Real Estate Journal — The Best of 2014 — March 27 - April 9, 2015 — 3C


M id A tlantic

The LARGEST Financial Deals of 2014

Progress Capital Advisors Senate Place Jersey City, NJ

Eastern Union Funding The Equitable Building Baltimore, MD

Institution: Eastern Union Funding Financier: Natixis Global Asset Management In a pro j ec t closely observed by the media, East- ern Union presi- dent Ira Zlotowitz and Meir Kessner, senior managing di- rector, arranged a $21 million non- recourse three-year loan at 4.91% with a Wall Streep shop at 10 North Calvert St., Baltimore. JK Equities laid out

Institution: TD Bank Financier: Kathy Anderson, Progress Capital Advisors

Progress Capital arranged a $27.5m construction loan and also secured a JV partner to provide credit enhancement, a Guaranteed Maximum Price Contract and a Completion Bond. The development is located at 25 Senate Place in Jersey City. The construction loan was attractively priced at LIBOR plus 275 bps, floating for a 36 month period. Recourse was limited to 25%. “A development project such as this is a team effort and we are proud to have been able to contribute to its overall success. Every time I visit the site and see the progress being made – it’s very rewarding,” said Kathy Anderson. Senate Place is a 265 unit apartment building anchored by 5,700 s/f of retail.

$32 million, including proceeds from the loan, to convert the nine-story stack of office buildings into 180 market-rate housing units. This CMBS deal embodied the surging demand for multifamily, the construction and renovation boom of late and the resurgence of Wall Street lending. With a sophisticated understand- ing of Wall Street’s unique underwriting structure, Eastern incorporated the technological advancements achieved during Wall Street lending’s hibernation, employing more data as its CMBS market share outpaces the rest of the indus- try. The Equitable Building, completed 1891, was Baltimore’s first skyscraper.






25 Years of Solutions | $30 Billion in Financing | $50 Million in Direct Loans Fixed Rate Loans | Construction Financing | Specialty Financing | Direct Lending

Progress Capital Advisors The Funding Source

Phone: (732) 389-9701 ProgressCapitalAdvisors.com

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