Monday, June 27, 2011

HFF arranges $80.5 million refinancing for Allegro Residences in Washington, D.C.

WASHINGTON, D.C. – HFF announced today that it has arranged an $80.5 million refinancing for Allegro Residences (top left photo), a 297-unit, Class A multi-housing community in Washington, D.C.

HFF worked exclusively on behalf of Federal Capital Partners to secure the five-year, floating-rate loan through Aareal Capital Corp.  Ownership used the loan proceeds to retire existing debt and make partnership distributions.

Allegro Residences is located at 3460 14th Street NW proximate to the Columbia Heights metro station in Washington, D.C.  Completed in 2009, the property is 94 percent leased. 

Community amenities include two interior courtyards, a lounge, athletic club and party room.  Allegro Residences was selected by Delta Associates as the Most Innovate Design in 2009 and the 2010 Best Lease-Up Pace for a Washington, D.C. Apartment Community, with a monthly lease-up rate of 17 units.

The HFF team representing Federal Capital Partners was led by managing director Mark Remington (lower right photo).

“This transaction was aggressively bid on by the lending community, confirming the high quality of both the asset and the sponsorship.  The result is a win-win situation…the lender generated an investment-grade earning asset on its books and Federal Capital Partners took advantage of the aggressive capital markets for multi-housing residential that exists today,” said Remington.

Federal Capital Partners (FCP) is a leading real estate private equity investment company based in Washington, D.C. Since its inception in 1999, FCP has invested more than $2 billion in residential and commercial assets.

 Mark T. Remington, HFF Managing Director, (202) 533-2500                                           
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

HFF secures $220 million in financing on behalf of Olen Properties Corp.

IRVINE, CA – HFF announced today that it has secured $220 million in financing for eight multi-housing properties in Florida and Nevada on behalf of Olen Properties Corporation. 

HFF worked exclusively on behalf of the borrower to secure eight separate fixed-rate loans through M&T Realty Capital Corporation.  The loans were sold through M&T’s Fannie Mae Program.  The 10-year terms provided Olen with a reduced cost of capital and additional liquidity.

The properties total 2,468 units and have an average occupancy of in excess of 90%.  Individual property details are below:

Property                                                City, State                             # of Units             

Club Lake Pointe                                  Coral Springs, FL                   240 Units              

Sanctuary Cove                                    Palm Beach, FL                     420 Units              

Weston Place                                       Weston, FL                            372 Units              

Red Rock Villas                                     Summerlin, NV                      192 Units              

Durango North & South                      Las Vegas, NV                        544 Units              

Falling Water                                        Las Vegas, NV                        288 Units              

Hidden Cove                                         Las Vegas, NV                        212 Units              

Horizon Ridge                                       Henderson, NV                     200 Units              

The HFF team representing Olen Properties Corporation was led by senior managing director Don Curtis (top right photo).  Also involved was Elliott Throne (bottom left photo) from the Miami office of HFF, as well as Greg Brown and Brian Torp from the Orange County office.

 For over 30 plus years, Olen Properties Corporation has dedicated itself to creating distinctive commercial and residential communities from coast-to-coast.  Olen’s portfolio boasts more than five million square feet of premier office and industrial projects ideally located throughout Orange County, California.  Olen’s multifamily portfolio of more than 10,000 units in 36 plus residential communities are primarily located in the Las Vegas and South Florida area.

Donald J. Curtis, HFF Senior Managing Director, (949) 253-8800,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

Stirling Sotheby’s International Realty Named Exclusive Marketing Agents for $1.8 Million Lake Brantley Victorian Estate in Longwood, FL

ORLANDO, FL. --- Stirling Sotheby’s International Realty was recently named exclusive sales and marketing agents for a $1,799,900 Victorian lakefront estate home in Longwood in Seminole County.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said International Luxury Home Specialists Sally Andy and David Warren (top right photos) of the firm’s Heathrow Gallery are representing the 2004 custom-built home situated on an oversized cul-de-sac homesite on beautiful Lake Brantley.

The five-bedroom, five-and-a-half bath home offers 6,600 square feet of living space augmented with exquisite appointments – authentic antique stained glass, hand-crafted doors, hardwood floors and custom millwork throughout. 

 Other luxurious features include an old world library, bonus room, a separate guest apartment with full bath, a huge outdoor lanai, verdant gardens and spa, plus 110 feet of direct frontage on Lake Brantley.  Spacious two-story living and dining rooms feature panoramic views of the lake.

For more information, contact
Sally Andy or David Warren, Stirling Sotheby’s International Realty 407-687-7295 or 407-928-3760; or;
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

Faris Lee Investments Completes $7.1 Million Sale of a 24 Hour fitness Occupied Retail Property in Lee’s Summit, MO

IRVINE, CA,  June 27, 2011 – Faris Lee Investments, the nation’s largest retail investment  advisory firm, has completed the $7.1 million sale of a NNN leased, single-tenant, 35,600-square-foot property occupied by 24 Hour Fitness (top left photo) located at 900 NE Deerbrook St. in Lee’s Summit, MO. 

Built in 2007 and situated on 3.53 acres, the property is just off highway 291 and is within a busy retail area that includes Wal-Mart Supercenter, Office Max, Sears and many other national retailers and dining.

 Matthew Mousavi, director with Faris Lee Investments, represented the buyer, a private family trust, from Hawaii. Baum Realty out of Chicago represented the seller, CFM 291 Fitness, LLC from Omaha, NE. The transaction closed in just 30 days.

“We were able to secure a phenomenal deal for our client,” said Mousavi. “The closing cap rate was 9.45 percent and will be a 10.65 cap rate in 2013 with 12 percent increases every five years thereafter. Faris Lee was able structure a very clean, quick, and no hassle all-cash offer that was lower than asking price to maximize value for our client.”

The buyer is currently working with Faris Lee’s Capital Markets Group for a potential refinance of the property that will take advantage of historically low interest rates.

“These low rates coupled with the high cap rate will result in the buyer’s immediate cash on cash return to be well over 14 percent,” added Mousavi.

 For more information, please visit
Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates            
For Faris Lee Investments