Wednesday, March 21, 2018

PRISA Group and Peachtree Hotel Group Announce Grand Opening of 175-Room AC Hotel by Marriott Tampa/Airport – Westshore

AC Hotel by Marriott Tampa/Airport – Westshore

                TAMPA BAY, FL — Officials of the PRISA Group, a family-owned developer, builder and owner of hospitality, resort and entertainment projects in Puerto Rico and Florida, together with its capital partners Peachtree Hotel Group and Argosy Real Estate Partners,  announced the grand opening of the newly constructed, 175-room AC Hotel by Marriott Tampa/Airport – Westshore. 
PRISA developed the hotel, with Peachtree and Argosy acting as additional equity investors in the project.  Marriott Corporation will operate the hotel.  The construction was conducted by a partnership between PRISA Group and Orlando-based Welbro Building Corporation.
 The Miami-based offices of Popular Community Bank provided the debt financing.

Federico Stubbe
“This marks the first of three Marriott-branded hotels we are opening in Florida, including an under-construction, dual-branded SpringHill Suites/Residence Inn in Orlando at the Mall of Millenia, and we remain bullish on the market,” said Federico Stubbe, PRISA president and CEO. 
 “We now own the newest, design-focused, lifestyle product on the market, a key driver for both business and leisure travelers who want something beyond the ‘typical’ hotel stay. 
"As a company, we focus on delivering best-in-class, quality hotels in their respective segments while innovating in architecture, art and interior design relative to the brands we represent.
"With its European flair and emphasis on high quality accommodations, amenities, food and beverages, we are confident the AC Hotel by Marriott Tampa/Airport-Westshore quickly will become the place to see and be seen for visitors and locals alike.”

For more information, please contact:

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553

HFF announces sale of full-service hotel in Northern Virginia

Sheraton Reston Hotel, Reston, VA

WASHINGTON, D.C. –– Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Sheraton Reston Hotel, a 298-room, full-service hotel in a growing submarket in the Washington, D.C. suburb of Reston, Virginia. 

The HFF team marketed the property on behalf of the seller.  DoveHill Capital Management purchased the hotel unencumbered by an existing management agreement.  Wurzak Hotel Group will manage the hotel.

Originally opened in 1973, the six-story Sheraton Reston Hotel was substantially renovated in 2014 to upgrade the guestrooms and 22,000 square feet of meeting space, renovate the restaurant lounge, update the lobby to incorporate a grab-and-go food and beverage market and expand the club lounge. 

Additional hotel features include the Syrah Restaurant and Cosmopolitan Lounge, a state-of-the-art fitness center, outdoor pool with sun deck, business center and views of the adjacent Reston National Golf Course. 

Situated at 11810 Sunrise Valley Drive, the hotel is in Reston, the second largest office market in Fairfax County, and in the heart of the Reston Master Plan, which consists of 22,000 new residential units, more than eight million square feet of new office space and 700,000 square feet of retail. 

Cyrus Vazifdar
The hotel is highly visible from one of the most heavily trafficked thoroughfares in Northern Virginia directly off the Dulles Roll Road one mile to the Wiehle-Reston East Metrorail Station (Silver Line), which connects the hotel to the entire D.C. MSA.

The HFF investment advisory team representing the seller included senior director Cyrus Vazifdar.

“Reston’s growth has been prolific over the past cycle, and we expect the market to continue to mature with the tremendous scale of current development,” Vazifdar said.  “Reston’s existing hotel stock will benefit greatly from the market’s continued evolution.”

For more information, please contact:

HFF Digital Content/Public Relations Specialist
(713) 852-3420                                 

Rising rates makes it a numbers game between lender and borrower

John Oharenko
Chicago, IL --- With rising rates in the forefront of
headline news, underwriting percent figures re-emerge as hot discussion
topics as the 10-year treasury note hit a four-year high earlier last
month. Noteworthy percent benchmarks include:

"2%-3%" - As the US economy enjoys seven years of prosperity, recessionary
fears are nowhere in the foreseeable future. Record-low unemployment not seen in more that fifteen years, accompanied by strong consumer spending and controlled inflation (about 2%) assures favorable economic conditions in the foreseeable future. 

