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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
For a 50-story hotel totaling 492 rooms Meridian arranges $135m in financing
CBRE|Fameco’s Famous consults LMS organizes sale of over 30 assets
ISSUE HIGHLIGHTS Volume 27 Issue 2 Jan. 30 - Feb. 12, 2015 SPOTLIGHT eCONOMIC dEVELOPMENT 3-10A MID ATLANTIC ICSC CONFERENCE AND DEAL MAKING Section C Upcoming Conferences 2015 Schedule: February 12, 2015 NJ Industrial RE and Development Summit Receive 4 CPD & 4 CE Credits!! April 2, 2015 NJ Land Dev. Summit May 7, 2015 NJ Office Summit June 25, 2015 NJ Commercial RE Forecast Summit For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or [email protected]
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EW YORK CITY, N Y — M e r i d i a n Capital Group LLC
(Meridian) has arranged a $135 million mortgage for the refinancing of the Holiday Inn Manhattan-Financial District. The Holiday Inn Manhattan- Financial District is a 50-story, limited-service hotel totaling 492 rooms. The hotel is located at 99-103 Washington St. The developers recently completed construction of the property. Meridian arranged the mort- gage on behalf of developers Sam Chang and Jubao Xie. The two-year loan, provided by a na- tional balance sheet lender, fea- tures a competitive floating rate with interest-only payments for the full term. Emanuel West- fried , Meridian’s vice president, negotiated the transaction. According to Westfried, the loan was provided to recapital- ize the current sponsorship. The Fort Lee, NJ — HFF has closed the $120 million sale of The Crest at Fort Lee, a 351- unit multi-housing community. HFF marketed the prop- erty on behalf of the seller, Capri Capital Partners, LLC. Pantzer Properties purchased the asset for $120 million, or approximately $341,880 per unit, free and clear of any exist- ing debt. The Crest at Fort Lee is situ- ated on 13.09 acres at 900 Crest Lane in eastern Bergen County
120 North Pointe Blvd.
LANCASTER, PA — LMS Commercial Real Estate has reached an agreement to bring Paramount Realty Services, Inc. of Lakewood, NJ to the Central PA region. LMS Commercial Real Estate arranged the sale of over 30 assets, encompassing 2 million s/f, to affiliates of Paramount
Realty. With this transac- tion, Paramount Realty will have assets in excess of $1 billion, ownership 7.5 million s/f and leasing assignments in excess of 13 million s/f throughout CT, MD, MA, NJ and PA. Brandon Famous of CBRE|Fameco provided consulting services. n
The Holiday Inn
existing debt was $45 million from Cathay Bank. n
HFF closes $120m sale of The Crest at Fort Lee
Directory
Upcoming Spotlight February 12, 2015 Commercial Office Properties Shopping Centers . ....................... Section C Owners, Developers & Managers ..... Section B Green Buildings .............................. 13-17B
The Crest at Fort Lee
and is minutes from the New Jersey Turnpike/GeorgeWash- ington Bridge as well as nearby shopping and dining. The gated property, built in 1999, is 96% leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 s/f each. The property consists of seven residential buildings that include garage parking, tenant storage, balconies and some renovated units. Community
amenities include a clubhouse with heated outdoor swimming pool, state-of-the-art fitness center, indoor basketball court, community room and business center. The property also has a playground and grilling area. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , managing director KevinO’Hearn, asso- ciate director Steve Simonelli
and was supported by senior managing director Andrew Scandalios . Hyland Levin LLP served as legal counsel for the buyer and Krawnow Saunders , Kaplan & Beninati LLP represented the seller. “The buyer has an opportuni- ty to add value to the property in a market that is seeing new development and higher rents,” said Cruz. n
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Inside Cover A — January 30 - February 12, 2015 — M id A tlantic
Real Estate Journal
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Mid Atlantic Real Estate Journal is pleased to announce. . .
