Monday, October 8, 2012

HFF arranges $10 million financing for Woodland Park in Chicago

Woodland Park, Chicago
LOS ANGELES, CA – HFF announced today that it has arranged $10 million in financing for the remaining 168 units of Woodland Park, a 240-unit fractured condominium complex in Chicago, Illinois.

                HFF worked exclusively on behalf of The Luzzatto Company, Inc. to secure the 10-year fixed-rate loan through RBS Global Banking & Markets.  The securitized loan will be serviced by HFF.

Christopher Vittetoe

Woodland Park is located at 606 Woodland in the Bronzeville neighborhood of Chicago.  The property has three residential buildings that are 94 percent leased.  

                The HFF team representing The Luzzatto Company was led by director Christopher Vittetoe along with managing director Matthew Schoenfeldt.

                The Luzzatto Company, Inc. and its affiliates invest in real estate and real estate-related debt, with existing investments in California, Texas, Alabama, Georgia and Missouri.     


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF arranges 80 percent loan-to-value refinance for Des Moines, IA multi-housing property

e300 Apartments, Des Moines, IA
CHICAGO, IL – HFF announced today that it has arranged an 80 percent loan-to-value refinance of the E300 Apartments, a 79-unit, Class A multi-housing community with ground floor retail located in downtown Des Moines, Iowa.

                HFF worked exclusively on behalf of the borrower, Nelson Development 15, LLC to secure the 10-year, fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation).  HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program.

Trent Niederberger
E300 is located at 300 East Grand Avenue in the East Village area of downtown Des Moines.  Completed in 2008, the five-story property has studio, one-, two- and three-bedroom units and is 99 percent leased.  Zombie Burger and Bloom Salon occupy the 11,000 square feet of retail space.  Property amenities include a rooftop fitness center and patio as well as a resident lounge. 

The borrower was represented by Trent Niederberger of HFF and Ryan Barton of Evergreen Capital Group, an Iowa-based investment banking firm specializing in tax credits and debt placement.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

HFF arranges $47 million financing for 77 West Huron in Chicago

77 West Huron St., Chicago
CHICAGO, IL – HFF announced today that it has arranged $47 million in financing for 77 West Huron, a 304-unit, 25-story luxury multi-housing tower with ground-floor retail space in Chicago’s vibrant River North neighborhood.

Working on behalf of L&B Realty Advisors, HFF placed the 10-year loan with New York Life Insurance Company.

77 West Huron has studio, one-, two- and three-bedroom homes that range in size from 536 square feet to 2,862 square feet, and have panoramic views of the skyline. 

The 25th floor functions as the amenity level and features an indoor heated pool, sauna, exercise room, locker rooms and sundeck with lounge furniture and grills.  Additional community amenities include doorman service, a laundry room, on-site dry cleaners, bicycle storage and a 192-space parking garage.

The HFF team representing L&B Realty Advisors was led by managing director Matthew Schonefeldt. 

Matthew Schonefeldt
“77 West Huron is currently undergoing a targeted renovation and upgrade program that will position the asset to take maximum advantage of its prime location, Lake Michigan views and generously-sized units,” stated Schoenfeldt.. 

“The property is at the epicenter of Chicago’s best nightlife and entertainment options; L&B’s strategic vision for the asset will create a true boutique identity for the building that will resonate with the most discriminating renters”,

He added, “77 West Huron also benefits from proximity to the major employers in Chicago’s central business district, as well as the world-class shopping on ‘The Magnificent Mile’ and plentiful public transportation.”

L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor.  Since 1965, L&B has provided real estate investment management services to institutional investors and family offices.  With more than $5 billion under management and 46 years of experience, L&B has a proven track record of successfully acquiring, managing, and disposing real estate on behalf of their clients.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

Stan Johnson Co. Completes Sale of FedEx Ground Industrial Property in Superior, WI for $9.1 Million

Jackie Baker
 SANTA MONICA, CA (Oct. 8, 2012) – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the $9.1 million sale of a 56,951-square-foot industrial building 100 percent leased to FedEx Ground. The property is located at 2929 Halvor Lane in Superior, WI.

Jackie Baker, associate director in the Santa Monica office of Stan Johnson Company, represented the seller, Mountain High Pinebrook LLC, in this transaction. The buyer was HCI Limited Partnership.

FedEx Ground Facility, Superior, WI
“The property featured a new ten-year lease term with two, five-year renewal options on a 42 percent expansion of the facility,” said Baker. “This doubled the number of doors at the property, and positioned it for growth the area is experiencing.”

The property offers convenient access to Interstate 535 and U.S. Route 2, and is located less than 10 miles from downtown Duluth.


