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Goldman Sachs &Co. provides the $163mmnon-recourse financing The Goldenberg Group breaks ground on $199m student housing community
ISSUE HIGHLIGHTS Volume 29 Issue 23 December 8 - 21, 2017
Commercial Real Estate Law P 10-11A
senior vice president at the firm. “The View at Montgom- ery has received an incredibly positive reception – both from students and the commu- nity. We intend to continue to provide best-in-class stu- dent housing to accommodate Temple’s students, and to be a source of positive transforma- tion in the neighborhood.” Goldman Sachs & Co. LLC’s Merchant Banking Division, through its Broad Street Real Estate Credit Partners III fund, provided the $163mm non-recourse financing and will hold and service the loan for the dura- tion of the term. Ackman-Ziff facilitated the transaction act- ing as capital advisor to Gold- enberg. IntechConstruction is the general contractor and Atlanta-based Niles Bolton is the project architect. n between 9th and 8th Avenues, Polyclinic Apartments is ideally situated just blocks away from Central Park. The property is in close proximity to mass transit, including the 50th Street Subway station, which is on the same city block. The historic building in which Poly- clinic Apartments is located was originally constructed in 1910, and a large addition was made to the property in 1930. Formerly a local hospital, the building underwent a complete renovation and conversion to multifamily apartments in 1981, when it was first awarded a Section 8 HAP Contract. The community has maintained an average occupancy of 99.4 per- cent over the past three years and maintains a waiting list ex- ceeding 180 potential tenants, thanks to its affordability and desirable location. Walker & Dunlop is one of the leaders in the multifamily lending space, ranking within the top five largest multifamily lenders with Fannie Mae, Fred- die Mac, and HUD. n
HILADELPHIA, PA — The Goldenberg Group has begun con-
struction on a $199 mil- lion student housing de- v e l o pme n t adjacent to its signature student tow- er, The View at Montgom- ery.
Camber RE Ptrs. & Advance Realty acquire 529,110 s/f
Kevin Trapper
Located at 12th St. and Cecil B. Moore Ave., the 470,000 s/f mixed-use facility will feature 984 beds. The project will incorporate 30,000 s/f of ground-level re- tail, restaurant and commer- cial space and activity areas. The project represents the second and final phase of Goldenberg’s master planned redevelopment of the 4.6-acre
5B
The View at Montgomery rendering
site of the former John Wa- namaker High School. This phase was designed to comple- ment The Goldenberg Group’s existing 832-bed student hous- ing development, The View at Montgomery. The residential component of The View has been fully
occupied since opening, and the retail component has been 100% leased and occupied since the first year of opera- tions. “The Goldenberg Group is excited to move forward to fulfill the second phase of this project,” said Kevin Trapper ,
Hinerfeld brokers 166,499 s/f sale
Company’s first HUD forward rate lock and its largest HUD financing of 2017 Walker &Dunlop closes $94m loan, preserving 151 units of affordable housing in Manhattan
3C
Upcoming Conference December 14, 2017 New Jersey Medical Properties Summit For speaking and sponsorship information, please contact: Lea at 781-740-2900 or [email protected]
erty’s 20-year Section 8 HAP Contract and obtaining a 35- year Article XI tax abatement approval through the New York City Department of Housing Preservation & Development. Rumul said, “ThisHUD trans- action was unusual because it involved an acquisition, the negotiation of multiple different tax agreements, and coordina- tion with several state and local government authorities. The team’s efficient, diligent under- writing focus and management of the HAP and tax abatement timelines ensured the success of this deal.” Standard Communities’ Co- Founder, Scott Alter, added, “Acquiring and preserving this unique and well-located prop- erty as affordable housing when it was at-risk of converting to a market rate property was important to us. We are glad that all parties were able to support the creative structure used to ensure these apart- ments remain affordable for years to come.” Located on West 50th Street,
Manhattan , NY — Bethesda, MD — Walker & Dunlop, Inc. announced that it structured a $93,925,200 loan with the United States De- partment for Housing and Urban Development (HUD) for Polyclinic Apartments. The Section 8 property provides affordable housing units to tenants in the Hells Kitchen neighborhood in New York
Directory
Polyclinic Apartments
City, one of the most expensive areas of the country. The Walker & Dunlop team, led by Chris Rumul , arranged the financing via HUD’s 223(f) program for Standard Commu- nities, the affordable housing division of Standard Property Company. The loan not only provides acquisition financing, but will also allow the borrower to make immediate repairs and fund future renovations. In conjunction with the purchase, the borrower preserved the existing 151 affordable housing units by renewing the prop-
Financial Digest:................................................ 5-9A DelMarVa.......................................................13-15A New Jersey................................................. Section B Pennsylvania.............................................. Section C
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