 The Fed's new chairperson will make fighting inflation
a top priority, so rising benchmark [and mortgage] rates are in store with
the 3%-plus-level to reappear for 10-year treasuries. European and Asian
markets are also strong, with economists expecting over 3% growth worldwide.

"4%-5%" - Mid-single-digit rates are back in the spotlight for longer-term,
permanent debt. While lower four-percent-handle rates are still available
for more conservatively funded loans, 5% rates are appearing more often -
usually for higher loan proceeds - not regularly seen since 2011.

"25%" - Energy conservation measures can really be profitable, not only
because of lower expenses, but because of lower rates. Twenty-five percent
energy or water bill savings equate to agency multifamily pricing discounts
that can also be a quarter percent or more.

"125%" - As mortgage rates climb, and capitalization rates remain low, debt
service coverages of 125% or more drive loan proceeds. Loan-to-Value ratios
are important, but lenders demand cash flow coverage to drive deals within
stated underwriting objectives. 

However, record-low capitalization rates
should continue to benefit sellers, as buyers are still highly motivated to
purchase quality realty assets due to limited supplies in prime locations.
150% or more debt coverage attracts the best pricing, especially with life
companies. On the flip side, long-term, self-amortizing loans backed by
credit income approach coverage closer to breakeven levels.

The Real Estate Capital Institute's(r) director, John Oharenko, comments, "Percent figures are always important barometers to watch in realty finance. It's a numbers game that quickly quantifies lender and borrower risks/reward expectations."

The Real Estate Capital Institute(r) is a volunteer-based research
organization that tracks realty rates data for debt and equity yields. The
Institute posts daily and historical benchmark rates including treasuries,
bank prime and LIBOR. 

For more information, please contact:

The Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

 Jeanne Peck, Executive Director



$9.25 Million Multifamily Property Financing in Miami Beach, FL Structured by Marcus & Millichap Capital Corp.

Eric Fixler
Miami Beach, FL – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has arranged $9.25 million in financing for 250 Collins in Miami Beach, Fla. 

The bridge loan was structured with a floating interest rate over a 24-month term with interest-only payments.

            “MMCC has an existing relationship with the borrower who sought out our services based on our ability to execute complex financing transactions flawlessly,” states Eric Fixler, senior director, MMCC.

            “The barriers to entry for competing short-term rentals creates a unique opportunity for our clients to build a strong footprint and maximize market share. The $620 million renovation and expansion of the Miami Beach Convention Center and recently-renovated Bass Museum of Art will likely result in increased guest demand for quality rooms,” states Austin Levine, associate director, MMCC.

Austin Levine
            “MMCC was able to generate multiple term sheets from the most aggressive lender pool, and harnessed a competitive environment causing lenders to step up several times to win the deal,” continues Levine.

For more information, please contact:

 Ryan Nee
Vice President / Regional Manager, Fort Lauderdale
Marcus & Millichap Capital Corporation
(954) 245-3400

EagleBridge Capital Arranges $6.44 Million Mortgage For CVS Plaza

CVS Plaza, Tiverton, RI

Ted M. Sidel
Boston, MA -- EagleBridge Capital has arranged permanent mortgage financing in the amount of $6,440,000 for CVS Plaza located in Tiverton, Rhode Island.

The mortgage financing was arranged by EagleBridge principals Ted M. Sidel and Brian D. Sheehan who stated that the loan was provided by a leading CMBS lender. 

The law firm of DarrowEverett, represented the borrower in closing the loan.

CVS Plaza is located at 500 Main Road (Route 138).  The property is anchored by a  free-standing 13,500 sf CVS pharmacy . Other Plaza tenants include The Saconnet River Grille and an Allstate insurance agency located in an adjacent building.

Mr. Sidel and Mr. Sheehan stated, “We are pleased that EagleBridge was able to meet the borrower’s requirements and arrange a very competitive long term fixed-rate financing on a non-recourse basis featuring a most attractive rate, term, and amortization.

Brian D. Sheehan
CVS operates over 9700 retail pharmacies across the country with over 65 located in Rhode Island and is part of CVS Health Corporation.

EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for shopping centers, apartments, office, industrial, and r & d buildings, hotels, condominiums, and mixed use properties as well as special purpose buildings. 

For more information, please contact:
Stanley J. Sidel
Senior Advisor
EagleBridge Capital
One Boston Place, Suite 2600
Boston, MA 02108
Tel: 617-292-7177 Ext. 300

Nikki Jackson Named Senior Sales Manager Fairfield Inn Suites New Orleans Downtown French Quarter Area

Nikki M. Jackson

NEW ORLEANS, LA - -- Stephen Borecki, general manager of the 103-room Fairfield Inn & Suites New Orleans Downtown French Quarter Area announced that Nikki Jackson has been appointed the hotel’s first dedicated senior sales manager.

      Most recently, Jackson was a group sales manager for the Le Meridian and W French Quarter hotel group. 

 Previously she was the national sales manager for the Intercontinental Hotel in New Orleans.  Since beginning her hospitality career in 1994 at the Days Inn on Canal St., Jackson’s career progression has included operations and sales management positions in Baton Rouge, Shreveport and New Orleans.

Stephen Borecki
      “Nikki has great client relationships and a keen understanding of the New Orleans downtown market,” said Borecki.  “Her familiarity with Marriott culture and systems made her the perfect fit.  This hotel has become so popular with groups and local businesses that we needed someone with Nikki’s skills and local insight to manage the demand.”
For more information, please contact:

Lauralee Dobbins
Write Touch Public Relations

Tuesday, March 20, 2018

Ackerman & Co. to Develop 1 MSF Rockdale Technology Center in Conyers, Ga.

Planned Rockdale Technology Center, Conyers, GA

Atlanta,  GA. March 20, 2018 Ackerman & Co. announced today that it will develop three Class A industrial buildings totaling 470,000 square feet as part of a new project – Rockdale Technology Center – in Conyers, Ga., 28 miles east of downtown Atlanta.

Brett Buckner
The distribution facilities will offer build-to-suit opportunities and flexible space options ranging from 10,000 square feet to 185,000 square feet. Construction is slated to begin this April, with completion expected in 1Q 2019.

“We’re thrilled that Ackerman & Co. is developing this project in Rockdale County and bringing jobs to our community. We strive to create a business-friendly environment to attract just this type of economic development,” said Marty Jones, executive director of the Conyers-Rockdale Economic Development Council. “We look forward to working hand-in-hand with Ackerman in all phases of this project.”

Marty Jones
Located at 2430 Dogwood Drive, the 92-acre Rockdale Technology Center is less than one mile from a full-diamond I-20 interchange at Salem Road and is adjacent to a CSX Transportation rail line. The site provides distributors convenient access to the entire metro Atlanta area, the Southeast and the Port of Savannah.

A planned 550,000 square-foot cross-dock facility will round out the development for a total of 1 million square feet of industrial space.

Ackerman & Co. Senior Vice President Brett Buckner and Chris Miller, newly hired vice president, will team up to lease the Class A space, which will feature 30-foot clear heights, 6-inch concrete slab flooring, white TPO roofing and high-efficiency LED lighting.

“This new Class A development will meet the strong demand for distribution and manufacturing space in the I-20 East industrial submarket, which currently has one of the lowest vacancy rates in the Atlanta industrial market at 2.2%,” said Kris Miller, president of Ackerman & Co.

Added Brett Buckner: “The site’s strategic location offers distributors direct access to a freight rail line adjacent to the property as well as high-visibility frontage along heavily traveled I-20.”

Kris Miller
The Rockdale County site allows companies to take advantage of a variety of local and state business incentives. 

The Opportunity Zone designation qualifies tenants for tax credits of $3,500 per employee, and Rockdale County offers a 100% Freeport Inventory Tax Exemption for qualifying businesses.

Big-box corporate tenants in the Rockdale/Conyers area include Baxter International, 21st Century Fox, Pratt Industries, Golden State Foods and Solo Cup Company.

