Thursday, June 30, 2016

29th Street Capital Acquires Student Housing Property at Texas State University in San Marcos, TX

Villagio Apartments, Near Texas State University campus in San Marcos, TX

John Price
San Marcos, TX (June 30, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Villagio Apartments, a 180-unit, 492-bed luxury student housing community near Texas State University (TSU) in San Marcos, 

Texas. 29SC’s strategy is to invest $2 million to significantly upgrade the apartment interiors, exteriors and already top-tier amenities.

“The Villagio represents the first step in the exciting expansion of 29SC’s very successful multifamily business model into its newly-formed student housing platform,” said John Price, Ph.D., Senior Vice President with 29th Street.

 “This acquisition represents a unique opportunity to add value for both our investors and the residents through repositioning and substantial renovating the community. Upon completion, The Villagio will provide the highest quality student housing experience in the competitive San Marcos market.”

For a complete copy of the company’s news release, please contact:

Terri Thornton
Partner, Thornton Communications
p:404-932-4347 | |

HFF secures $9.6 million in financing for The Bindery on Blake in Denver’s RiNo District

The Bindery on Blake, 2875 Blake, River North (RiNo) District, Downtown Denver, CO

Eric Tupler
DENVER, CO, June 30, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $9.6 million in financing for The Bindery on Blake, a two-building mixed-use project that comingles office, artistry, brewery, cidery and dining in the River North (RiNo) District of downtown Denver.

HFF worked on behalf of the borrower, Danielsen Investments, LLC, to arrange the 20-year, 4.10 percent, fixed-rate loan through a life company correspondent lender.  The permanent loan is taking out an existing construction loan on the property.

The Bindery on Blake was renovated in 2015 and repurposed into a creative working space housing office and tenants. The 46,361-square-foot 2901 Blake, originally built in 1927, is fully occupied by Davis Partnership Architects, Motive: Project WorldWide, Metropolitan Hardwoods, Rifugio Modern and the Studios at the Bindery, which features 13 clean-artist studios.

  Originally built in 1997, 2875 Blake features 21,063 square feet and is fully leased to C Squared Ciders, Bierstadt Lagerhaus and Rackhouse Pub (a tasting room and 165-seat restaurant). 

The Bindery at Blake’s location on the southeast side of the RiNo District places it just over one mile from Denver’s Union Station, which is a hub to 122 miles of light rail line, and within two miles of Denver’s most traveled highways, Interstates 25 and 70. 

Leon McBroom
Additionally, the property is a short walk from Coors Field, Denver’s LoDo neighborhood and the new 38th and Blake light rail stop, which provides direct access to Denver International Airport.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and associate director Leon McBroom. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Mortgage Bankers Association Releases First Quarter 2016 Commercial/Multifamily DataBook

 WASHINGTON, D.C. (June 30, 2016)- The Mortgage Bankers Association released its first quarter 2016 Commercial/Multifamily DataBook today.

The report summarizes major trends that developed during the quarter. Charts and tables provide historical information on commercial and multifamily real estate markets.

MBA’s Commercial/Multifamily DataBook reported that:

Domestic property markets largely held steady. During the first quarter office vacancy rates fell from 16.2 percent to 16.1 percent, retail vacancy rates held at 10.0 percent and apartment vacancy rates climbed from 4.4 percent to 4.5 percent. Tight or tightening markets boosted rents by 2.1 percent for retail, 3.0 percent for office and 4.6 percent for apartments on a year-over-year basis.

The improving bottom line continues to draw new development activity, with the value of selected CRE-related construction put-in-place in April up 7 percent from a year before. Multifamily permitting and starts remain strong, such that there are more multifamily units under construction than at any time since the mid-1970s.

Commercial property sales were solid in the first quarter, but below the high level seen one year prior. Sales of office, industrial and retail properties were below Q1 2015 levels, while multifamily sales were up 12 percent.

In the aggregate, commercial real estate borrowing and lending started 2016 in a similarly strong fashion to 2015. Borrowing backed by retail, office, hotel and multifamily properties picked up, as did lending by banks. Disruptions in the broader capital markets pushed originations for commercial mortgage-backed securities down.

You can download a copy of the DataBook here

For a complete copy of the company’s news release, please contact:

Ali Ahmad

(202) 557-2727 

L5 Investments Partnership Completes $22.9 Million Acquisition of 232-Unit Apartment Community in Richmond, VA

Aspen Station Apartments, 1500 Forest Run Drive, Richmond, VA

Michael Flaherty
Sacramento, CA, June 30, 2016 – A partnership between L5 Investments and BH Equities has acquired Aspen Station Apartments, a 232-unit apartment community for $22.9 million in Richmond, VA.

 Built in 1980, the property is situated on 17.13 acres and is located at 1500 Forest Run Drive near E. Parham Road and Interstate 95.

Aspen Station is a garden-style community that features a swimming pool, clubhouse with business center, lighted tennis and basketball courts, car wash and vacuum station, and picnic area with charcoal grills throughout the property.

