Saturday, February 17, 2018

HFF announces $160M sale and financing of 1600 Market in Philadelphia’s CBD


1600 Market, Central Business District, Philadelphia, PA

PHILADELPHIA, PA –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $160 million sale and financing of 1600 Market Street, a Class A, 39-story office tower totaling 825,968 square feet in Philadelphia's CBD.

Cary Abod
The HFF team represented the seller, Equity Commonwealth, and procured the buyer, an affiliate of American Real Estate Partners (“AREP”).  Additionally, HFF worked on behalf of AREP and its institutional joint venture partner to secure a three-year, floating-rate loan for the acquisition.

​1600 Market Street benefits from its “Main & Main” location in the Market Street West submarket where ever-improving leasing fundamentals generates significant leasing demand from Center City’s most discerning office and retail tenants.  American Real Estate Partners has exciting renovation plans to amenitize the property and to enhance the retail experience in the lobby. 

​The HFF investment advisory team representing the seller included senior managing director Doug Rodio and managing director Brett Segal.

The HFF debt placement team representing the borrower consisted of managing directors Ryan Ade and Cary Abod.
​HFF and Holliday GP Corp. ("HFF") are licensed Pennsylvania real estate brokers.

For more information, please contact:


KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

Wednesday, February 14, 2018

New Castle Hotels & Resorts Promotes Anna Barker to Vice President


Anna Barker

SHELTON, CT — Judi Scofield, chief financial officer of New Castle Hotels & Resorts, a leading third-party hotel management company, owner and developer, announced the promotion of Anna Barker to vice president corporate accounting.  

                Barker most recently was the senior director of corporate accounting. She joined the company in 1992 as a member of the accounts payable team and advanced steadily through the property accounting department before joining the corporate treasury and finance team in 2001 as an analyst. 

 In her new role, Barker will be responsible for the corporate accounting department, overseeing outside tax and financial accountants, real estate tax advisors and attorneys and corporate accounting staff, while interfacing with operations team members. She holds a BS in accounting from Central Connecticut State University.

                "Over the years, Anna has demonstrated a work ethic and a willingness to learn that has enabled her to steadily take on more challenging assignments and complex roles,” said Scofield.  “She has earned the respect of her team and others in and outside the organization with her professionalism and her tenacious approach to her work.  I am so pleased that we’ve been able to offer her the career growth she has earned.”        
                               


Judi Scofield

New Castle Hotels & Resorts is an award-winning independent third-party hotel manager, owner and developer with 25 hotels and resorts and nearly 3,800 rooms under contract or in development.  New Castle’s growing portfolio of hotels spans nine states and two Canadian provinces and includes several of Canada’s historic landmark resorts. 

 The privately-held company was established by CEO, David Buffam in 1980 and consistently ranks among the top hotel management and development companies in North America. New Castle is a preferred operator for diverse brands within the Marriott, Hilton and Choice families. 


 For more information, please contact:

Lauralee Dobbins
President
Write Touch Public Relations
856-979-8929
Member SATW
2017 Pepperpot Award Winner


Draper and Kramer Mortgage Corp. Opens Calabasas, CA Branch Staffed by Area Industry Veterans


Daryl Wizelman

CALABASAS, CA (Feb. 14, 2018) – Draper and Kramer Mortgage Corp. (DKMC), one of the Top 75 Mortgage Companies in America, has announced the opening of a new Los Angeles-area branch in Calabasas, Calif.

The location was previously the branch of a local mortgage lender, and Draper and Kramer Mortgage Corp. is retaining the branch manager, top-producing loan originators and some support staff.

“This new branch is a big leap for us in the Los Angeles area,” said Paul Lueken, CEO of Draper and Kramer Mortgage Corp. “Bringing an entire new office on board with a veteran group of leadership, origination and support talent is absolutely ideal, and that’s what we’ve done here. We couldn’t be more pleased.”

Paul Lueken
DKMC’s Calabasas branch is managed by Daryl Wizelman, a 28-year veteran of the Los Angeles-area mortgage industry. Wizelman’s extensive credentials include 17 years of experience as the owner and president of his own mortgage company, past leadership positions with several lenders in the region and an established name as a speaker, author, consultant and motivator.

“My team and I are very excited to be making this move, and I’m eager to welcome other opportunity-seeking mortgage professionals to join us as part of Draper and Kramer Mortgage Corp.,” said Wizelman.

“One of my first actions with DKMC was to send out a recruiting letter to outside loan officers, and I’ve never had an easier time promoting a company. All I had to do was list the great loan products, aggressive rates, accessible leadership and other amazing resources we offer at DKMC.