Sponsors Columbia Bank | Sitex Group | Bridge Development Marcus & Millichap | NJEDA | Envision Environmental
Organization Sponsors SIOR NJ | BOMA NJ | SNJ AIA | IREM SNJ
Speakers Include:
Gene Preston, Dermody Properties Margie Piliere, NJEDA Ted Zangari, Sills Cummins & Gross Bo Farkas, Sitex Group Peter Crovo, Prologis William Waxman, CBRE Omer Ahmed, Russo Development Dwight Angelini, TA Associates Dave Gibbons, Elberon Development
Paul Heilmann, Columbia Bank Andrew Merin, Cushman & Wakefield Michael Nachamkin, HFF Brian Milberg, Sitex Group George P. Molloy, GM Realty Advisors Inc. Jeff Milanaik, Bridge Development Brian Hosey, Marcus & Millichap Dennis Toft, Wolff Samson Meryl Gonchar, Greenbaum Rowe Smith & Davis
7:55 AM Welcome & Introduction 8:00 AM Industrial 2.0: the new approach to industrial development • More collaborative approach between client/city/developer – each knows what they want • Industrial Financial Trends • Generational shift of employees and their needs/wants in workspace • New trends/designs in industrial • Cities different outlook on industrial – now includes new sectors like medical technology, job creation, etc. 8:55 AM The Power of Collaboration – City/Counties partnering on economic development projects • Project case studies (Metro and non-metro) • How are cities and counties are working together to spur economic growth • Metro based programs
• Tools and Resources • New economic development tools for economic development – how can these resources improve projects 9:50 AM BREAK 10:00 AM Opportunities in the Industrial Real Estate Market • Market trends: vacancy, absorption, rental rates and new construction • Industrial developments: trends and issues • Investment outlook • Where is industrial Development going and why? Suburban vs. urban 11:00 AM Industrial Generals “A special gathering of respected industry experts in an open forum” • Current and Future Endeavors • War Stories of Past Industrial Experiences • What do they think is happening in the Industry and where is it headed • Advise to the current and next Industrial generation 12:00 PM Adjourn
For speaking and sponsorship information, please contact Linda Christman at 781-871-3456 or [email protected]
Real Estate Journal — January 30 - February 12, 2015 — 1A
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M id A tlantic
Meet Our Speakers & Moderators
Michael Nachamkin, Senior Managing Director, HFF | New Jersey Moderator: 11:00 AM | Industrial Generals “A special gathering of respect- ed industry experts in an open forum” BIO: Mr. Nachamkin is a Managing Director in the New Jersey office of HFF with more than 25 years of experience in the commercial real estate and finance industry. He specializes in industrial investment sales in the New York Metropolitan area and nationally. Paul Heilmann, Senior Vice President, Columbia Bank Speaker: 8:00 AM| Industrial 2.0: The new approach to industrial development BIO: Paul Heilmann is Senior Vice President (SVP) of Commercial Real Estate Lending and Commercial Construction Lending at Columbia Bank, one of New Jersey’s leading community banks with Total Assets of $4.3 Billion and 44 Branches. Heilmann is a member of the Bank’s Commercial Loan Com- mittee and Senior Loan Committee. His responsibilities include oversight of two lending groups. Andrew Merin, Vice Chairman, Cushman & Wakefield of New Jersey Moderator: 10:00 AM | Opportunities in the Industrial Real Estate Market BIO: Andrew J. Merin, a Vice Chairman of C&W, heads the Investment Sales Group of C&W’s East Rutherford, New Jersey office. He has served as a member of the firm’s Board of Directors and as a member of the Audit Com- mittee. Merin joined C&W in 1983 and subsequently joined the Investment Sales Group in 1987 after a 17-year career as an office leasing transaction specialist. George Molloy, President/Broker of Record, GM Realty Advisors Inc. Speaker: 8:00 AM | Industrial 2.0: The new approach to industrial dev. BIO: Mr. Molloy has been a commercial real estate service provider since 1983. During this period, he has completed several hundred transactions with aggregate values exceeding $1 billion. George has a proven track record of success in the 4th largest industrial real estate market in North America. Combining strong intuitive skills, keen business knowledge, and timely lease & sales >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64
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