CAPRE’s Commercial Real Estate Headlines for November 6, 2019
Check out the latest deals and developments in commercial real estate for November 6, 2019:
- Berkadia Completes $121 Million Financing for Queens Multifamily: Berkadia, a commercial real estate banking and sales firm, has secured $121 Million USD Freddie Mac loan for 711 Seagirt Ave., a 917-unit high rise multifamily property in Rockaway, Queens. Meridian Capital Group arranged the transaction. Property financing through Freddie Mac includes a 10-year term with five years for interest-only for the $120.78 million senior loan. Meridian also secured $25 Million in preferred equity through entities affiliated with Pennybacker Capital. The property was in line with Freddie Mac’s affordable housing loan program, with almost 40 percent of the units, or 358 units, marked affordable for very-low-income tenants who earn 50 percent of area median income or less, and almost 70 percent of the units are affordable to low-income residents with incomes at or below 80 percent of the area median income.
- Griffin Capital Essential Asset REIT Adds Real Estate Industry Veterans to its Executive Management Line-up: Griffin Capital Essential Asset REIT has announced the addition of three highly-regarded industry veterans to its executive management team in support of the company’s strategic expansion. Michael Escalante, Chief Executive Officer, announced the hiring of three new team members. David Congdon, Managing Director for Corporate Strategy, held executive positions for multiple key investment platforms at Hines Interests Limited Partnership; Craig Phillips, Managing Director of Industrial Properties, previously the Vice President for Acquisitions at ML Realty Partners, LLC; and Nina Momtazee Sitzer, Executive Vice President and General Counsel, who was formerly a partner in the real estate group at the law firm of DLA Piper LLP.
- Greystone Provides $15.4 Million Fannie Mae Financing for Baton Rouge Multifamily Acquisition: Greystone has provided a $15.3 Million USD Fannie Mae Delegated Underwriting and Servicing loan to finance the acquisition of a 184-unit multifamily property in Baton Rouge, LA. The loan carries a 12-year term with 2 years of interest-only payments. The property, Live Oaks Apartment Homes, is a Class A apartment community built in 2001. Its current age enables the new owner to implement impactful energy efficiency tactics to reduce water and electricity usage, and receive discounted pricing on the financing. Live Oaks provides its residents with a range of upscale finishes and amenities, including crown molding, vaulted ceilings, bay windows, built-in bookshelves, patios/balconies, clubhouse, pool, and fitness center.
- Merritt Secures Land Along Interstate 95 in Stafford County, VA: Merritt Properties, a full-service commercial real estate development company that was established in 1967 and now owns over 16 million square feet throughout Maryland and Virginia, has successfully closed and acquired 15 acres at the Quantico Corporate Center in Stafford County, VA, strategically located along I-95 south of the Washington, D.C. metro area. Following successful projects in Loudoun and Prince William counties, Merritt identified the I-95 corridor as its next growth market. The Merritt Business Park at Quantico Corporate Center will include two single-story flex/light industrial buildings, totaling 162,600 square feet. With a lack of Class A light industrial product in the market, Merritt’s project is designed to cater to a diverse industry base, including government contractors, distribution centers, manufacturing and service providers.
- Pretium Completes Acquisition of Selene Holdings: Pretium, an investment management firm focused on real estate, mortgage finance and corporate credit with over $10 Billion USD in assets under management, today announced that it has closed its previously announced acquisition of Selene Holdings LLC from funds managed by Oaktree Capital Management, L.P. and Ranieri Partners LLC. In conjunction with the closing, Joe Davila, former President, Servicer Solutions of Altisource Portfolio Solutions, will be appointed Chief Executive Officer and President of Selene, upon providing appropriate state regulatory notice. Mr. Davila has extensive experience in mortgage servicing and driving business growth. Founded in 2007, Selene is the parent company of Selene Finance LP (“Selene Finance”), a residential mortgage servicing company. With over 500 employees, Selene Finance is a servicer of non-performing, re-performing, REO and performing mortgage loans and is licensed to service in all 50 states.
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