"This is a fantastic development for local professionals in the mortgage industry, as well as consumers in the Los Angeles area.”

Randy Wagner

Three top-producing loan officers are also on the branch team: Randy Wagner, Moshe Niv and Curtis Abish. Together, the group originated over $100 million in loans in 2017. Additional staff include a sales coordinator and a loan processor.

The new branch is located at 23945 Calabasas Road, Suite 213, in Calabasas.

DKMC, an Illinois-based national mortgage lender, established its first presence in California with the May 2017 opening of its Sherman Oaks branch in Los Angeles. The company plans to expand throughout California, the West Coast and the Southwest, and has new or upcoming branch locations in Irvine, Calif.; Las Vegas; Scottsdale, Ariz.; and Portland, Ore.


For more information, please contact:

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

 www.draperandkramer.com.

Passco Companies Expands into New Product Types; Promotes Adriana Olsen and Andy Wang to Senior Vice President of Sales


Adriana Olsen

 
IRVINE, CA (Feb. 14, 2018) – Coinciding with the firm’s ongoing growth and expansion into new product types, Passco Companies has announced the promotions of Adriana Olsen and Andy Wang to Senior Vice President of the firm’s Sales division, according to Belden Brown, Executive Vice President and National Sales Manager of Passco Companies.
Passco Companies has focused on retail since its inception and has been extremely active within the multifamily sector for over the last decade. The firm plans to expand its portfolio this year into new product types including senior housing, industrial, and self-storage.

Andy Wang
 “We’ve had a rich history in both the multifamily and retail sectors,” says Brown. “We’ve acquired more than 18,500 multifamily units and over six million square feet of commercial assets over the last several years, and in 2017, completed one of our most active years to date.
"As part of this continued growth, we are diversifying our portfolio and expanding into new product types while multifamily and retail will remain a core component of our investment strategy.”
Brown explains that the firm’s in-place team will play a tremendous role in Passco’s ongoing growth and that these promotions are demonstrative of the significant value Passco places on Olsen and Wang and their ability to aid in furthering this momentum.
“Adriana and Andy have continued to demonstrate their tremendous real estate expertise and continue to excel to new heights in all that they do,” says Brown. “They will be instrumental as we continue to expand our presence in 2018 and will drive our sales team forward.”
Belden Brown
In her new role as Senior Vice President, Sales, Adriana is responsible for raising funds for DST 1031 properties and other investment vehicles, as well as overseeing registered representatives throughout the nation.
Prior to joining Passco 15 years ago, Adriana served as a licensed Real Estate Agent with Prudential Real Estate. Her qualifications include FINRA series 7, 22, and 63 licenses and she holds Bachelor of Arts degree from the University of Delaware.
As a Senior Vice President, Sales, Andy is responsible for sharing accurate and detailed information regarding the company’s DST 1031 products, and builds and maintains strong relationships with broker dealers, clients, real estate agents, and other investors as well as being a principal for Passco’s Managing Broker Dealer. Andy is a graduate of Baylor University.
Prior to joining Passco, he gained experience in financial advising and consulting with Wells Fargo and Morgan Stanley. He holds FINRA series 7, 24, 31, and 66 licenses.
Both Adriana and Andy are active members of Alternative & Direct Investment Securities Association (ADISA).

For more information, please contact:

Lexi Astfalk
Brower Group
(949) 955-7940
 

HFF hires Ryan Lindgren as a director focused on hotel investment advisory deals in its Chicago office


Ryan Lindgren


CHICAGO, IL, Feb. 14, 2018 Holliday Fenoglio Fowler, L.P. (HFF) announced today that Ryan Lindgren has joined the firm as a director in its Chicago office.  Mr. Lindgren will focus on hotel investment advisory transactions and will be a member of HFF’s national hotel team led by Daniel C. Peek. 


Mr. Lindgren joins HFF from Waterton where he was an assistant vice president of acquisitions for their hotel team.  He previousljy worked as an analyst at Watermark Capital Partners, Ernst & Young and PKF Consulting. 

Mr. Lindgren is a member of the Young Hospitality Investment Professionals (YHIP) and the Young Real Estate Professionals (YREP) organizations in Chicago.  He holds a Bachelor of Business Administration degree from the Cecil B. Day School of Hospitality at Georgia State University.

Jeffrey Bramson
“We are pleased to add a dedicated hotel specialist such as Ryan to our team here in Chicago,” said Jeffrey Bramson, senior managing director and co-head of HFF’s Chicago office.  “Ryan has a diverse background in the hospitality industry and deep relationships with many owners and operators that will benefit our clients looking to transact in the hospitality space.” 

