Wednesday, October 9, 2013

Meridian Capital Group Arranges $13.5 Million in Acquisition Financing for The Park at Moss Creek Apartments in Jackson, MS


Boca Raton, FL, Oct.  9, 2013, – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, negotiated a $13.5 million mortgage for the purchase of The Park at Moss Creek Apartments multifamily property located in Jackson, MS.

The Park at Moss Creek Apartments
Jackson, MS
The seven-year loan features a competitive fixed-rate of 4.55% and was provided by an agency lender. This transaction was negotiated by Meridian Capital Group Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL office. 

 The Park at Moss Creek Apartments is located at 5000 Ridgewood Road and contains 33 buildings totaling 393 units.

 “As the deal approached closing, the interest rate environment skyrocketed, severely impacting cash flow and loan proceeds,” said Mr. Kaminetzky.

“With the borrower having to close quickly, Meridian worked with the lender to restructure the loan to minimize the impact on the borrower’s loan terms, while maintaining the integrity of the loan,” he added.

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

Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
Direct: 212.612.0181
Fax: 212.201.5181

Market Street at Heath Brook: Open House in Ocala, FL

Ocala, FL–What: An engaging, interactive event showcasing what the future holds for Market Street at Heath Brook. The first 100 attendees will receive gift bags in addition to being entered to win a shopping spree at Market Street. Lunch will be provided.

Who:   Brokers, Retailers, Government Officials and the community of Ocala, FL.

Why:   To introduce the community to the new ownership and management team (The MGHerring Group, Tricom Real Estate Group and Crossman & Company) while discussing future plans for Market Street at Heath Brook.

 Market Street at Heath Brook is Ocala’s premier shopping destination. The 685,000 square foot regional lifestyle center is anchored by Dillard’s, Dick’s Sporting Goods and major tenants such as Barnes & Noble, Ulta Beauty and DSW.

The center is further strengthened with restaurants and name brand tenants that are a mix of national, regional and local merchants.

Where: Market Street at Heath Brook | Former Party City Space
4414 SW College Rd. #1170 | Ocala, FL

 When:  Thursday, October 17 | 11:00AM – 1:00PM

 Cost:   Complimentary | RSVP required for entry and must be received by October 16th.

RSVP to Betsy Smith

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

Claire Pagán

HFF closes land sale and secures JV equity for development site in Miami, FL

Dadeland Mall, south Miami, FL

MIAMI, FL – HFF announced today that it has closed the sale of and arranged joint venture equity for the development of a 3.1-acre site directly across from Dadeland Mall, “one of the most successful regional malls in the country”.

Manny de Zarraga
                HFF marketed the property on behalf of the seller, Dayco, and procured the buyer, The Morgan Group, Inc.   The land was taken down by Morgan and a client of Invesco Real Estate.

 HFF worked in conjunction with Morgan to secure development equity via a joint venture with Invesco.  HFF also previously arranged a refinancing of the site in the fourth quarter of 2012.

                The site is strategically located at the heart of the Dadeland Golden Triangle near the nexus of U.S. 1, Kendall Drive, the Palmetto Expressway and Metrorail providing ready access to all of Miami-Dade County. 

The development potential for the site, including residential housing to be developed by Morgan, is driven by the close proximity of major employment generators including Baptist Hospital System and the University of Miami.  Dadeland Mall’s recent 102,000-square-foot expansion highlights the strength of this location.  

                 The HFF team for the multiple capital markets transactions was comprised of executive managing director Manny de Zárraga, managing director Matt Kafka,  directors Chris Drew and Jaret Turkell, and senior real estate analysts Maurice Habif and Jorge Portela. 

Chris Drew
                HFF’s capital markets team secued more than $2.9 billion in sales of multi-housing and land assets nationally and in Florida during the first half of 2013.

                Dayco is a Miami-based real estate development firm that has completed a broad array of successful projects since its founding in 1971, including more than 2,000 residential rental units throughout Florida, one of the first modern luxury high-rise condominiums in Sunny Isles Beach, an office condominium project in the Dadeland area, and four successful developments within the City of Coral Gables.

Jaret Turkell
 The Morgan Group, Inc. is a leader in high-end multifamily development, construction, and property management.  

In 1988, Morgan began to focus primarily on infill Class A multifamily development and property management in major job growth markets throughout the U.S.  Over the last 25 years, Morgan has developed over 50 projects consisting of over 15,000 units with a total cost exceeding $1.7 billion.

Established in 1983, Invesco Real Estate manages $53.2 billion of real estate investments, including $30.4 billion in direct real estate investments and $22.8 billion in real estate securities (as of June 30, 2013). 

Biscayne Bay, Miami, FL
  With more than 350 employees in 18 offices worldwide, the group focuses on top-down market and property fundamentals combined with bottom-up local market intelligence.  

Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance.

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
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 |

Avison Young completes 13,337-square-foot office lease with Cross Campus in Santa Monica, CA

1558 10th Street, Santa Monica, CA

Randy Starr
 Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has completed a seven-year office lease with Cross Campus, a Santa Monica, CA-based business that provides co-working space for entrepreneurs, creative, and mobile professionals. Cross Campus will occupy 13,337 square feet  at 1558 10th Street in Santa Monica.

Avison Young Principal Randy Starr and Tim Dornan, a Vice-President in in the company’s Santa Monica office, represented Cross Campus as well as the property owner, Tenth & Colorado Associates Ltd., in the transaction.

 Cross Campus will be relocating and expanding from its current Santa Monica premises just two blocks away at 820 Broadway. The company anticipates that it will occupy its new space in early 2014. 

Tim Dornan
 Built in 1942, the building has a bow truss ceiling and offers an open-floor plan ideal for creative space.

“This property offered a prime Silicon Beach location as well as the opportunity for Cross Campus to make improvements that fit its creative culture,” says Starr.

 “Locations like this are few and far between, as the market for office space in the Santa Monica area is highly competitive and is getting tighter. The vacancy rate in Santa Monica has decreased from approximately 12% in 2012 to 6% in 2013.”

 1558 10th Street is located near the major cross streets of 9th Street and Colorado Avenue with easy access to the 10 and 405 freeways, Los Angeles International and Santa Monica airports, and is located along the Expo Line expansion that is set to begin running to Santa Monica in 2015.

 “We were fortunate to partner up with an unbelievable real estate team in Randy Starr and Tim Dornan of Avison Young. They understood our business and helped us negotiate a favorable deal on the space,” says Ronen Olshansky, co-founder and CEO of Cross Campus.

“With this new space, which is about 30% larger than our previous space, we will be doing an extensive renovation in order to offer private offices, more meeting rooms, and a bigger, better event space for our members.”

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

Darcie Giacchetto
D.G. Communications, Inc.

Retail Continues to Improve in Metro Orlando market; Investor Demand Intensifies

Universal Resorts' Harry Potter Theme Park

ORLANDO, FL -- Positive economic trends in the Orlando metro, such as heightened tourism, job creation, and an improving housing market, will generate additional demand for retail space this year, Marcus & Millichap reports.

Orlando’s many theme parks, shopping centers, and golf courses attracted 57 million visitors last year, a 3.3 percent increase from 2011.

Tourism will improve further with the expansion of Universal Resort’s Harry Potter theme park, which is slated to open next year. Tourism supported employment gains in the leisure and hospitality sector.

 In addition to employment growth, retailers are benefiting from Orlando’s strengthening housing market as new homeowners spend on housing-related goods.

Solid demand from prospective home buyers triggered a 49 percent year-over-year increase in single-family home permits in the first half of 2013. 

To accommodate the growing population, retailers such as WaWa, RaceTrac, 7-Eleven and Dollar General are expanding in the Orlando market.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Active Housing Market Draws Retailers to Tampa Bay, FL

Trader Joe's, south Tampa, FL

TAMPA, FL -- The strengthening local economy is attracting retailers eager to expand in the greater Tampa Bay market, according to a third-quarter market report by Marcus & Millichap.

Lime Fresh Mexican Grill
 Eleven consecutive quarters of employment growth is supporting the formation of households and generating new housing demand.

Competition among homebuyers in desirable urban neighborhoods has produced bidding wars, pushing many first-time homebuyers to farther out suburban locations, filling subdivisions that were put on hold during the recession.

The migration of residents to these areas bodes well for owners of smaller strip centers nearby that were hit hard when the downturn struck. Land annexations in outlying areas are also a signal of more residential construction down the road.

Meanwhile, Tampa and St. Petersburg have approved high-rise housing projects in their downtowns. The potential for further population growth has enticed national retailers, including the Container Store, Gander Mountain and Trader Joe’s, to enter the market.

Local and regional chains are also proliferating. Corner Bakery Café and Lime Fresh Mexican Grill, for example are new to the area, while Kahwa Coffee will open its sixth outlet in South Tampa this year and plans to have 15 locations by the end of 2015.
For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

High Occupancy Accelerates Buyer Demand for Retail in Miami-Dade County, FL

MIAMI, FL  -- Improving economic trends are supporting a strong retail property sector in Miami-Dade County, according to a third-quarter market report by Marcus & Millichap.

Fortified by demand from foreign buyers, housing starts are on track this year to rise to their highest annual level since before the recession.

Fontainebleau Hotel, Miami Beach, FL
Travel and tourism are also providing momentum to the local economy. Hotel occupancy is up to nearly 80 percent year to date, and spending by visitors is firming up retail operations.

