Friday, September 20, 2013

Arbor Finances $25.3M in Multifamily Deals Across New York Area


103 Chancellor Avenue Apartments, Newark, NJ

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, and a national, direct commercial real estate lender, announced the recent funding of eight loans totaling $25,255,000 across the country under a variety of loans, including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan and Fannie Mae DUS® Small Loan product lines. These loans include:

25 Van Velsor Place Apartments, Newark, NJ
 ·         103 Chancellor Avenue Apartments, Newark, NJ – This 108-unit multifamily property received $7,000,000 funded under the Fannie Mae DUS® Loan product line. The five-year refinance loan amortizes on a 30-year schedule. The complex includes a central laundry facility that is located on the ground floor. The property is close to major highways, including the Garden State Parkway, as well as Newark Liberty International Airport.

·         25 Van Velsor Place Apartments, Newark, NJ – This 83-unit multifamily property received $5,000,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 15-year schedule. The complex includes a central laundry facility that is located on the ground floor.  The property is located approximately 15 miles west of New York. 

227 North Oraton Parkway Apartments
 East Orange, NJ
·         227 North Oraton Parkway Apartments, East Orange, NJ – This 25-unit multifamily property received $1,103,100 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule. The property is located approximately 15 miles west of New York.

·         5-15 Rhode Island Avenue Apartments, East Orange, NJ – This 22-unit multifamily property received $1,031,900 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule. The property is located approximately 15 miles west of New York and includes on-site parking.

5-15 Rhode Island Avenue Apartments
East Orange, NJ
·         Menahan Street Apartments, Brooklyn, NY – This 12-unit multifamily property received $3,350,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex is located approximately within easy access to public transportation, including the M & L subway trains. 
                                                             
·         1 Fred Hecht Apartments, Spring Valley, NY – This 18-unit multifamily property received $3,235,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Each unit has a private garage and private driveway.  The property is located about 20 miles from Manhattan. 

1 Fred Hecht Apartments, Spring Valley, NY
·         48-52 South 2nd Avenue Apartments, Mount Vernon, NY – This 33-unit multifamily property received $2,540,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 25-year schedule. The building includes a central laundry room and is located approximately 21 miles from Manhattan.   

·         Ellery Street Apartments, Brooklyn, NY – This 17-unit multifamily property received $1,995,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

All of the loans were originated by Alexander Kaushansky, Vice President in Arbor’s New York office.

Alexander Kaushansky
 “Each of these properties represents the efforts of Arbor to provide competitive financing in some of the New York area’s fastest growing neighborhoods. As a New York-based lender, our unique expertise in these neighborhoods is unmatched.” Kaushansky said.

 “Furthermore, as always, it is our intention to customize the necessary funding for borrowers, wherever their business takes them and no matter the loan size required.”

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

Chistopher Ostrowski

HFF secures $8.2 million financing for San Diego County, CA manufactured home community


Volla Cajon. 255 East Bradley Avenue, El Cajon, CA

SAN DIEGO, CA – HFF announced today that it has arranged $8.2  million in financing for Villa Cajon, a 125-home site manufactured home community in El Cajon, California.

Zach Koucos
                HFF worked on behalf of the borrower, Kingsley Management, to secure the 25-year, fixed-rate, fully-amortizing loan through Lincoln Financial Group.  HFF will also service the loan.

Villa Cajon is located at 255 East Bradley Avenue just off the San Vicente Freeway, approximately 20 minutes from downtown San Diego.  The all-ages community is 100 percent occupied and features a clubhouse, swimming pool, game room, playground and picnic area. 

                The HFF team representing the borrower was led by director Zach Koucos.

“This well-maintained property has demonstrated consistent demand, and excellent occupancy history.  The lender recognized the strength of this asset and offered a very compelling long-term rate,” Koucos said.

Founded in 1973, Kingsley Management Corp (KMC) is one of the largest privately-owned manufactured home community operators in the nation.  KMC oversees more than 40 communities in the states of Texas, New Mexico, Colorado, Utah, Arizona, Nevada, Idaho and California.


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



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

HFF arranges $99.2 million financing for Atlantic Plumbing mixed-use development in Washington, D.C.



Rendering of planned Atlantic Plumbing mixed-use development
U Street and North Shaw submarket, Washington, DC

Sue Carras
WASHINGTON, D.C. – HFF announced today that it has arranged $99.2 million in financing for Atlantic Plumbing, a 375-unit, Class A, trophy urban infill mixed-use development in the U Street/North Shaw submarket of Washington, D.C.

HFF worked on behalf of entities owned by The JBG Companies and Walton Street Capital, L.L.C. to place the four-year construction loan, with extension options for an additional three years, with Capital One.

The development is situated at the northwestern and southwestern corners of the intersection of 8th Street and V Street NW, two blocks from the U Street metro station.

Walter Coker
Due for completion in early 2015, the property will consist of 375 designer residential units and 23,785 square feet of ground-floor retail space, including artist studios, in two separate buildings.

  Designed by New York architect Morris Adjmi, the project will feature one- and two-bedroom units averaging 716 square feet each.

 Community amenities include a state-of-the-art fitness center with yoga and spin area, lounge with bar and theater, rooftop gardens, rooftop pool with panoramic city views, rooftop grilling stations , rooftop movie screening area and electric car charging stations.