For more information, please contact:

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com


Zack Goodwin joins HFF as a director in its Seattle office


Zack Goodwin
SEATTLE, WA –– Holliday Fenoglio Fowler, L.P. (HFF) announced  Zack Goodwin has joined the firm as a director focused on debt and equity placement transactions in its Seattle office. 

Mr. Goodwin has nearly 10 years of commercial real estate experience and joins HFF from Jones Lang LaSalle, where he was a senior associate on their production team.He previously worked for Norris Beggs & Simpson Financial Services as a financial analyst and later was promoted to an associate finance officer.  Mr. Goodwin is a graduate of Gonzaga University and is a licensed real estate broker in the state of Washington.  

“As we build out our Seattle office, which officially opened its doors last month, we are looking for top notch individuals such as Zack, that fit the culture of HFF and bring with them an excellent track record in the industry as well as deep relationships with clients and lenders active in the Seattle market and greater Pacific Northwest,” said Tom Wilson, senior managing director and co-head of HFF’s Seattle office.

For more information, please contact:


KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
krmurphy@hfflp.com

Tuesday, February 6, 2018

Hospitality Ventures Management Group (HVMG) Names Suzanne Saunders Vice-President of Design & Construction


Suzanne Saunders

           ATLANTA, GA (Feb. 6, 2018) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, has named Suzanne Saunders its vice-president of design & construction. 
       In her new role, Saunders will be responsible for the planning and execution of new development and renovation projects, as well as capital expense planning and execution.
            “With more than twenty-five years of experience in commercial construction management in various hospitality disciplines, Suzanne is the ideal candidate to assist HVMG as we pursue additional hotel development opportunities,” said Richard Jones, senior vice president and chief operating officer, HVMG.
 
Richard Jones
      “HVMG has a robust pipeline of design and construction projects, and I am confident Suzanne will be instrumental in leading HVMG’s efforts with our renovation and new development projects.”
            Prior to joining HVMG, Saunders spent more than a decade with Hyatt Hotels & Resorts, most recently serving as regional vice-president, project services/design and planning – Americas.  During her tenure there, she oversaw the development and growth for all franchised Hyatt Place and Hyatt House Hotels and all owned properties throughout the Americas. 
     She has held a number of commercial construction management positions throughout the years, including senior construction manager for Panera Bread, LLC, construction manager with Jack-in-the-Box Restaurants and senior project manager with Hilton Corporation. 
  Saunders received her Bachelor of Science degree in Industrial Technology from Lamar University.

For more information, please contact:

Chris Daly,
Main: 703-435-6293
Mobile: 703-864-5553
PRESIDENT
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170


Sunday, February 4, 2018

Real Estate Capital Institute Notes Mortgage Rates Starting to Rise


John Oharenko

Chicago, IL - Benchmark rates hit a three-year high this week, as investors track Fed monetary moves in the face of new government spending needs and worldwide economic growth. 

Following this trendline, mortgage rates are on the rise, although not at full parity. Property owners can expect to see the following underwriting trends over the
coming months:

Active Rate Management: Low rates are no longer taken for granted, and simply capturing cheap debt is becoming more difficult. With short and long-term rates rising, hedging and other interest-rate protection strategies are resurfacing. Moreover, creative lenders offer options such as float-to-fix loans (or vice versa) for greater optionality, if borrowers feel compelled to lock into fixed rates due to increased pricing concerns, or alternatively need to reorganize loans to avoid incurring prepayment penalties associated with fixed-rate debt (usually necessary, if an asset
sale is planned in the near future).

Tighter Spreads: The trade-off of lower rates for lower leverage benefits
borrowers targeting the best pricing. Even as benchmark rates climbed over
thirty basis points within the month, lenders absorbed spreads to keep loan
production fluid. Mortgage rates are only five to fifteen basis points
higher, as a net result.

Debt Service Coverage: Lower leverage loans are the norm in comparison to
historical levels. As prices rise for premier properties, borrowers are
forced to accept less proceeds since debt service coverage supersedes
loan-to-value limits as a key underwriting variable in these cases. High
prices directly translate to higher equity contributions, in exchange for
favorable debt terms. For best pricing, 65% LTV or less are commonplace,
often based upon 1.40X or more debt service coverage.

Mr. John Oharenko, director of the Real Estate Capital Institute(r) ,
advises, "Borrowers are definitely paying attention to higher rates, after
enjoying extremely low rates for a several years. As rates gradually rise,
sellers and buyers will realign their expectations, but at a slower,
wait-and-see pace."

