios totaling $745 million in unpaid principal balance. Roseview advised a large regional bank client on the sale of national portfolio of non-per- forming residential mortgages. The portfolio’s unpaid principal balance was more than $600 million at the close of the trans- action. Roseview also advised on the sale of a portfolio (the Portfolio) of commercial real estate notes totaling $120 million in unpaid principal balance. The Portfolio
Former shipping terminal site secures $6.8m bridge loan from Hudson Realty Capital LLC
The Roseview Group advises on the sale of three loan portfolios totaling $745m
bridge debt for middle-market commercial real estate trans- actions throughout the coun- try,” said Spencer Garfield , managing director. “In this particular case the sponsors needed reliable and flexible bridge financing to effectuate their discounted payoff. Hud- son was able to offer a short term loan with very flexible pre-payment penalty and to offer the surety of execution that sponsors need when they are negotiating with their cur- rent lenders.” The New York City-based real estate fund manager’s
current focus is originating and purchasing senior debt, as well as large loan-portfolio ac- quisitions and asset manage- ment activities. Hudson’s lat- est transactions involve new originations, note acquisition financing, DPO financing and performing and non-perform- ing loan purchases. The com- pany originates, purchases, participates in, services and restructures special-situation debt. Additionally, Hudson invests directly in real estate and acquires under-perform- ing assets and other real es- tate-related instruments. n
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