Cross Properties Residential Experience

Cross Properties Residential Experience

Cross Properties
Residential Experience
Table of Contents
I. Project Overview
Drexel Arms………………………………….………………………………………………………………………..
1616 Walnut ………………………………….…………………………………………………………..………….
1530 Chestnut ..……………………………….………………………………………………………..………….
Palmer Seminary ……………………………….………………………………………………………..………..
Iroquois ………………………………….………………………………………………………..……………………
The Packard Building ………………………………….………………………………………………………….
Lofts at Bella Vista ………………………………….……………………………………………………..………
1500 Locust ………………………………….……………………………………………………..………………..
1500 Walnut ………………………………….……………………………………………………..………………
Executive House………………………………….…………………………………………………………..…….
1510 Chestnut………………………………….…………………………………………………………..……….
II. Bios/Organizational Chart…………………………………………………………………………………..……..
III. Deals Summary………………………………….…………………………………………………………..…………
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Drexel Arms
ARCHITECT…………………………………….....
Horace Trumbauer
PRIMARY FUNDING SOURCE……………..
Capital Solutions
PROJECT GROSS AREA……………………….
43,500 SF
STATUS……………………………………………..
Currently Owned
DEAL SIZE………………………………………….
$9 Million
PROJECT DESCRIPTION……………………..
Drexel Arms is a 130-bed student housing
Aerial View
Main Entrance
complex situated on the St. Joseph University
campus. Cross Properties acquired the
property in an off-market transaction and
renovated all of the units. In addition, Cross
Properties constructed 5 units on the Garden
level and added amenity space.
Side Entrance
Street View
Philadelphia
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1616 Walnut
ARCHITECT…………………………………….....
JKR Partners
PRIMARY FUNDING SOURCE……………..
Federal Capital Partners
PROJECT GROSS AREA……………………….
251,000 SF
STATUS……………………………………………..
Under Construction
DEAL SIZE………………………………………….
$95 Million, Closed Q1 2012
PROJECT DESCRIPTION……………………..
The building is a twenty-five story, Class B
Building Façade
Rittenhouse Square
Main Entrance
Retail Storefront
historic building located in the Philadelphia
Central Business District, one block from
Rittenhouse Square along Restaurant Row. It
was obtained directly from sellers in a private
transaction. Tax credit worth $15 million was
also secured for the project.
Philadelphia
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1530 Chestnut
ARCHITECT…………………………………….....
AP3C Architects
PRIMARY FUNDING SOURCE……………..
Latus Partners
PROJECT GROSS AREA……………………….
50,000 SF
STATUS……………………………………………..
Stabilized
DEAL SIZE………………………………………….
$15 Million, Closed Q3 2011
PROJECT DESCRIPTION……………………..
The Class B historic building is located in the
Building Façade
Typical Living Room
Philadelphia Central Business District. Cross
Properties secured financing through historic
tax credits and renovated the vacant office
building into a 150-bed student housing and
classroom space above the ground floor
retail space.
Typical Bedroom
Typical Bathroom
Philadelphia
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Palmer Seminary
ARCHITECT…………………………………….....
PZS Architects
PRIMARY FUNDING SOURCE……………..
Institutional Equity
PROJECT GROSS AREA……………………….
150,000 SF
STATUS……………………………………………..
Construction commencement Q2 2013
DEAL SIZE………………………………………….
$35 Million, Closed Q2 2013
PROJECT DESCRIPTION……………………..
The building used to be the historic Green
Historical Image
Aerial View
Side-View
Windows
Hill Farms Hotel. Cross Properties secured the
building in an off-market transaction. It
completed listing the building on the
National Historic Registry and re-zoned the
project from R3 to R7, paving the way for
130+ multi-family units and 14,000 square
feet of medical office space.
Philadelphia
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Iroquois
PRIMARY FUNDING SOURCE……………..
Institutional Equity
PROJECT GROSS AREA……………………….
150,000 SF
STATUS……………………………………………..
Sold Q3 2011
DEAL SIZE………………………………………….
$15 Million
PROJECT DESCRIPTION……………………..
Cross Properties Principals gained control of
distressed bank note off market. It renovated
the building into a 133 unit apartment
Building Façade
View from Balcony
Typical Bedroom
Typical Living Room
complex after securing debt financing,
devising capital improvement plan and
completing all due diligence (which included
finding an additional $250,000 in
reimbursements which had been missed by
the bank, appraiser and receiver).
Philadelphia
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ARCHITECT…………………………………….....
Bower Lewis Thrower
The Packard Building
PRIMARY FUNDING SOURCE……………..
MDREIF I
PROJECT GROSS AREA……………………….
400,000 SF
STATUS……………………………………………..
Held by predecessor firm
DEAL SIZE………………………………………….
$100 Million
PROJECT DESCRIPTION……………………..
