Altman Warwick arranged mortgage financing totaling $311,500,000 for the following transactions:
* $169,000,000 blanket first mortgage secured by 25 shopping centers containing 3.5 million square feet. The centers were located in 15 states along the East Coast. Despite the largely non-credit tenant composition and secondary market locations, Altman Warwick was able to arrange a 10 year loan at 74% LTV with four years interest only at a rate in the low 4%. Robert Altman and Brian Warwick arranged this transaction.
* $56,000,000 permanent loan secured by a 352-unit class-A apartment building located in Jupiter, Florida. Altman Warwick exclusively represented a New York investor group who acquired the newly completed complex as part of a 1031 exchange. Located in one of the strongest multifamily submarkets in Florida, this 352 unit complex was completed in 2015 and reached stabilized occupancy within 5 months of the seller/merchant builder receiving the C of O. The was placed with a major life insurance company and featured a 10 year fixed rate in the mid 3% with 5 years interest-only. The loan was originated by Robert Altman and placed by Brian Warwick.
* $44,000,000 permanent loan secured by a 137,984 s/f retail center located in Whitestone, N.Y. The property is anchored by National Amusements, Toys 'R' Us, and Party City, all of which are among the top performing stores in their respective chains. In spite of the special purpose nature of the property and the 100% tenant rollover, Altman Warwick arranged the full-leveraged loan without any reserves nor loan structure. The loan was originated by Robert Altman and placed by Brian Warwick.
* $17,000,000 first mortgage for the 171,596 square foot Franklin Center located in Chambersburg, Pa. The newly renovated and re-positioned "power center" is anchored by Dick's Sporting Goods, TJ Maxx, Petco, Ollie's, and the DMV strategically located at the intersection of Lincoln Highway and 1-81. Notwithstanding the 72% LTV, the 10 year loan was priced at an exceptionally competitive 171 basis point spread over swaps. The loan was arranged by Robert Altman.
* $15,000,000 LIBOR-based floating rate loan for a term of ten years secured by a Class-A office complex of 136,000 sf known as Kenton Circle in Charlotte, NY. The property consists of 3 office buildings totaling 135,757 sf located within the affluent Lake Norman suburb of Charlotte, NC. Major tenants include Bank of America/Merrill Lynch, Wells Fargo and IMG Worldwide. The floating rate loan featured an extremely attractive rate of 150 bpd over 30-day LIBOR with no floor. The loan was arranged by Brian Warwick.
* $10,500,000 fixed rate loan secured by a 38,000 sf office building located at 775 Co-op City Boulevard, Bronx, NY. The property is home to Municipal Credit Union and The College of new Rochelle who have maintained occupancy at the subject property since the mid 1990's. Robert Altman arranged the non-recourse, 10 year loan at a 75% LTV with a commercial bank.
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|Title Annotation:||TRANSACTIONS; services of Altman Warwick|
|Publication:||Real Estate Weekly|
|Date:||Jun 29, 2016|
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