 The unit mix includes 98 one-bedroom units, 116 two-bedroom units, and 18 three-bedroom units. Each unit includes a full-size washer and dryer and a private balcony or patio.

The new ownership plans on investing in excess of $2.6 million for an extensive renovation and repositioning of the asset. 

This will include a complete remodel of the leasing and business center; remodel of fitness center to nearly double in size and include state-of-the-art equipment; upgrades to flooring, cabinets, counters, lighting, fixtures, and appliances in unit interiors; improve landscaping; upgrades to tennis and basketball courts; addition of a new sport court and dog park; and new monument and directional signage. 

Laura Cathlina
Additionally, in a strategic move to enhance Aspen Station’s operational functions, BH Equities will manage the property through BH Management Services, its property management arm.

“Although we have numerous apartment assets in growing areas throughout the country, this acquisition marks L5 Investments’ first in the State of Virginia,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm.

 “By partnering with BH Equities, an experienced investor and asset manager with strong local market experience, we believe we can raise the bar for Aspen Station and attracting new residents who are seeking a high-end apartment community with quality interior spaces, amenities, and proactive management.”

“BH has a long lasting relationship with L5 Investments, and we’re very excited to expand that relationship in the Richmond, Virginia market where we currently manage six properties and close to 2,000 units,” said BH Equities Director of Acquisitions Mike Baker.

Wink Ewing
Named by Zillow as the nation’s fourth hottest housing market of 2016, the greater Richmond market is home to 1.25 million residents and shows signs of continued growth.

 Richmond has been outpacing many of the other metro areas of Virginia and is growing faster than the nation as a whole. The pro-business area includes a number of Fortune 1000 companies and has also recently been attracting both new start-ups and established firms.

Laura Cathlina with Berkadia Commercial Mortgage provided the debt. Wink Ewing with ARA Newmark represented both the buyer and the seller.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto


$8.3 million sale of urban outfitters in delray beach, fl arranged by marcus & millichap

Urban Outfitters, 306 East Atlantic Avenue, Delray Beach, FL

Howard Bregman
DELRAY BEACH, FL, June 30, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Urban Outfitters, a 11,073-square foot, net-leased property located in Delray Beach, Fla. The asset sold for $8,300,000.

“Investment in Delray Beach retail assets has heightened over the last two years as rooftops in the area have substantially increased and property values are on the rise. The Urban Outfitters building was developed in 1936 and this was the first time it was offered for sale,” says Howard Bregman, a senior associate in Marcus & Millichap’s Fort Lauderdale office. “The buyer was attracted to the tremendous value of owning prime Atlantic Avenue retail with a long-term hold strategy.”

Bregman represented the buyer, Menin Development, Inc., in the sale. Last year, he assisted the company in acquiring the neighboring George Buildings at 326 and 400 East Atlantic Avenue.

Located at 306 East Atlantic Avenue, Urban Outfitters is a 11,073-square foot, two-story, single-tenant building that is 100 percent occupied by Urban Outfitters. The company executed a 10-year lease with two, five-year renewal options in May 2014.

For a complete copy of the company’s news release, please contact:

Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

Meridian Capital Group Arranges $15.4 Million in Construction Financing for the Wyndham Garden Hotel in Dania Beach, FL

Wyndham Garden Dania Beach Hotel Rendering, Dania Beach, FL

Boca Raton, FL – Meridian Capital Group, America’s most active debt broker, arranged $15.4 million in construction financing for the development of a new Wyndham Garden hotel located in Dania Beach, FL.

The three-year, interest-only construction loan, provided by BB&T, converts to a four-year mini-perm loan with a 25-year amortization schedule after the initial term. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is located in the Company’s Boca Raton, FL office.

The ground-up Wyndham Garden – Dania Beach hotel project will total seven stories and contain 142 guest rooms. It is located 1.5 miles from the beach and in close proximity to major attractions including Las Olas Boulevard, Riverwalk, Dania Jai Alai, the Gallery of Amazing Things, American Offshore Marina, Boomers, K1 Speed and the Convention Center.

The hotel development is also minutes from the Fort Lauderdale / Hollywood International Airport and close to I-95 and I-595 which provide terrific accessibility for business and leisure travelers.

“This transaction is a significant win for the sponsors as construction lending, particularly for hotels, has pulled back recently and there was an added layer of complexity involving EB-5 equity as part of the capitalization,” said Mr. Kaminetzky. 

“Meridian used its strong market knowledge in combination with its exceptional lender relationships to close this complex transaction on favorable terms and in line with sponsor’s business plan,” he added.

For a complete copy of the company’s news release, please contact:

Jonathan Stern
Meridian Capital Group

Wednesday, June 29, 2016

New Affordable Senior Housing Development Complete in Iowa; WNC provided approximately $5.9 million in LIHTC equity to fund construction of the 48-unit community

Michael Gaber
DES MOINES, IA, (June 29, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that Legacy Manor of Mason City II, a 48-unit newly constructed affordable senior housing community, is complete in Mason City, Iowa.

WNC provided $5.9 million in LIHTC equity to fund the development, located approximately 120 miles north of Iowa’s capital city, Des Moines.

Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for seniors aged 55 and older. 

“Legacy Manor is an upscale senior housing community with numerous amenities and scenic views for residents and their visitors to enjoy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The community provides seniors with a safe and quality home that is within their means. We couldn’t be happier to help deliver these homes to local residents in need.”

Located at 3310 9th St. Southwest, community amenities at Legacy Manor of Mason City II include onsite management, a clubhouse, fitness center, business center, picnic area, gazebo, community garden, beauty salon, library and walking trails. Individual units include an electric range and other kitchen appliances, washer and dryer, central air conditioning and ceiling fan.

Anchor Housing Development LLC received the LIHTC equity to construct Legacy Manor of Mason City II. Daniel Tonnesen acted as the project developer for the development, which took one year to complete.  

For a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703

HFF secures $32.1 million refinancing for Upper West Side, New York retail condominium

200 West End Avenue, Upper West Side Neighborhood, Manhattan, NY

Jennifer Keller
NEW YORK, NY, June 29, 2016 -- Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $32.1 million refinancing for a fully-leased retail condominium located at 200 West End Avenue in Manhattan’s Upper West Side neighborhood.

Working on behalf of Gerald Brauser and Steven Brauser of The Parkland Group, HFF placed the 15-year, fixed-rate loan through MetLife. 
The retail condominium totals approximately 25,446 square feet and is leased to four tenants – CVS Pharmacy, Bin 70, Apple Seeds and Beverly Hills Dry Cleaners.  The property’s location on the southeast corner of West End Avenue and West 70th Street on the Upper West Side provides significant frontage, exposure and visibility along the Avenue.  

Rob Rizzi
The HFF debt placement team representing the borrower was led by managing director Rob Rizzi and director Jennifer Keller.

“The 200 West End Avenue retail condo is strategically positioned in a densely populated neighborhood with significant demand for essential products and services,” said Keller.  

“This long term financing was locked in a historically low interest rate environment and is an ideal match for the property’s strong stable cash flow and limited rollover.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

L5 Investments Partnership Completes $1.7 Million Renovation of Whispering Lake, a 384-Unit Apartment Community in Kansas City, MO

Kansas City, MO, June 29, 2016 – A partnership between L5 Investments and BH Equities has completed a major renovation and repositioning of Whispering Lake, a 17-building, 384-unit apartment community located at 10415 East 43rd Street in Kansas City, MO.

The partnership recently completed in excess of $1.7 million of renovations and had its official grand re-opening on June 22. At 95 percent, the property’s occupancy is increasing, renter interest has elevated, and the ownership has been able to secure stronger rents for the recently upgraded units.

Whispering Lake Clubhouse
Built in 1989, the one-of-a-kind, lake-front community situated on 8.19 acres of land offers residents large floor plans, in-unit washer and dryer, and private balconies and patios. 

Community amenities include a swimming pool, clubhouse, fitness center, and an 18-acre lake and dock. It is located within walking distance to public transportation and a wide variety of national retailers, and is just two miles from Arrowhead Stadium (KC Chiefs – NFL football franchise) and Kauffman Stadium (KC Royals MLB baseball franchise). 

The renovation program for Whispering Lake included a complete renovation of the lakefront leasing center and lounge area; new floating dock and seating; interior renovations; updated pool area; and the addition of outdoor areas that include a new playground, dog park and community event and barbeque area.  The renovation was completed approximately 12 months after the partnership acquired the asset.

Michael Flaherty
“Whispering Lake presented our partnership with a stabilized asset unlike any other in the local market.  Our completed renovation and lake-front upgrades have transformed the property into a community that will be desirable for the long term,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm. 

“We are extremely pleased at the results of this strategic repositioning and are already realizing market rents as we meet area demand for quality rental living.”

“Our goal with all of our design and construction projects is to remove the obsolescence from our communities and offer contemporary spaces that meet the needs of today’s apartment seeker,” said BH Companies founder and chair Harry Bookey. 

“Whether it is enjoying a coffee in one of our cyber caf├ęs, or relaxing by one of our resort-style swimming pools, we work hard to provide the upscale amenities that many would only expect to find at much higher-priced communities.” 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Stericycle, Inc. Signs 19,661-Square-Foot Lease in Peachtree Corners, GA

Matt Davis
ATLANTA, GA (June 29, 2016) – Lincoln Property Company (Lincoln) has arranged a new 19,166-square-foot lease for Stericycle, Inc. at Lakeside at Peachtree Corners, an office complex located at 5250 Triangle Parkway in Peachtree Corners, Georgia.

Matt Davis of Lincoln represented the landlord, The Ardent Companies, in the transaction, and John Thorton of CBRE represented the tenant.

Lakeside at Peachtree Corners is a three-building, 181,407-square-foot Class B office complex located in the Peachtree Corners submarket in northeast Atlanta. The office complex is located within walking distance of The Forum shopping center, features easy access to major highways and local asset management.

For a complete copy of the company’s news release, please contact:

Savannah Durban
The Wilbert Group