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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 25 Issue 5 March 15 - 28, 2013 1031 Exchange www.marejournal.com MidAtlantic RealEstateJournal—1031Exchange—March15-28,2013—15A

A 674 bed student housing complex at Rutgers University McKinney Properties completes Rockoff Hall acquisition in New Brunswick, NJ

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M id A tlAntic R eal e state J ouRnal 1031 E xchangE

ew Brunswick, NJ — McKinney Properties , a na-

Properties acquired Rockoff Hall through an institutional joint venture with Virtus Real Estate Capital, a leading pri- vate equity real estate spon- sor. Investor’s Bank provided a $44.1 million fixed-rate five year mortgage. Rockoff Hall was built in 2006 and is affiliated with Rutgers University. At the time of construction, Rockoff Hall was hailed as introducing luxury student housing to the Rutgers campus and remains one of the premier student housing assets in the State of New Jersey. n

tional student housing owner and operator acquired Rockoff Hall, a 674 bed high-rise stu- dent housing complex which serves Rutgers University, the State University of New Jersey. Located in downtown New Brunswick, Rockoff Hall is walking distance to the Col- legeAvenue and Cook Douglas Campuses and adjacent to the Bloustein School of Public Policy and Planning. In January 2013, McKinney Red Bank, NJ — The New Jersey office of Berkadia Commercial Mortgage LLC (Berkadia) recently closed two deals totaling $89.50 mil- lion in financing for multifam- ily properties located in Rhode Island and New Jersey. High- lights include: Senior vice president Robert Lipson originated $48 million in financing through Fred- die Mac for Regency Plaza, a luxury apartment complex located in downtown Provi- dence, RI. Lipson worked with borrower Chestnut Hill Re- alty to originate the 10-year, fixed-rate loan. The loan was used to help refinance an exist-

AlanFruitman

JohnHarrison

MichaelS.Brady

MichaelHines

MargoMcDonnell

ChristineLatulip

PamelaMichaels

KimT.Schooley

ScottSaunders

TimSnodgrass

ScottRotkowitz

Featured in this Spotlight: MichaelHines,TheBancorp Inc.........................................................17A Eastern1031 StarkerExchange,LLC..................................................18A StanFreeman,Exchange StrategiesCorporation..................................19A Alan Fruitman,1031. tax.com............................................................20A Tim Snodgrass, J.D.,AXXCESSCapital.............................................21A ScottRotkowitz,Esquire, IPX1031.....................................................22A ScottSaunders andPamelaA.Michaels,Esq.,AssetPreservation, Inc.23A Michael S.Brady,Esq.,CES,Riverside 1031......................................24A ChristineLatulip,Edmund&Wheeler, Inc.........................................25A MargoMcDonnell,CES,1031Corp.....................................................26A RealEstate Investment SecuritiesAssociation, Inc..............................27A KimT.Schooley, 1031Accomodators.................................................28A

15-28A

Cushman &Wakefield of New Jersey

Berkadia arranges $90 million in financing for multifamily properties in RI and NJ

7B

Morphotek project wins ISPE Facility of the Year Award

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Regency Plaza

Barclay Square at Princeton Forrestal

Directory

ing mortgage on the 444 unit property, originally provided by Berkadia and Freddie Mac in 2008. “Berkadia has a long-stand- ing relationship with Chest- nut Hill Realty, and with the help of Freddie Mac, we were able to secure historically low interest rates in a short period of time,” said Lipson. “We were pleased to work on this transaction, especially with the recent renovations to the common areas of the property and the continued unit upgrades.”

Lipson also arranged a $41.50 million loan through Freddie Mac for Barclay Square at Princeton Forrestal, an apartment community lo- cated in Princeton Twp., NJ. He worked with Kenneth Pizzo, Sr. , principal of the borrowing entity, to originate the 10-year, fixed-rate loan, which was used to refinance an existing loan on the property originally provided by Berka- dia and Freddie Mac in 2003. The apartment community, which totals 220 units, fea- tures two- and three-bedroom

apartments with up to 3,000 s/f of living space in ranch or townhome style residences. Each residence also includes a one- or two-car private, heated garage and access to the prestigious 1900 Club. The apartments are currently 99 percent occupied. “Mr. Pizzo and his family have built a true, class A prop- erty in the Princeton area,” Lipson said. “We at Berkadia were very happy to work with him again on longer term financing for this wonderful community.” n

Financial. .................................. 11-28A DelMarVa.................................... 7-10A New Jersey............................. Section B Northern NJ Spotlight. ................ 5-12B Pennsylvania.......................... Section C Central PA....................................5-12C

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