Mid Atlantic Real Estate Journal — The Best of 2012 — March 29 - April 11, 2013 — C
www.marejournal.com
The BEST Financial Deals of 2012
Linowes & Blocher Southern Management & Freddie Mac — 250,000 sf — $1.5 billion loan portfolio to Southern Management Cor- poration funded by Berkadia Commercial Mortgage LLC through Freddie Mac. Southern Management Corpora- tion is the largest privately-owned residential property management company in the Mid-Atlantic region. As the largest loan funded in Berkadia Commercial Mortgage LLC’s history, this portfolio is also expected to be Freddie Mac’s largest multifamily transaction eligible for securitization through its Capital Markets Execution program. The properties are located throughout northern Virginia and Maryland. The portfolio contains over 23,000 total apartment units and more than 250,000 s/f. of office and retail space. Professionals: Southern Management Corporation Pro- fessionals: accounting firm of Hillman & Glorioso; general corporate counsel at Glassman & Michael, PLLC; Linowes and Blocher LLP as structure/non-consolidation counsel; Berkadia’s Professionals: Troutman Sanders, LLP, Edwards Wildman Palmer LLP, Berkadia’s structure/non- consolidation counsel Thorp Reed & Armstrong, LLP.
Eastern Union Funding Westbourne Apartments Investors Bank — 217,374 SF —
Northmarq Bakers Square Shopping Center Regional Bank — 220,000 SF —
Joseph J. Sweeney, senior vice president and managing director of NorthMarq’s Philadelphia regional office, arranged a construction loan of $29.5 million for Bakers Square Shopping Cen- ter, a to-be-built 220,000 s/f. grocery-anchored community shopping center located at Fox Street and Roberts Avenue in Philadelphia, Pennsyl- vania. Major tenants at the center are Shop Rite and Ross Dress for Less. Financing was based on a 20-year term and a 30-year amortization schedule and was arranged for the borrower, TKMG Associates L.P., by NorthMarq through its relationship with a regional bank.
Institution: Investors Bank Shaya Ackerman arranged $47,494,000 in financing for the acquisition of the Westbourne apartment complex, a five- building portfolio of multifamily properties on a full city block along West 137th St. between Broadway and River- side Drive Ave. in Manhattan. A 182-unit portfolio – covering addresses ranging from 601 to 611 West 137th St, also included a new Duane Reade store with a 20-year lease. A highly complex deal, the loan involved three separate 1031 exchange vehicles that each had to be structured into the financing and acquisition .
The The country’s second largest privately owned commercial mortgage company on a transaction volume basis
Made with FlippingBook - Online Brochure Maker