BLUESTONE REAL ESTATE CAPITAL CLOSES FIRST QUARTER WITH MORE THAN $280MM IN DEALS
Philadelphia, PA – April 26, 2007 —
BlueStone Real Estate Capital has closed over $280 million worth of commercial real estate financings in the first quarter. This quarter marks the first for BlueStone Real Estate Capital, which was created earlier this year to service the top 20 real estate owners in the top 20 markets.
Nationally, BlueStone secured over $206 million dollars worth of financing for projects including Magdalina Estates, a 12-unit luxury townhouse development in Punta Gorda, FL, a refinancing loan for the Holiday Inn Apex in Vail, CO, and a debt/mezzanine construction loan and five-year mini perm for the ground-up development of a four star Intercontinental Hotel in Rosemont, IL.
Regionally, BlueStone successfully closed over $74 million worth of transactions for a variety of projects including the National West Retail in Philadelphia, Christina Mills luxury apartments in Delaware, Plymouth Meeting Office Park and refinancing of a shopping center on Main Street in Manayunk.
“Our decision to create BlueStone Real Estate Capital and focus the company’s efforts on the elite institutional borrower has already been rewarded by repeat business from a growing list of the nation’s most regarded real estate players,” said Matthew McManus, Bluestone’s chairman. “Our first quarter’s closings are consistent with our stated focus to finance demanding transactions for the elite real estate owner.”
Some highlights from first quarter projects include:
Nationally, BlueStone secured over $206 million dollars worth of financing for projects including Magdalina Estates, a 12-unit luxury townhouse development in Punta Gorda, FL, a refinancing loan for the Holiday Inn Apex in Vail, CO, and a debt/mezzanine construction loan and five-year mini perm for the ground-up development of a four star Intercontinental Hotel in Rosemont, IL.
Regionally, BlueStone successfully closed over $74 million worth of transactions for a variety of projects including the National West Retail in Philadelphia, Christina Mills luxury apartments in Delaware, Plymouth Meeting Office Park and refinancing of a shopping center on Main Street in Manayunk.
“Our decision to create BlueStone Real Estate Capital and focus the company’s efforts on the elite institutional borrower has already been rewarded by repeat business from a growing list of the nation’s most regarded real estate players,” said Matthew McManus, Bluestone’s chairman. “Our first quarter’s closings are consistent with our stated focus to finance demanding transactions for the elite real estate owner.”
Some highlights from first quarter projects include:
- Korman Christina Mills Apartments, Newark, DE - BlueStone served as an advisor on the $25 million transaction between Korman Residential and its equity partner, a leading private REIT. BlueStone advised the venture on the senior financing, which was a loan for the 228-unit, class A, multi-family apartment complex with a five-year interest only period followed by a 30 year amortization period. The loan represents 80% of the total acquisition amount and closed in just under 45 days.
- Plymouth Meeting Office Park, Plymouth Meeting, PA – BlueStone worked with Column Financial to secure a $31.6 million refinance loan for the 199,950 square feet office complex that had been bought in 2005 and repositioned by Trinity Capital Advisors. BlueStone refinanced the center with a highly structured deal that allowed the developer to realize the fully stabilized value before the market occupancy was reached.
- Intercontinental Hotel, Rosemont, IL – BlueStone secured a $136 million dollar debt/mezzanine construction loan and a five-year mini-perm for the development of an Intercontinental Hotel. This four star, ground-up construction project was financed at 90 percent loan to cost and was secured because of BlueStone’s unique relationship with the lender, Amalgamated Bank’s Ultra Fund. The 570-room, four star hotel and convention center will also include The Capital Grille and McCormick & Schmick’s restaurants on freestanding out-lots.
