S HOPPING C ENTERS N EW J ERSEY
Mid Atlantic Real Estate Journal — New Jersey — March 15 - 28, 2013 — Section B
AMDEN, NJ — Tryko Partners, LLC has acquired Crestbury Schissler of Wells Fargo works with buyer to arrange Freddie Mac financing Tryko acquires Crestbury Apartments for $17m with Freddie Mac Financing C
loan, providing permanent financing for the preservation and energy-efficient retrofit of this older, urban affordable multifamily housing prop- erty. Freddie Mac shares the risk of loss on the loan with HUD. This execution allows Freddie Mac to finance exist- ing rent-restricted projects while permitting the new owners to borrow additional funds to make energy-sav-
McKesson’s state-of-the-art facility will feature 317,585 s/f of climate-controlledwarehouse space, 32,445 s/f of office space, 25 loading docks and parking for 220 cars. The facility will be completed in April 2013 and is expected to generate $2.5 mil- lion in revenue for Robbinsville Township over a five-year pe- riod, and a total of $6.5 million over a 10-year span. Amazon’s new warehouse at the Park is on track to open in 2014 and will reportedly bring 600 full-time jobs and more than $22 million in tax revenue to the township, school district and Mercer County. The building is being developed on a 79.75-acre site located be- tween Gordon Road and I-195, and will be used by Amazon employees to pack and ship items such as books and DVDs to customers. ■ to partner with Tryko and Freddie Mac on this project and provide energy-friendly, affordable housing options to the Camden community.” “Wells Fargo deserves a lot of credit for helping us successfully navigate this loan,” noted Tryko Partners’ Chad Buchanan, VP of invest- ments. “Likewise, Freddie Mac is making it possible for an urban revitalization that will bring Crestbury Apts. to today’s modern, energy-effi- cient building standards.” “It’s exciting to work with property owners who are dedi- cated to keeping rents afford- able and making the proper- ties safer for residents. We are proud of our financing role so this property can be renovat- ed and remain affordable for families who call Crestbury home,” said Kimball Griffith, VP of Multifamily Affordable Sales and Investments for Freddie Mac. ■
Apartments in Camden for approximately $17 million. The company purchased the 392-unit multifamily property from Michaels Development Company. Tryko is planning a major property upgrade at the complex. Freddie Mac purchased the Wells Fargo originated
MARCH 15 -28, 2013
ing improvements to their properties. Thomas Schissler , a man- aging director inWells Fargo’s Multifamily Capital group, worked with Tryko Partners to arrange the Freddie Mac fi- nancing for Crestbury Apart-
ments, which in addition, has Housing Assistance Program contracts in place for 95% of its units. “Wells Fargo is strongly committed to invest- ing in our communities and being an environment leader,” said Schissler. “We are excited
Feinstein, Raiss, Kelin & Booker, LLC finalize loans
The law firm of Feinstein, Raiss, Kelin & Booker, LLC finalized the refinanc- ing of 11 loans involving 10 multi-family properties in Hudson County, NJ and one in Brooklyn, NY. See page 6B.
Facility for McKesson Corp. under construction Matrix announces 350,000 s/f build-to-suit development of a one-million s/f warehouse for Amazon.
Osborne reps Bergman Real Estate Group in NNJ leases
ROBBINSVILLE, NJ — Matrix Development Group announced that strong build-to-suit develop- ment activity at Exit 7A of the NJ Tpke. is continuing with construction of a new distribution building within the Matrix Business Park in Robbinsville. The new 350,000 s/f facil- ity, which will be occupied by McKesson Corporation, a U.S. pharmaceutical distribu- tor and healthcare informa- tion technology company, has been approved for a future expansion to 450,000 s/f. The building is one of several new build-to-suit develop- ments withinMatrix Business Park. Last month, Matrix sold a parcel within the park to an affiliate of KTR Capital Partners for the development
“The Park, once assailed as a vestige of the overheated market of early 2000, remains among the most coveted in the Northeast,” said Alec Taylor , partner at Matrix Develop- ment Group. “These new facili- ties at Matrix Business Park provide modern and efficient space configurations specifi- cally designed to the needs of their users. Furthermore, these companies will benefit from the strategic location of the Exit 7A submarket, which continues to be an extremely attractive locale for companies that serve the large customer base in the Northeast. None of these recent transactions would have been completed without the cooperation of Mayor Fried and his staff in Robbinsville Township.”
Bergman Real Estate Group announced two lease transactions at Jefferson Plaza located at 100 and 110 South Jefferson Rd. inWhip- pany, NJ. See page 8B.
N ORTHERN N EW J ERSEY S POTLIGHT .....................5-12B
P EOPLE ON THE M OVE .............................................14B
ICREW NJ O RGANIZATION .....................................16B
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