Monday, February 11, 2013

Northeast Private Client Group Acquires Property Management Firm in Metro Hartford, CT Market

Michele Velez
HARTFORD, CT, Feb. 11, 2013 – Investment sales broker Northeast Private Client Group has expanded its operations to better serve building owners and real estate investors in the greater Hartford market with the recent acquisition of Redbrick Partners’ property management assets. 

The firm will retain Michele Velez as regional property manager, and has named Andre Bakaj as sales and leasing manager in its newly expanded Hartford office.

Edward Jordan
“Our longstanding relationship with Redbrick Partners made this acquisition possible,” says Edward Jordan, JD, CCIM, the firm’s managing director.  “We will manage their multifamily properties in Hartford, and leverage the newly combined team to better serve other building owners and investors in the area.” 

Velez has considerable experience in the management and operation of multifamily properties throughout New England.  She has worked for major apartment investors including Taymil Partners of Framingham, MA, Ceebraid-Signal of Stamford, CT, and Redbrick Partners of Washington, DC. 

Hartford, CT Skyline
Bakaj has led the Hartford-based investment sales team for Northeast Private Client Group since 2011.  

He brings over 10 years of real estate leasing and management expertise to the team, and has worked with many of Connecticut’s most prominent real estate owners and investors.

This expansion of the Hartford office complements the firm’s existing locations in White Plains, Bridgeport and Framingham.  The Hartford office is located at 22 Morris Street, just south of the central business district and minutes from I-91 and I-84.

Rick Leonard

HFF arranges $12.35 million refinancing for Beach Club Apartments in Long Beach, MS

Beach Club Apartments, Long Beach, MS
DALLAS, TX – HFF announced today that it has arranged a $12.35 million refinancing for Beach Club Apartments, a 220-unit, garden-style multi-housing community in Long Beach, Mississippi.

Working exclusively on behalf of the borrower, Dawn Properties Inc., HFF secured the 10-year, fixed-rate loan through M&T Realty Capital Corporation (FNMA).

Beach Club Apartments is situated on 10.54 acres at 2012 West 2nd Street less than half of a mile from the Gulf of Mexico in Long Beach.  

Travis Anderson
The 20-building community, built in 2008, includes 220 units averaging 1,061 square feet each.  Community amenities include a fitness center, clubhouse, swimming pool and playground.

The HFF team representing the borrower was led by managing director Travis Anderson and senior real estate analyst Cory Fowler.

Dawn Properties Inc. is involved primarily in the acquisition, development, management, renovation and disposition of multi-housing properties. 

 Founded in 1986, the company has developed more than $1 billion of property with locations in more than 40 markets across 13 states.


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 closes sale of and arranges acquisition financing for Woodway Square in Houston, TX

Woodway Square, Houston, TX
HOUSTON, TX – HFF announced today that it has closed the sale of and arranged acquisition financing for Woodway Square, a 595-unit, Class A, garden-style multi-housing community in Houston, Texas.

HFF marketed the property on behalf of the seller, Alecta Houston, LLC.  Fairfield Woodway Square, LLC purchased the property for an undisclosed amount. 

Craig LaFollette
In addition, HFF assisted in securing a 10-year floating-rate loan on behalf of the buyer through M&T Realty Capital Corporation (FNMA).

Woodway Square is located at 1200 Winrock Boulevard near the intersection of Woodway Drive and South Voss Road in Houston’s Galleria area.

 Situated on 20.65 acres, the property is 93.6 percent leased and consists of one- and two-bedroom units averaging 1,002 square feet each.  

Todd Marix
Community amenities include a clubhouse, business center, 24-hour fitness center, two tennis courts, four swimming pools, heated outdoor spa, sand volleyball court, jogging/biking trail, dog park and a 2-acre recreational park exclusively for residents.
Todd Stewart

The HFF investment sales team representing Alecta Houston, LLC was led by senior managing directors Craig LaFollette, Todd Marix and Todd Stewart along with directors Tre Banks and Chris Curry.

HFF’s debt placement team representing the buyer was led by managing director Andy Scott.

