M ID A TLANTIC R EAL E STATE J OURNAL F INANCIAL D IGEST
Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 7A
www.marejournal.com
Webb and Butler advises Donatelli Development on financing Cassidy Turley arranges $66 million permanent loan for Highland Park Phase I
W
ASHINGTON, DC — Cassidy Turley has secured a fixed-
as advisor to Donatelli De- velopment on the financing transaction. Cassidy Turley completed a $122 million re- capitalization of both phases on behalf of Donatelli Develop- ment with a client of Invesco Real Estate in December 2010 and subsequently secured a $26.1 million construction loan for Phase II in September of this year. The existing 229 unit build- ing is consistently recognized as one of the premier apart- ment projects in the region. In 2009, Highland Park received the National Association of Homebuilders Award for Best Mid-Rise Apartment. The
This regional borrower also elected to refinance their exist- ing loan early with a new 10 year term through the Freddie Mac Capital Markets Execu- tion. Finally, Cohen arranged a $12 million loan on a 115 unit CO- OP apartment building inHack- ensack. This property was a failed conversion and the spon- sor purchased the unsold units and has managed this asset as a rental property. APennsylvania based regional bank understood the asset, liked the sponsorship and provided a facility which allowed the borrower to pay off the existing underlying debt and take out a significant equity component in order to facilitate the acquisition of another mul- tifamily asset. Taking advantage of the very strong apartment fundamentals here in the northeast, North- Marq is also actively working on several other prominent multifamily assignments rang- ing from construction financing to institutional joint venture equity. Two deals of note are the arrangement of permanent financing for a major high-rise that was recently constructed in Jersey City and securing thirty year self-liquidating financing with a life insurance company on a class A luxury complex in another major NJ market. ■ combined project offers ten- ants a two-story fitness center, high-tech party and billiards rooms, expansive rooftop deck with panoramic views, and over 18,000 s/f of ground floor retail including Potbelly Sandwich Works, Five Guys Famous Burgers and Fries, Tynan Coffee and Tea, Signal Financial, Pete’s New Haven- Style Apizza, Acre 121, and Lou’s City Bar. In addition to the onsite amenities, High- land Park is located atop the Columbia Heights Metro sta- tion (Green and Yellow lines), directly across the street from DC USA, a 500,000 s/f retail complex. ■
rate loan on behalf of Do- natelli Development, Gragg & Associates, and a client of Invesco Real Estate for High- land Park Phase I, a 229 unit apartment building. It adjoins a future 144 unit building, Highland Park Phase II, which began construction earlier this year for delivery in early 2013. The permanent loan for Phase I was provided by Key Bank Real Estate Capital’s Fannie Mae DUS platform. David Webb and Jamie But- ler of Cassidy Turley acted ROANOKE, VA—Deerwood Real Estate Capital, a com- mercial mortgage brokerage and advisory firm, recently closed on a $9.5 million loan MORRISTOWN, NJ—Cron- heim Mortgage has arranged financing totaling $9.4 million on the Lindsley Arms apart- ments, located at the corner of Whippany Rd. and Lindsley Dr. Dev Morris and Andrew Stewart arranged the 10 year financing withAviva Investors whom they represent as both a correspondent and loan ser- vicer. The rate was locked on the loan four months prior to closing with no additional cost or spread premium. The subject, built in 1962, consists of 116 1 bedroom units; the balance are equally split between 2 and 3 bedroom units, all of which are gener- ously sized relative to the average unit square footage in competing properties. Lindsley Arms is located adjacent to the Morristown Westin Hotel; it is also near the historic Ford Mansion (Washington’s Head- quarters), one mile from the Morristown train station (with direct access to Midtown Man- hattan), and two miles west of
Highland Park
DeerwoodReal Estate Capital closes VA office loan totaling $9.5 million for a 300,000 s/f office building in Roanoke.
Cohen of Northmarq Capital closes nearly $200 million
PARSIPPANY, NJ — Gary Cohen, senior VP of the New Jersey Office of NorthMarq
nance the existing loan with a 5-year term and a 30-year amortization. The deal was arranged by David Rosenberg and Mark Silbersher. ■ Moosic Heights, located in Moosic, PA has 153 total sites, Maple Manor, located in Taylor, PA is just four miles from the Moosic Heights Community and has 311 total sites, Oak- wood is located in Tunkhan- nock, PA and is 32 miles from the Maple Manor Community - it is the smallest of the 5 with 79 total sites, Pleasant View Estates is located in Blooms- burg, PA and has 111 total sites and Brookside Village is located in Berwick, PA and is only 4 miles from Pleasant View Estates, it is a 39 acre community situated on top of a spacious valley with beautiful views of the mountains in ev- ery direction and has 171 total sites. Moosic and Maple Manor have public utilities whereas the other three are served by private water and sewer. Nu- merous improvements have been made by the owner since purchasing the asset in 2010 including paving, drainage improvements, new signage, water plant upgrades and up- dated rental offices. ■
Capital, has closed $191 m i l l i o n o f multifamily loans during t he f our t h qua r t e r o f 2011. High- lighting this string of suc-
The loan provided the bor- rower with 75% LTV to refi-
Cronheim Mortgage’s Stewart & Morris completes $9.4m the Morristown Municipal Air- port. Access to Routes 287 and 24 help make this a convenient location.
Gary Cohen
According to Dev Morris, principal of Cronheim, “This was a very low loan to value and the borrower had numer- ous options. He chose to work with us and Aviva due to our ability to lock in an interest rate early, provide competi- tive pricing and terms, as well as a simple closing process. Cronheim acting as a portfolio servicer is another benefit the borrower pointed to when mak- ing a decision.” Cronheimarranged financing totaling $15.5 million on five mobile home park communi- ties, three of which are located in the Scranton area and the other two in the Bloomsbury areas of PA. Dev Morris and Andrew Stewart arranged the 10 year financing for an af- filiate of United Mobile Homes. The interest rate on the 30 year amortizing loan is 4.25%. The subject properties con- sist of 824 home sites and are:
cess was a portfolio of 15 proper- ties located in NJ, NY, PA and CT that were refinanced early through the Capital Markets Execution program of Freddie Mac for $158 million. Working on behalf of a major apart- ment investor, Cohen noted that most of these deals were existing Freddie Mac loans where the borrower elected to refinance now and lock in low interest rates. Despite many years remaining on the existing loans, reducing the coupon by anywhere from 100- 300 basis points coupled with a very meaningful cash out component, which more than covered the prepayment penal- ties, enabled our client to lock in these 10 year deals through our seller/servicer relationship with Freddie Mac. Cohen also arranged a $21 million refinance for a 298 unit apartment in Burlington Cty.
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