 Local employers are also creating jobs, albeit at a slower rate than in the first half of last year. Employers may be facing challenges finding local residents to fill degreed positions in professional and business services, and financial services.

 Each sector reduced hiring in the first half of this year. New residential construction has not triggered an expansion of construction employment, though hiring could increase as projects progress from site preparation to interior work.

Healthcare employment is also soft, perhaps reflecting the ongoing difficulties of the Jackson Health System.

The market’s strong consumer demand keeps Miami retail operations as one of the tightest in the nation with overall vacancies averaging under 5 percent.

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

Gina Relva
Public Relations Manager
(925) 953-1716

IPA Arranges Sale of 344 Units in Northwest San Antonio, TX

Coppermill Apartments, northwest San Antonio, TX

Will Balthrope
SAN ANTONIO, Oct. 8, 2013 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Coppermill Apartments, a 344-unit apartment complex on San Antonio’s northwest side. The terms of the sale were not released.

Will Balthrope, an IPA executive director, Scott Lamontagne, an IPA director and Marcus & Millichap senior associate Moses Siller advised the seller, a large private entity based in the northeastern United States. The buyer is a Las Vegas-based acquisition firm.

            “The northwest side of San Antonio is one of the most dynamic growth areas in the city,” says Balthrope. “The acquisition of Coppermill Apartments provides the new owner with a great opportunity to benefit from this booming area.”

“This is an established multifamily asset with existing cash flow and an opportunity to capture significant rent increases through a well-executed unit enhancement program,” adds Lamontagne.

Scott Lamontagne
Built in 1980 on 10 acres at 5827 Northwest Loop 140 in San Antonio, the property is within minutes of several of San Antonio’s strongest employment centers including USAA’s world headquarters, the South Texas Medical Center, Valero Marketing and Supply Co.’s world headquarters, Harland Clarke Corp. and The University of Texas at San Antonio.

The 235,320-rentable square-foot Coppermill Apartments provides residents with a choice of four unique floor plans. Apartments feature fully equipped electric kitchens, a private balcony or patio and spacious closets. 

Community amenities include two swimming pools, picnic and barbecue areas and tennis and basketball courts.

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

Gina Relva
Public Relations Manager
(925) 953-1716

MBA’s Burke Testifies on Multifamily Housing Finance Reform

E.J. Burke

WASHINGTON, D.C. (Oct.  9, 2013) – E.J. Burke, Chairman-Elect of the Mortgage Bankers Association (MBA), testified today before the U.S. Senate Committee on Banking, Housing and Urban Affairs at a hearing titled “Housing Finance Reform:  Essential Elements of the Multifamily Housing Finance System.”

Below is a copy of Mr. Burke’s oral testimony, as prepared for delivery.

 "The multifamily rental housing market is a critical component of our housing system — in size, reach and the households that it serves.  More than one in three American households rent their home, and more than 16 million of those households live in multifamily rental housing.

"Renters include workers who want to live near their jobs, retirees on a fixed income, families with children, students, and households who value the convenience and mobility that renting offers.

"A large and diverse group of capital sources currently provide liquidity for multifamily housing, and that diversification continues to increase. Private capital also bears significant risk in existing GSE multifamily finance platforms.

“ The government-backed sources have experienced, even through the recent financial crisis, very strong credit performance. Importantly, as the recent economic downturn demonstrated, the counter cyclical role is one that only the government can fulfill.

 "With Fannie Mae and Freddie Mac’s conservatorship going on more than five years, policymakers must develop a long-term plan for the future role of the federal government in the mortgage market. This plan must address the GSEs’ unique role in multifamily rental housing. 

“It is clear that the current state of the GSEs should not last indefinitely.  However, policy makers should ensure the ongoing stewardship of valuable resources that support the multifamily market and utilize them to transition to a stronger housing finance system.

 "As the Committee considers the structure of the multifamily housing finance system, we believe that policy makers should focus on ensuring the availability of capital in all market cycles. 

“MBA believes that public policy should strike a balance that continues to attract and deploy private capital in the multifamily market, while establishing a focused government guarantee that enables liquidity and stability in all markets and all economic cycles.

 "Bearing this in mind, MBA believes that a new system should incorporate several structural recommendations, which I describe in more detail in my written testimony:

 "First, a wholly-owned government corporation should function as a catastrophic guarantor, administrator of a risk insurance fund, and regulator of secondary market entities. This guarantor would be funded by guarantee fees paid by issuers.

 "The new system should also allow multiple, privately-capitalized issuers of government-guaranteed securities in the secondary multifamily mortgage market.

 "Next, the GSEs’ existing multifamily assets and infrastructure should be preserved and carried over to a new system.  Not only are these businesses valuable to U.S. taxpayers, transferring them to new entities would minimize market disruption and allow them to continue to serve the multifamily housing finance market.