Tre T. Banks
Fairfield Residential Company LLC (“Fairfield”) is among the most experienced multi-housing real estate operating companies in the United States. 

The firm consistently ranks among the leading multi-housing investors, developers, builders, managers and owners in the United States and is active in more than 35 geographically diverse markets.

  Fairfield employs approximately 1,500 people in offices strategically located throughout the country.


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 |

Colliers’ Annual South Florida Commercial Real Estate Review

Donna Abood
MIAMI, FL-- Colliers International South Florida is pleased to release its Q4 2012 South Florida Commercial Real Estate Research Report. In this edition, you will find valuable market overviews for office, industrial and retail product in Miami-Dade, Broward and Palm Beach Counties.

Highlights of the report from Donna Abood, co-chairman and founding partner; Michael T. Fay, co-chairman and founding partner; and Stephen Nostrand, chief executive officer.

Michael T. Fay
Throughout 2012 we looked ahead with caution understanding that the market was changing and direction was positive but uncertain. Looking back at 2012 we see that we’ve come a long way from this time last year.

 Transaction activity is up. Interest and inquiries are up. Confidence and outlook are up too. Overall the South Florida market made improvements virtually across the board, both at the macro and micro level.

This consistent increase in activity is fueled by several factors, many of which we expect to see continue into the first half of 2013. CMBS is coming back into the picture which will provide a solid foundation of growth from which to springboard.

Stephen Nosrand
Each of our primary lines of business benefits from the resolution of distress across the local and national market. While the market is improving, we still estimate that roughly one third of the market is still distressed.

We are also seeing a pick up in the private sector with 1031 exchanges getting active. Net absorption has been positive across almost every major property type in every major market, an obvious indication of leasing strength and a narrower gap between bid and ask for commercial space.

Some of this has to do with negligible construction activity, at least when compared to the first part of the 2000’s.

Miami skyline
These observations are more than just commentary though. We’ve seen a continued evolution in our book of business to include a greater proportion of institutional and headline-worthy deals.

 We closed nearly $400 million in investment sales transaction value and leased approximately 1.5 million square feet of space across South Florida.

As we mark an end to 2012 we acknowledge that the recovery is still well under way. This means the local market will still be subject to short-term volatility as talk about the fiscal cliff and national level budget concerns pump the breaks on what looks like a smoother road through 2013.

Fort Lauderdale skyline
The residential is still roaring back fueled by foreign demand and we expect this demand will begin to taper off gradually.

 In short the local market saw widespread improvement when compared to 2011 and we expect to see more of the same during 2013. However, we remain cautiously optimistic.

For a complete copy of the report, please contact:

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Dale Holzer Joins Greystone’s Sales Team

Dale Holzer
New York, NY – Feb. 11, 2013 – Greystone, a leading national provider of multifamily and health care mortgage loans, today announced the addition of Dale Holzer to the firm’s multifamily lending group.

He will report up to Rick Wolf, Senior Managing Director of Greystone’s West Coast Production, and will serve out of the firm’s soon to be opened Newport Beach office.

 In his role as Director, Holzer will work to further strengthen the firm’s West Coast presence and production capabilities. Prior to joining Greystone, Holzer served as a Vice President of Originations at Alliant Capital, LLC, where he closed in excess of $50MM in new loan production in 2012.

Richard Wolf
“Dale’s market expertise and relationships within the industry will be a valuable resource to Greystone as we expand our West Coast operations”, said Wolf. “We believe that the addition of new personnel, such as Dale, will be crucial as we continue to expand through the region and look to better serve our growing customer base.”

 Additionally, Holzer previously served as a Vice President at George Smith Partners, where his responsibilities included underwriting new transactions, cash flow analysis, structuring debt/equity transactions and capital markets.

 Holzer holds a BS in Economics from The Wharton School of Business at the University of Pennsylvania.