For more information, please contact:

Jeanne Peck, Executive Director


Saturday, February 3, 2018

Stos Partners Just Did the Deal Everyone in the Industry Wants to Do


CJ Stos
SAN DIEGO, CA – Stos Partners, a privately held commercial real estate investment and management firm, has announced the $21 million sale of a 91,541 square-foot single-tenant industrial building in the National City submarket of San Diego, California. 
Stos acquired the asset in November of 2016 for $12.225 million, reflecting a 210% project level IRR in just 14 months.
“As an investor, this deal reflects a tremendous win, not only for our firm, but also for our buyer,” says CJ Stos. 
 “By recognizing the value in this asset from the beginning, we were able to strategically attract and secure a long-term lease with a major Fortune 500 company immediately upon acquisition, bringing the asset to 100% occupancy and delivering a solid long-term investment for the new owner.”


Jason Richards
The property was purchased by a large institution, which reflects a larger trend of institutional demand in last-mile distribution centers, according to Stos.
“Institutional buyers understand the deep value of well-located, single-tenant industrial facilities, which are perfectly positioned to serve as last-mile delivery hubs for major e-commerce companies,” says Stos. 
 “While we initially considered holding this asset for the long-term, we recognized the increasing institutional appetite for this product type, and knew that now was the right time to sell.”
The property is situated in close proximity to major freeways and ports and features approximately three acres of excess land.
During its ownership, Stos Partners drew upon its in-house management platform to implement several property improvements, including a new roof, new exterior paint, an upgraded parking lot, and new monument signage.


Anthony DeLorenzo
“Based on our strong track record and knowledge in this market, we implemented improvements that were most attractive to users, thus maximizing value," says Jason Richards, a Partner at Stos Partners. 
"By addressing the needs of the property and securing a strong credit tenant, we were able to attract interest from several buyers nationwide, and ultimately achieve a premium price for this asset.”
The property is located at 901 Bay Marina Drive in National City, California.  Anthony DeLorenzo, Matt Pourcho, and Gary Stache of CBRE represented Stos Partners as the seller in the transaction.


Matt Pourcho
    Headquartered in San Diego with an office in Orange County, Stos Partners is a privately held commercial real estate investment and management firm that acquires, owns, operates and develops opportunistic commercial properties with a focus on value-add industrial and office investments. 
            Led by a Principal with a track record of being one of the most active buyers of commercial real estate between 2009 – 2017 in Southern California, the firm partners with high net worth private capital and institutional investors to identify and invest in assets that are poised for strong future growth. 
            Stos Partners delivers deep local expertise and longstanding relationships that translate to a unique ability to source deals quickly and profitably. 


For more information, please contact:

Miki Akil / Jenn Quader
Brower Group
(949) 955-7940


AMAC Acquires Mixed-Use Property in Manhattan’s Lower East Side/Two Bridges Neighborhood for $59 Million



 
10 Rutgers Street at Lower East Side and Two Bridges Neighborhood,
Midtown Manhattan, NYC

NEW YORK, NY – AMAC, a Midtown Manhattan-based real estate investment firm, has acquired 10 Rutgers Street, a mixed-used property containing 83 residential units and 7 retail spaces for $59 million in an off-market transaction.

The property is located at the intersection of the Lower East Side and Two Bridges neighborhoods in downtown Manhattan. Hudson Companies, who developed the property in 1999, was the seller.

Maurice Kaufman
“This transaction presented an attractive opportunity to acquire a corner mixed-use property in a rapidly changing neighborhood with fantastic subway access,” says Maurice Kaufman, a Founding Principal at AMAC. “Value-add investments in this submarket with this quality and scale are unique.”

The eight-story property features a unit mix of studios, one- and two-bedroom units. Amenities at the elevator building include a doorman, gym, landscaped garden, and a bike room. AMAC plans to renovate the units, common areas, and amenities. 

10 Rutgers Street is immediately adjacent to the East Broadway F Train station, which offers residents easy access to both Midtown Manhattan and Downtown Brooklyn. Seward Park, a 3.4-acre neighborhood park with basketball courts, volleyball courts, and playgrounds, is located directly across the street.

New York-based Arbor Management Acquisition Company (AMAC) is a real estate investment firm founded in 2012. Since its inception, the company has successfully acquired more than 8,000 multifamily units across the country within diverse primary and secondary markets.


AMAC is actively pursuing new investment opportunities in the multifamily sector nationwide.

 For all inquiries and leads, please contact: Info@AMACHoldings.com or visit our website at www.AMACHoldings.com


For more information on this transaction, please contact:

Bonnie Habyan
516-506-4615

.