F inancial D igest
M id A tlantic Real Estate Journal — June 2024 — 7A
www.marej.com
ORRISTOWN, NJ — JLL Capital Markets announced M $93M in financing secured from Bank OZK for Matrix Logistics Park – Mount Olive JLL Capital Markets reps. Matrix Development Group in arranging financing for industrial park
team was led by senior man- aging directors Thomas Di- dio and Jim Cadranell , managing director Thomas E. Didio, Jr. , vice president Michael Lachs, and analyst Olivia Doody . “We continue to see very strong interest for to-be- built speculative industrial from a range of debt capital sources. Ultimately, Bank OZK stepped up to the plate to deliver an attractive so- lution for Matrix and their development partner. Thank you to the Matrix Team for entrusting JLL to help bring to life this class A industrial park,” said Didio. “Bank OZK is pleased to provide construction financ - ing for this large-scale class A industrial development that will serve as a convenient, flex - ible and accessible distribution hub,” said Dave Sarner , man- aging director of originations at Bank OZK. MAREJ
that it arranged $93 million in financing for Matrix Logistics Park – Mount Olive, a two- property, under-construction, class A warehouse and distri- bution industrial park totalling 781,748 s/f in Mount Olive. JLL worked on behalf of the borrower, a Matrix Devel- opment Group led venture, and secured the loan from Bank OZK . The property at 2000 In- ternational Dr. is situated on 13.629 acres and totals 196,748 s/f. Key building features include single-side loading capabilities, 36-foot clear height, 34 loading docks, two drive-in doors, 110 parking spaces and 43 trailer parking spaces. The second property is lo- cated at 3000 Continental Dr., a site redeveloped from the former BASF United States
location in Northern NJ and access to I-80 has made the town a heavily demanded location for families, com- mercial uses and industrial users for decades. The project is within Mount Olive’s Inter- national Trade Zone, home to numerous research, develop- ment, and manufacturing companies. The International Trade Zone is designated as Matrix Logistics Park – Mount Olive
headquarters. The building totals 585,000 s/f and includes 40-foot clear heights, cross- dock configuration, 107 load - ing doors, four drive-in doors, 306 parking spaces and 142 trailer spaces. The portfolio is in Mount Olive in the western section of Morris County, along the I-80, Rte. 206 and Rte. 46 cor- ridors. Mount Olive’s central
a Foreign Trade Zone, which allows companies to reduce costs associated with import- ing and re-exporting goods to foreign countries. Addition- ally, the project is within walking distance of Mount Olive Train Station, provid- ing NJ Transit Rail Service along the Morristown and Montclair-Boonton Lines. The JLL Capital Markets
NewPoint sponsored fund provides $13.3 Million in 501(c)(3) Tax- Exempt Bond Financing for affordable housing in Washington, DC
transaction’s structure and District funding. “This closing marks a major milestone for the District of Columbia – it was funded without low-income housing tax credits and is the District’s first 501(c)(3) municipal bond issuance funded by the Office of the Mayor for Planning and Economic Development to rehabilitate residential housing,” said Pamela Lee , assistant vice president of development at NHPF. “The close collaboration between public and private groups sets a new standard for successful deal execution.” The garden-style apart- ment community features a mix of two-bedroom and three-bedroom units ranging in size from 850 to 1,000 s/f. Community amenities include a laundry room, a playground, and surface parking. In addi- tion, residents have access to the adjacent Villages at Park- lands Splash Park, an 80,000 s/f waterpark and pool. MAREJ
million in deferred fees and other sources. These resources will support long-term afford- ability and significant energy- efficiency improvements. Ridgecrest Phase II was previously operated as part of the larger Ridgecrest Village, a 1951-built development that was purchased by NHPF in 2019. After recapitaliza- tion, 20% of Ridgecrest Phase II’s units will be restricted at 30% of AMI to serve as per- manent supportive housing. The remaining 80% of units will be restricted at 50%, 60% and 80% of AMI per HPTF rent thresholds. Ridgecrest Phase II is among the first rehab proj - ects of its size to transition to fully electric energy sources, aligning with District of Columbia goals for decar- bonization. The aggressive plan to enhance energy ef- ficiency is traditionally cost- prohibitive for affordable housing communities, but made possible through the
WASHINGTON, DC — NewPoint Impact Fund I (the “Fund”) has provided $13.3 million in 501(c)(3) bond financing to facilitate the acquisition, rehabilita- tion, and recapitalization of Ridgecrest Apartments Phase II, a 128-unit afford- able housing community located in the Anacostia sub- market of southeast Wash- ington, DC. The borrower is The NHP Foundation (NHPF) , a New York-based not-for-profit developer that specializes in affordable hous- ing. NewPoint Real Es- tate Capital (NewPoint) senior managing director Bryan Dickson arranged and structured the tax-ex- empt construction-to-perma- nent phased bond financing through the NewPoint Impact platform. The transaction represents the inaugural residential rehab financed by the District of Columbia’s Revenue Bond program sup- ported through a tax-exempt
Ridgecrest Apartments
501(c)(3) bond transaction. “This creative transaction involved a sophisticated joint effort between NewPoint, NHPF, DC Green Bank , and local agencies, including the Office of the Deputy Mayor for Planning and Economic Development, Department of Housing and Community Development, and District of Columbia Housing Au- thority ,” Dickson said. “A willingness to explore an al- ternative solution in place of LIHTC resulted in a smart and
efficient construction-to-perm financing that will revitalize an aging asset and create long-term affordable and sup- portive housing.” The $13.3 million in fund fi - nancing will be combined with $29.2 million in soft debt and grants from DC Department of Housing and Community Development (DHCD) , in- cluding Housing Production Trust Funds (HPTF), $2.3 mil- lion in subordinate debt from DC Green Bank to execute the rehabilitation, as well as $2.2
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