Loretta Mock/Jessica Kleinman
+1 646 395 6300

EagleBridge Capital Arranges $6,240,000 Mortgage for Net Leased Boston Verizon Facility

Verizon facility, 173 Boston St., Boston, MA
Boston, MA -- EagleBridge Capital, working exclusively on behalf of its client, has arranged permanent mortgage financing in the amount of $6,240,000 for the Verizon facility located at 173 Boston Street, Boston, Massachusetts.

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 financial institution.

Ted M. Sidel
The facility is net leased to Verizon New England which has been a tenant at 173 Boston Street for more than 38 years.  The complex serves as an important hub for Verizon within the City of Boston. Its location offers convenient road access to the City’s neighborhoods and downtown area.

Verizon occupies a mix of office and service space including a carport and a warehouse/service building with multiple drive-in doors.  The buildings total 56,870 square feet including 20,000 square feet of office space. 

Brian D. Sheehan
The 3.72 acre secure site offers ample parking for Verizon’s fleet of service vans and cherry pickers used to service, repair, and install telephone and internet service throughout the City of Boston.

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


Ted Seidel,
(617) 292-7177
Extension 10
FAX: 617.292.7575
33 Broad St., Boston, MA 02109  

RockBridge and Concord Hospitality Acquire the Renaissance Meadowlands Hotel in Rutherford, NJ

Renaissance Meadowlands Hotel
Rutherford, NJ
 RUTHERFORD, N.J., Feb. 11, 2013— RockBridge Partners, a division of RockBridge, and Concord Hospitality Enterprises, one of the top-ranked hotel developer/owner/operators in North America, today announced the acquisition of the 167-room Renaissance Meadowlands Hotel in Rutherford, NJ for an undisclosed amount. 

Both companies have a history with this asset, with Concord having developed the hotel in 2000 and managed it through two subsequent ownership changes, and RockBridge having provided first mortgage financing for the hotel upon its opening.

James T. Merkel
The hotel will embark on a $5.25 million major renovation that will include the guest rooms and bathrooms, public space upgrades, expanded fitness center, and the Renaissance Great Room concept which will be a redesign of the common spaces within the hotel like the lobby, check in area, and restaurant. The concept of the great room will be to create “more fluid, organic spaces where individuals and small groups of travelers can enjoy "relaxing work" and "social business."

Mark Laport
“The property has an excellent location and, with the planned renovation, we look forward to improving this Renaissance’s leadership position in the market,” said Jim Merkel, President and CEO of RockBridge.  “RockBridge and Concord have a long, successful history investing together and we are pleased to have them as our partner.”

“This transaction represents Concord’s continued confidence in the north Jersey market,” said Mark Laport, President of Concord.  “We currently are developing two other hotels in Northern New Jersey in addition to the 7 that Concord has in its current managed portfolio. 

“Major metro areas like northern New Jersey typically present significant barriers to entry, but as the industry continues its rebound, the right projects with the right partners increasingly making sense.

"  RockBridge has been a trusted, valued partner in several ventures over the past 10 years, and I am certain that this asset will be a strong addition to both of our portfolios.”

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

  Chris Daly, Lauralee Dobbins
(703) 435-6293

Assisted Living Community in Monroe Township, NJ Sells for $7.1 Million

                 The Residence at Forsgate
                 Monroe Township, New Jersey

TAMPA, FL (Feb. 11, 2013)…Cassidy Turley is pleased to have represented the seller of The Residence at Forsgate.

Chelsea Senior Living and Focus Healthcare Partners, in its joint venture with Artemis Real Estate Partners,purchased the 117-unit assisted living and memory care facility located in Monroe Township, NJ for $7,100,000 via a court-ordered receivership sale.

Allen McMurtry
The 69,000 square foot property was developed in 1996 and was 64% occupied at the time it was acquired. The three-story property has 89 units of assisted living and a separate 28 unit memory care wing. Chelsea, who operates 12 senior housing facilities in New Jersey, is managing the project.

The new owners are undertaking a significant capital improvement plan to upgrade the facility’s physical plant which they expect to complete within the next 12 months.

Allen McMurtry and his team have sold 136 senior housing communities in 29 states with aggregate sales volume of over $1.6 billion since 1986.


Allen McMurtry
• 813.349.8349