David Ebeling
Ebeling Communications
(949) 278-7851

CRE Show: Expansion Is on the Menu for Many Restaurants

 ATLANTA, GA (Oct. 8, 2012) – After riding out the lean years of the recession, many restaurants are setting their sights on healthy growth.

The latest episode of “America’s Commercial Real Estate Show” took an in-depth look at the restaurant industry, from leasing strategies to menu makeovers. A panel of experts shared their insights and tips to help restaurateurs navigate the latest challenges and succeed in this ultra-competitive business that — at least for now — seems to be growing.

Pierre Panos
“I see expansion,” said Tony Akly, president of Restaurants Consulting Group Inc. “I think we will see 10 to 15 percent growth every year in the segments of quick service and ‘casual fine-dining’ where the average ticket is $50 to $60 per person.”

Pierre Panos, founder and CEO of QS America, said his company is experiencing “very strong continued demand” and double-digit growth in two of its concepts — Fresh To Order and Brookwood Grill. QS America also owns more than 40 Papa John’s restaurants.

“I think that we will have relatively strong restaurant growth for the next few years,” Panos said of the overall industry.

Robin Allen 
Robin Allen, executive editor of Nation's Restaurant News, cited many expanding brands including Firehouse Subs, Caribou Coffee, Yard House, Chick-fil-A, Smashburger and Five Guys.

But with expansion come challenges. From site selection and leasing to labor costs and legal issues, the restaurant business is no cakewalk.

Ackly, whose company specializes in restaurant design,construction and consulting, says site selection remains hugely important for restaurateurs. He says the main ingredients for success are visibility, access, parking, demographics — and of course, the economics of the leasing deal.

Jonathan Neville
Once restaurateurs begin negotiating for their site, there are even more factors to consider, says Jonathan Neville, a partner at Arnall Golden Gregory LLP who focuses on retail commercial real estate law.

One hot topic is tenant improvements. These are especially important for restaurant tenants who often require many modifications to sites, ranging from installing venting and grease trips to adding parking.

“Tenant improvements right now in restaurants are such an important part of the deal,” Neville said. “It’s important that money gets into the tenant’s hand.”

Neville advises restaurant tenants to make sure their landlords’ requirements for tenant improvements to take place are manageable and reasonable. Also, be sure the lease addresses what happens if the landlord doesn’t keep his commitment to tenant improvements.

“You need a way to offset that against your future rent — and not only just offset the amount of the improvement,” Neville said. “[There] really needs to be the right to offset the tenant improvements coupled withinterest at a rate that is really going to make it sting a little bit for that landlord.”

When negotiating the lease, tenants also may want to ask for a way to enforce such landlord responsibilities as paying for certain utilities and making building repairs.

Restaurateurs might also request SNDA (subordination, non-disturbance and attornment agreement) clauses in their leases. An SNDA protects a tenant by ensuring the lender would honor the lease in the eventthat the landlord goes into foreclosure.

The entire episode featuring the restaurant industry update is available for download at

The next “America’s Commercial Real Estate Show” will be available Oct. 11 and will focus on commercial real estate year-end tax planning.
For More Information, Contact

Stephen Ursery
 Wilbert News Strategies LLC

Bull Realty Brokers $6.6 Million Sale of Suburban Atlanta Apartment Complex

Clifton Ridge Town Homes, Marietta, GA
 MARIETTA, GA (Oct. 8, 2012) – Bull Realty has brokered the $6.6 million sale of Clifton Ridge Town Homes, a 152-unit apartment complex located northwest of Atlanta at 676 Horizon Place in Marietta. Clifton Ridge LLC, a partnership of investors from Canada and Florida, purchased the property from Atlanta-based Cortland Partners.

Bob Wilkerson, an associate at Bull Realty and a past chairman of the Norcross (Ga.) Downtown Development Authority, represented the buyer in the transaction. Nathan Swenson of Cushman & Wakefield represented the seller.

Bob Wilkerson
“The deciding factors for the seller were the short due-diligence period (14 days) and the ability to close within 60 days,” Wilkerson said. “Financing through Fannie Mae was originally considered, but its insistence on the buyer hiring an independent property management company made the deal economically unfeasible. EverBank then offered a 50 percent recourse loan with favorable terms, and the deal closed.”

The $4.62 million in financing for the complex, formerly called the Highland Court Apartments, was arranged by Clark Jenkins at Capital Advisors.

Built in 1972 and renovated in 2011, the 12.6-acre Clifton Ridge Town Homes is located between Interstate 75 and Highway 41. Units come in two- and three-bedroom configurations and range from 925 square feet to 1,500 square feet. The property’s amenities include a clubhouse with Wi-Fi, playground, picnic area and grill stations.

Wilkerson first worked with the Canadian buyers involved in the transaction in 2004.

For More Information, Contact

Stephen Ursery
 Wilbert News Strategies LLC