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[30 Jul 2014 | No Comment | ]

HFF secured a $10.5 million refinancing for 180-188 Mt. Airy Road, a two-building office property in Basking Ridge, NJ.
Working on behalf of Lincoln Property Company, HFF placed the five-year, floating-rate loan with OceanFirst Bank. Loan proceeds will be used to retire existing debt and return equity to the partnership.
180-188 Mt. Airy Road in an area known as the state’s “Wealth Belt” along Interstate 78. The properties are 95 percent leased to tenants that include Montgomery Academy, The Learning Experience, Integrated Device Technology and Mt. Airy Associates.
The HFF team was led …

Finance & Accounting »

[30 Jul 2014 | No Comment | ]

Cushman & Wakefield served as the exclusive advisor to JOSS Realty Partners in arranging a $24.5 million senior mortgage loan for Georgetown Plaza in Washington, DC.
The three year financing, with two one-year extension options, was provided by Square Mile Capital Management LLC.
Located at 2233 Wisconsin Avenue NW in Washington, DC, the property is a 79% occupied, five-story, 150,097 s/f boutique office building built in 1964 and renovated in 2007.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Alexander Hernandez, Sridhar Vankayala and Alex Lapidus, served as …

Finance & Accounting »

[30 Jul 2014 | No Comment | ]

Eastern Union’s Shaya Ackerman arranged the refinance of a nursing home in Flushing, the 280-bed Union Care Plaza Center, located at 33-21 Union Street.
The 12-year loan closed with a fixed annual interest rate of 3.25 percent. The deal’s previous annual interest rate was 9.5 percent, which has been reduced in this refi.
The HUD loan refinances an asset constructed by David Marx 18 years ago. Since then, Marx has become a household name in New York real estate, accruing a large number of healthcare, multifamily units, and office space in New …

Finance & Accounting »

[30 Jul 2014 | No Comment | ]

The New York office of Berkadia Commercial Mortgage arranged $34 million for a multifamily property located in East Moriches, New York.
Senior vice president John DiCrocco secured the 10-year, fixed-rate financing through Berkadia’s Freddie Mac program.
DiCrocco worked with borrower Frowein Road LLC, who will use the loan to refinance existing debt on Walden Pond Apartments. Loan terms include a 3.89 percent interest rate and 30-year amortization schedule.
Walden Pond Apartments is a 324-unit property located on Long Island, New York, some 75 miles east of New York City. Situated on 38 …

Finance & Accounting »

[30 Jul 2014 | No Comment | ]

HFF announced that it has secured a $46.36 million loan for Center 78, a 371,680 s/f, Class A office property in Warren, New Jersey.
Working exclusively on behalf of Normandy Real Estate Partners, HFF placed the three-year, floating-rate loan with Square Mile Capital Management, LLC.
Center 78 is located at 184 Liberty Corner Road just north of Interstate 78 about 30 miles west of New York City. The LEED Gold certified property was originally built in 1982 and was renovated between 2012 and 2013.
The HFF team representing the borrower was led …

Finance & Accounting »

[30 Jul 2014 | No Comment | ]

Meridian Capital Group, a national commercial real estate finance and advisory firm, announced that the company arranged financing for 20 loans totaling $62.7 million for multifamily and mixed-use properties located across Manhattan, Brooklyn The Bronx and New Jersey.
Thee transactions were negotiated by vice president Judah Hammer, who is based in the company’s New York City headquarters.
Averaging a deal a day over the 20 days, Hammer arranged financing from a mix of local balance sheet lenders sums ranging from $630,000 to $8,500,000.
The properties, in combination, total 492 residential units and …

Featured, Finance & Accounting »

[30 Jul 2014 | 2 Comments | ]
Crowdfunding sector growing some grey hairs

A good way of measuring how the real estate crowdfunding industry has changed in the past months is to count gray hairs.

Last winter, it was hard to find anyone over 40 at the nascent industry’s conferences. Now, a noticeable influx of distinguished real estate executives, along with their firms, is changing the field.

Since its inception, real estate crowdfunding has been dominated by young tech entrepreneurs with lofty visions of democratizing investment and little ties to the industry establishment. This dominance is starting to fray.

Finance & Accounting »

[24 Jul 2014 | One Comment | ]

Arbor Realty Trust, Inc. (NYSE:ABR) announced the recognition of a $58 million net gain related to its investment in the 450 West 33rd Street property.
In 2007, the Company received net proceeds of approximately $58 million from the closing of this transaction and recorded a corresponding net deferred gain as a result of guarantying a portion of the property’s indebtedness.
In July 2014, the existing debt on the property was refinanced and the Company’s portion of the guarantee terminated, resulting in the recognition of the deferred gain for GAAP purposes.
The recognition of …

Featured, Finance & Accounting »

[24 Jul 2014 | No Comment | ]
Blackstone bulks up on real estate

Asset management behemoth Blackstone had the second best quarter in its history, and its real estate investments played a big role.

Blackstone’s global real estate assets grew by 26 percent year-over-year in dollar volume to a staggering $80.41 billion, leading to an economic income of $489 million in the second quarter.

Finance & Accounting »

[24 Jul 2014 | No Comment | ]

HFF announced that it has arranged a $20 million refinancing for Tri-City Plaza, a 108,109 s/f retail center in Toms River, New Jersey.
HFF worked on behalf of the borrower, Paramount Realty Services, to secure the fixed-rate loan through a life company. Proceeds from the HFF-serviced loan will replace existing debt on the property.
The HFF team representing the borrower was led by senior managing director Jon Mikula, managing director Jim Cadranell and associate director Samuel Seiden.
Tri-City Plaza is located on 15.97 acres three miles west of the Garden State Parkway at …

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