For more information, please contact:

Steve Webb
Marketing Research Coordinator
P: 678.993.2935     F: 770.913.3966
Ackerman & Co.
10 Glenlake Parkway, South Tower, Suite 1000
Atlanta, Georgia 30328

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Real Estate Attorney Mark Block Returns to MMM as Partner

Mark A. Block
Atlanta, GA, March 2018 – Respected commercial real estate attorney Mark A. Block has joined the Atlanta office of Morris, Manning & Martin as a partner. Block will practice in the in the Real Estate Development & Finance and Real Estate Capital Markets groups. He was previously a partner at Seyfarth Shaw. 
His national and international client base includes real estate investments trusts (REITs), development companies as well as companies that acquire and manage office and industrial properties. He has represented some clients for decades. 
Block originally worked at MMM. He chose to return, in part, because of the firm’s reputation, as well as the tax, environmental and corporate support it will provide his clients.

Louise Wells
“It was a good time to make a move,” he said. He always felt an attachment to MMM, and even still has his original business card. “We never broke up; we just took a 30 year vacation,” he jokes.
“We are glad to have Mark back,” said MMM Managing Partner Louise Wells. “His practice fits perfectly within our strong real estate team. Many of our lawyers have worked across the table from him over the years and the mutual respect is evident.
"Mark is known for his deal-making skills, particularly in acquisitions and sales, joint venture agreements and refinancings.” 
Block is a member of the National Association of Industrial and Office Properties (NAIOP.) Honors include being ranked in Chambers & Partners Best Lawyers for Business and The Best Lawyers in America©.
He earned his J.D. degree with honors from the University of North Carolina School of Law. Emory University awarded him his BBA degree summa cum laude. 
For more information, please contact:

Terri Thornton
Partner, Thornton Communications

Nathaniel Perry joins HFF as a director in its Denver office

Nathaniel Perry
DENVER, CO –– Holliday Fenoglio Fowler, L.P. (HFF) announced Nathaniel Perry has joined the firm as a director in its Denver office.  

Mr. Perry will work alongside HFF’s Jules Sherwood with a focus on office and industrial investment advisory transactions in the Denver and Rocky Mountain region.   

Mr. Perry joins HFF from Transwestern, where he was a senior associate in its investment services group.  During this time, he closed more than $28 million in commercial real estate transactions, setting a new price point for each submarket or property type at the time of closing. 

Jules Sherwood
He began his career as a sales associate with CLR in Santa Ana, California.  Mr. Perry is a licensed real estate broker in Colorado and has a Bachelor of Science degree from University of Denver. 

“We are excited to have Nate as part of our growing office and industrial team in Denver,” said Mark Katz, senior managing director and co-head of HFF’s Denver office. 

For more information, please contact:

HFF Director, Public Relations
(617) 338-0990

Griffin-American Healthcare REIT IV Acquires Two-Property Central Wisconsin Senior Care Portfolio for $22.6 Million

Stefan Oh

MADISON, WI – American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced today the REIT has completed the acquisition of the 254-bed, two-property Central Wisconsin Senior Care Portfolio for approximately $22.6 million.

The portfolio’s properties are located in the Madison suburbs of Waunakee and Sun Prairie, Wisconsin.

Central Wisconsin Senior Care Portfolio totals approximately 236,000 square feet of skilled nursing, assisted living and independent living space.

Consulting has operated 27 senior housing and skilled nursing facilities throughout the Midwest and western United States.

William Mulligan
“Central Wisconsin Senior Care Portfolio provides the REIT with a foothold in Wisconsin, a state with a significant barrier to entry for skilled nursing operators due to a moratorium on development that has been in effect since 1981,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV.

“Additionally, we believe this acquisition will provide Griffin-American Healthcare REIT IV and our investors with greater value as our chosen operator, Integro Healthcare Consulting, has an established history of enhancing both patient care and financial performance at the facilities under their administration since their founding more than 14 years ago.”

Central Wisconsin Senior Care Portfolio was acquired from Waunakee Manor, a Limited Partnership and Sun Prairie Associates Limited Partnership, unaffiliated third parties represented by William Mulligan, Nicholas Glaisner and Ashley Wilkens of Ziegler Investment Banking.

For more information, please contact:

Lauren Burgos
Spotlight Marketing Communications, Inc.
265 S. Anita Drive, Suite 250
Orange, California 92868

(949) 427-5172 ext. 704 direct
(408) 206-1106 cell