New York, NY, Aug. 20, 2012 - PCCP, LLC announced today it provided two senior loans totaling $66 million to a joint venture led by New York City-based AllianceBernstein U.S. Real Estate Partners, LP for the recapitalization of two class A properties built by Wilmington, Delaware-based Buccini-Pollin Group (BPG).
The recapitalized properties include the Hilton hote (top left photo) l located near the Baltimore Washington International airport and a multifamily project along the Christina riverfront in Wilmington, Delaware known as Justison Landing (middle right photo).
“These institutional quality assets were originally capitalized with loans from Anglo Irish Bank during the last real estate cycle,” said John Prete (lower left photo), vice president with PCCP, LLC.
“After being nationalized, Anglo Irish sold its U.S. real estate debt portfolio, which led to this recapitalization opportunity.
“We were attracted to the location and quality of the recently constructed real estate—particularly since our basis is at a significant discount to replacement cost. These floating-rate loans are also supported by strong in-place cash flow and a significant equity investment by a deeply experienced and capable borrower.”
The first loan totals $36 million and is secured by the Hilton BWI, a 280-room, 12-story, full-service Hilton built in 2006 by BPG. The hotel is located near the Baltimore Washington International airport at 1739 West Nursery Road in Linthicum Heights, Maryland.
The second loan totals $30 million and is secured by Justison Landing, a class A, multifamily project built by BPG in 2008 that includes 214 multifamily units The property is located at 321 Justison Street in Wilmington, Delaware, along the Christina Riverfront and is easily accessible and visible from nearby Interstate 95.
AllianceBernstein U.S. Real Estate Partners, LP is a real estate private equity fund with $680 million in capital commitments from institutional investors and clients of its parent company. BPG is a full-service real estate firm that has acquired, repositioned, or developed over $3 billion in real estate in Washington D.C. and the Mid-Atlantic. It is the largest residential landlord in Wilmington.
Contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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