Brian Crivella
The HFF debt placement team was led by Sue Carras, Walter Coker and Brian Crivella.

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

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

240.333.3600.



Mayor Kasim Reed Joins New York City’s TEDCity2.0 at Atlanta City Hal in Day-long Discussion on Urban Innovation

                                        


ATLANTA, GA (Sept. 20, 2013) — Invest Atlanta working with the local TEDx Chapter will live-stream New York City’s TEDCity2.0, a daylong event for urban innovators, organizers and builders at City Hall, the Old Council Chambers. Atlanta’s Mayor Kasim Reed joins the Redefining Citizen discussion to talk about Atlanta as one of America’s most diverse cities.
Mayor Kasim Reed

“We are proud to have Mayor Kasim Reed represent our city on a global stage,” said Brian P. McGowan, president and CEO of Invest Atlanta. “TEDCity2.0 is the perfect opportunity to highlight Atlanta as a thriving hub for business and culture.”

TED, a nonprofit organization that promotes “Ideas Worth Spreading,” supports world-changing ideas through multiple initiatives, including TEDx. The program allows self-organized groups to gather local thinkers and leaders for innovative discussions. Atlanta’s local TEDx chapter, TEDxPeachtree, is hosting the Sept. 20 simulcast. 

“Atlanta’s diversity is one of the reasons why the city has such a strong global presence,” said Mayor Kasim Reed. “I’m eager to join leaders from around the globe to discuss urban progress and Atlanta’s bright future.” 

Brian P. McGowan
The TEDCity2.0 anchor event, hosted at TimesCenter in New York City, takes place from 9 a.m. to 5 p.m. EST and features more than 20 speakers. The event coincides with global TEDx events over a 48-hour period. Communities across the globe will focus on themes such as art, education, food, health and public space.


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



Nancy Johnson
The Wilbert Group
404-343-0886 (O) 


FrontDoor Communities Breaks Ground on Traditions in South Forsyth County, GA



County officials and members of the community gathered to celebrate the future community that will house 12 parks, tennis courts and other outdoor amenities that will promote an active lifestyle. A future 184,000-square-foot neighborhood marketplace will be developed next to the property in the future


ATLANTA, GA – At a groundbreaking event, September 18, 2013, FrontDoor Communities celebrated with some 40 guests and supporters to kick off the company’s inaugural project in Atlanta. Traditions, a 400+ home neighborhood on 158 acres in south Forsyth County, is the largest land acquisition in metro Atlanta in seven years. 

Terry Russell
The ceremony was held at the residential community’s development site, 1.7 miles from Ga. 400 near the intersection of Atlanta Highway 9 and Castleberry Road. The community is ideally situated adjacent to Fowler Park and the Big Creek Greenway.

FrontDoor is developing Traditions in a joint venture with Lamar Wakefield of Wakefield Beasley, an award-winning Atlanta –based architecture firm.

Also joining the team is The Providence Group, another Atlanta-based homebuilder.

Mike Langella
“At FrontDoor Communities, we are recognized for delivering better homes through quality design,” said FrontDoor CEO and Partner Terry Russell

"Not only will Traditions offer high-quality homes with thoughtful design, but the community’s 12 parks, tennis courts and countless other outdoor amenities reinforce our objective to embrace the local community’s devotion to the outdoors by fostering an active lifestyle.

“We are extremely excited about the amenities we’re bringing to Traditions and are thrilled that The Providence Group is part of the project. We selected them because of their commitment to design excellence that aligns perfectly with our core values.”

Lisa Brutvan
FrontDoor CEO Terry Russell, president Mike Langella and division vice president of Atlanta Eric White were joined by several representatives from Forsyth County government including Commissioner Todd Levent, County Manager Doug Derrer and District 1 Chairman Pete Amos in marking this important milestone. Warren Jolly, Kelly Kenton Fink, Tom Peterson and Lisa Brutvan of The Providence Group also participated in the groundbreaking ceremony.

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

Leigh Taylor
The Wilbert Group
o: 404-343-0637
c: 404-263-9415

C&W Brokers Bulk Luxury Condominium Deal in Celebration, FL


Mirasol at Celebration, Celebration, FL

Jay Ballard
ORLANDO, FL— Cushman & Wakefield of Florida is pleased to announce its Orlando-based Multifamily Advisory Services team of Senior Director Jay Ballard, Associate Director Ken Delvillar and Associate Lindsey Pfaender recently closed a bulk condominium transaction at Mirasol at Celebration in Celebration, Florida.

Ken Delvillar
Cushman & Wakefield represented an unnamed financial institution in the sale of 163 luxury condominium units at Mirasol, a 210-unit, resort-style, Class A property in the Celebration master-planned community. 

The 163 units totaled 234,720 square feet for an average unit size of 1,440 square feet. The transaction was valued at $33,648,000 — or $206,430 per unit and $143 per square foot.

Lindsey Pfaender
Originally built as a rental community in 2002, Mirasol at Celebration was converted to condominiums in 2005 after being sold for a market-record $84 million ($402,000 per unit).

 The community was 98 percent occupied at the time of sale and provided purchaser Levin Realty Advisors, LLC with the opportunity to obtain the lion's share of local, for sale product.

"This asset represents the largest stock of available inventory for sale within the Celebration PUD," said Ballard. "Levin plans to manage the asset for retail sale over the next 24 to 36 months as the residential market continues to strengthen."

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

David Meyer