The New York Real Estate Journal provides the latest commercial real estate news for the entire state of New York. Read profiles of the most influential companies and people involved in the NY commercial real estate market.
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Quick Read Racanelli completes fast- track 70,000 s/f ShopRite Construction Volume 24 ■ Issue 11 nyrej.com the project executive supported by a project team led by Mike Martin Racanelli, Jr. served as Marshall and Michelle Bremen for the ShopRite location in Patchogue. SEE SHOPPING CENTERS, PAGE 11A Community Center - $13m project MDSzerbaty designs 23,000 s/f Polo Grounds June 12 - 25, 2012 NINE-YEAR TERM LOAN PLACED THROUGH A LIFE INSURANCE CO. FOR THE 18,258 S/F PROP. Bjornsund of NorthMarq arranges $9.675 million mortgage for 70 Broad St. NEW YORK, NY Craig Bjornsund, senior vice president and managing director of NorthMarq's New York City Metro Regional of- fice, arranged first mortgage refinancing of $9.675 million for 70 Broad St., a 18,258 s/f mixed-use par- tially owner- occupied prop- Craig Bjornsund erty in the city. The major tenant at the site is Winta Holdings. Financing was based on a nine-year term and a 25-year amortization schedule and was arranged for the borrower, 70 Broad LLC, by NorthMarq through its relationship with a correspondent life insurance company. "The lender was able to underwrite 23,000 s/f center included: Leroy Callendar, George Langer Asso- ciates, Donna Walcavage, Omni Construction, Satellite The project team for the Plumbing, Jerusalem Air, and Stasis/Dallas Electric. SEE ODM/DB COVER B 2 Sections 68 Pages C. Jaye Berger. ............................2A Mayor Bloomberg .......................4A Shopping Centers ................11-22A Executive of the Month............23A Names, Faces ............................30A ODM/DB.................................SEC. B Property of the Month ................5B Professional Service.............7-22B Executive of the Month............23B facebook.com/nyrej twitter.com/nyrej http://nyrej.com/gplus Digital Edition nyrej.com Printed on recycled paper what at first appeared to be a high loan per s/f on a mixed-use, partially owner-occupied property due to the strong ownership, beautifully reno- vated improvements and of course excellent location," said Bjornsund. NorthMarq, one of the largest privately held commercial real estate financial intermediaries in the U.S, provides mortgage banking and com- mercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multifamily financing as a Freddie Mac Program Plus Seller-Servicer, and through its affiliation with Fan- nie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. HKS Capital Partners arranges $12.5 million refinance for 200,000 s/f Brooklyn self-storage facility BROOKLYN, NY HKS Capital Partners has secured a $12.5 million, non-re- course loan from Archetype Mortgage Capital for the refinance of a 200,000 s/f self-stor- age facility in Clinton Hill. The loan- Ayush Kapahi to-value ratio on Archetype Mo r t g a g e Capital's loan was 65%. It replaces maturing CMBS debt on the facil- ity. "We are seeing an increase in CMBS maturities," said Ayush Kapa- hi, a partner at HKS. "A lot of things are very time sensitive. Now that the market is coming back slightly, there are partners and partnerships that are beginning to either buy each other out or take on positions, and so execution is vital in this marketplace. And with the CMBS world, where there is really no one to talk to per se, you have to pay off by that time." This refinancing deal closed in 32 days, according to Kapahi. Conway of Conway Towne represents buyer in $3.63 million sale; O'Neill of J.C. O'Neill represents seller QUEENS, NY According to Conway Towne, it has completed the sale of a two-story office build- ing located at 176-56 Liberty Ave. Situated in Stanley Conway the Jamaica neighborhood at 177th St., the 35,000 s/f building with 14-foot ceilings, is currently 50% occupied. The building occupies a prominent corner with over 184 feet of frontage on Liberty Ave. The purchaser, a non-profit, acquired the property for $3.63 million or $103 per s/f. Stanley Conway of Conway Towne represented the buyer while Jim O'Neill of J.C. O'Neill Real Estate Services represented the seller. 70 Broad St. As Ye Serve, So You Will Succeed Founder' s Message Man's laws can be broken and sometimes gotten away Roland Hopkins with. (This will be our only reference to O.J.). Nature's laws cannot. Is it true that nature's laws really rule us? And who is Mother Nature? If God set up a universe strongly suggesting that we all mate, why is it unrealistic to believe that God shouldn't mate? Let us suggest that Mother Na- ture, is God's wife. If that is possibly true, it may explain why Mother Nature's laws cannot be broken. What are Nature's laws? Some of the obvious ones are: the sun rises in the morning and sets at night (not necessarily in Alaska); flowers blossom in the spring and the leaves die in the fall; if you throw something in the air, it falls to the earth; etc. Those are the tangible laws that are etched in stone. What are the intangible natural laws that also cannot be broken? How about: You have to give in order to get. Do you subscribe to that one? I have learned proof positive that takers eventually lose and givers eventu- ally succeed. A scientific test once proved that people feel better giving than receiving. How about: The most important gift you can give is something you want – not something you buy or want to get rid of. Do you subscribe to that one? Last week I admired a man's hat who was sitting in my office. He removed it and gave it to me. I consider that a much more valuable gift than if he had wrapped me a present. I won't soon forget his gesture. Have you ever considered this one? When you are setting up a deal, structure it from the other man's point of view – not yours. If you follow CONTINUED ON PAGE 8 New York Real Estate Journal N ork Real Estate Journal