The building is a twenty seven story, Class B
Building Façade
Lobby Entrance
historic building located in the Philadelphia
Central Business District. Cross converted the
upper floors into luxury rental apartments,
which were later sold as individual units. The
lower half of the building is occupied by the
City of Philadelphia Public Defenders’ office
and by Del Frisco’s Steak House.
Del Frisco’s Steakhouse
Aerial View
Philadelphia
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Lofts at Bella Vista
ARCHITECT…………………………………….....
PZS Architects
PRIMARY FUNDING SOURCE……………..
MDREIF I
PROJECT GROSS AREA……………………….
78 Unit Loft Condominium
STATUS……………………………………………..
Sold out 2007
DEAL SIZE………………………………………….
$24 Million
PROJECT DESCRIPTION……………………..
The building was a five story loft warehouse
Building Façade
Typical Living Room
Typical Kitchen
Living Room Window
with 18 feet ceilings before Cross Properties
Principals developed it into a residential
condominium with an open loft style, and
added two floors of new construction on the
roof. Cross Principals also led the efforts in
acquisition, financing, marketing, sales,
condo docs, construction and individual
deliveries.
Philadelphia
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1500 Locust
PRIMARY FUNDING SOURCE……………..
HUD 221(D)4
PROJECT GROSS AREA……………………….
680,000 SF
STATUS……………………………………………..
Sold
PROJECT DESCRIPTION……………………..
Cross Properties Principals developed,
operated, managed, marketed and leased
this HUD 221(d)(4) project – a 601 unit
apartment complex with 300 car parking and
rooftop pool. The building maintained a 96%
Building Façade
Main Entrance
occupancy level.
Rooftop Pool
Lobby
Philadelphia
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1500 Walnut
PRIMARY FUNDING SOURCE……………..
MDREIF I
PROJECT GROSS AREA……………………….
350,000 SF
STATUS……………………………………………..
Sold 2005
DEAL SIZE………………………………………….
$35 Million
PROJECT DESCRIPTION……………………..
The 22 story, B-class office building with 300car parking space is located in the heart of
the high-end Walnut Street shopping district
East Building Façade
West Side View
and Restaurant Row. Due to the ideal location
and layout, the Property received an
unsolicited purchase offer within six months
of the Asset’s purchase.
Lobby
Upper View
Philadelphia
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Executive House
PRIMARY FUNDING SOURCE……………..
HUD 221(D)4
PROJECT GROSS AREA……………………….
512,000 SF
STATUS……………………………………………..
Sold
DEAL SIZE………………………………………….
$60 Million
PROJECT DESCRIPTION……………………..
Cross Properties Principals developed this
building from the ground-up, and operated,
managed, marketed, renovated and leased
Building Façade
Fitness Room
this HUD 221(d)(4) project – a 301 unit
apartment complex.
Typical Living Room
Main Entrance Façade
Philadelphia
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1510 Chestnut
PRIMARY FUNDING SOURCE……………..
Private Investor
PROJECT GROSS AREA……………………….
50,000 SF
STATUS……………………………………………..
Sold 2011
DEAL SIZE………………………………………….
$10 Million
PROJECT DESCRIPTION……………………..
The Class B historic office building is located
in the Philadelphia Central Business District.
Cross Properties principals secured financing
Building Facade
Typical Living Room
Front Entrance
Typical Kitchen
using historic tax credits, and completed
renovation of the vacant building into a
student housing with 100 beds above the
ground floor retail space.
Philadelphia
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Management Biographies
David Blumenfeld, Esq. - President
David’s real estate career spans over 25 years and is part of a multigenerational
development family in Philadelphia. David’s experience includes new construction
and renovations for apartments, condominiums, independent senior living
community, and student housing. Mr. Blumenfeld has completed retail
developments, urban mixed-use projects and lifestyle properties. His portfolio
acquisition, development and disposition exceed 4 million square feet across all asset
classes and over $500 million in transactions. David was also instrumental in
structuring and investing a $35+ million Real Estate Equity Fund.
David is a member of the Pennsylvania and New York Bar and holds a Pennsylvania
Real Estate Broker’s License. Mr. Blumenfeld earned his Bachelor’s degree from
Northwestern University and his Juris Doctorate from the University of Miami.
Kevin Michals – Principal
Kevin has over 15 years experience in investments and capital placement. Kevin has
been closely involved in real estate transactions that span millions of square feet,
valued at hundreds of millions and across all asset classes. His experience includes
fund raising, acquisitions, structuring financing (debt and equity), tax credits, leasing
and property management.
Prior to real estate, Mr. Michals was a successful financial adviser in San Francisco
helping manage hundreds of millions of dollars for Silicon Valley executives and Napa
Valley winery owners. Kevin sold his practice in 2004 to focus on real estate
investments. Kevin graduated with honors with a degree in accounting from the
University of Illinois- Champaign Urbana.
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Organizational Chart
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