 "Finally, we firmly believe that proposed approaches should also be reasonable, flexible, and balanced with regard to the need to attract private capital.   

"For example, policy proposals contemplating affordability requirements should take into account that 93 percent of multifamily units have rents affordable to households earning area median incomes or less.

 "We are encouraged by recent legislative activity that has revived the policy debate on the future of Fannie Mae and Freddie Mac, and commend the efforts of the Chairman and Ranking Member, and those on this committee who have introduced thoughtful proposals that would create a comprehensive framework for the future of housing finance. 

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

Shawn Ryan
(202) 557-2727

Berger Commercial Realty Brokers Negotiate Seven Leases at Oakland Commerce Center in Fort Lauderdale, FL

Oakland Commerce Center, Oakland, FL

Judy Dolan
FORT LAUDERDALE, FL (Oct. 9, 2013)- Berger Commercial Realty, a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced brokers Judy Dolan, Keith Graves and Greg Milopoulos recently closed seven leases totaling nearly 14,000 square feet of flex/office space at the Oakland Commerce Center in Fort Lauderdale.

Keith Graves
The firm represented landlord Oakland Center Associates, LTD in signing new leases with:
  •  Complete Power LLC for 2,746 square feet;

  • Florida State University Board of Trustees, represented by Eric Saenz of Structure Realty Services, for 1,970 square feet;

  • Blackbirch Farms, Inc., d/b/a Molly Maids of Fort Lauderdale, represented by Steve Gottlied of Remax, for 1,542 square feet;

  • James Spence Authentication for 1,246 square feet;

  • Greg Milopoulos
  • Midwest Construction Services, Inc., represented by Jonathan Thiel of Berger Commercial Realty, for 990 square feet.
  • Berger Commercial Realty also represented Oakland Center Associates in signing a lease renewal with Dietmatch, Inc., and an expansion deal with Cornerstone Recovery Center, Inc.

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

Marielle Sologuren
(954) 776-1999, ext. 226

HFF closes $41 million sale of multi-housing community in Atlanta’s historic Virginia Highland district

Virginia Highlands Apartments, 609 Virginia Avenue
 Historic Virginia Highland District, Atlanta, GA

Megan Thompson
ATLANTA, GA – HFF announced today that it closed the sale of Virginia Highlands, a 270-unit, garden-style multi-housing community in Atlanta’s historic Virginia Highland district.

HFF marketed the property for Fairfield Residential.  TA Associates Realty purchased Virginia Highlands for $41 million free and clear of existing debt. 

Virginia Highlands is located at 609 Virginia Avenue with 600 feet of frontage on The Atlanta Beltline and in close proximity to Piedmont Park and the soon-to-open Ponce City Market.  Situated on 6.5 acres of land, the property features studio, one- and two-bedroom units averaging 744 square feet each. 

The HFF investment sales team representing the seller was led by senior managing director Jason Nettles and director Megan Thompson.

Jason Nettles
“This property’s strong historical performance and its irreplaceable location in one of Atlanta’s most walkable locations presented investors a tremendous value-add opportunity,” commented Nettles.

Fairfield Residential (“Fairfield”) is among the most experienced multi-housing real estate operating companies in the United States.  Fairfield employs approximately 1,600 people in offices strategically located throughout the country.

Established in 1982, TA Associates Realty ("TA Realty") is one of the largest and most experienced privately held real estate advisors in the United States.  TA Realty manages 96 million square feet of commercial real estate and 8,900 residential units located in 35 markets nationwide.

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 |

HFF arranges $17.25 million in financing for Ten Oaks Apartments in Austin, TX

Ten Oaks Apartments, 12612 North Lamar Boulevard, Austin, TX

Michael Ochstein
DALLAS, TX – HFF announced today that it has arranged $17.25 million in financing on behalf of Michael Ochstein, President of Price Realty Corporation

               HFF worked on behalf of Price Realty Corporation to secure the three-year, floating-rate loan through Principal Real Estate Investors.  Loan proceeds were used to acquire the property.  

This is the third acquisition by Price Realty in Austin during the past year, the others being Keystone Apartments and Acacia Cliffs.

               Ten Oaks Apartments is located at 12612 North Lamar Boulevard about 10 miles north of downtown and close to Interstate 35 and U.S. Route 290.  Completed in 2013, the Class A property has 192 units that are 97% leased.

John Brownlee
 Community amenities include a clubhouse, fitness center, resort-style pool, barbecue grills and smoker, business center, outdoor fireplace, gaming lounge with Wii, billiards parlor, and cyber café.

               The HFF team representing Price Realty Corporation was led by senior managing director John Brownlee.

Founded in 1991, Price Realty Corporation owns/manages over 6,000 apartment units throughout Texas.

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 |

PCCP Provides $41 Million Senior Loan to Petrovich Development Company to Finance Curtis Park Village in Sacramento, CA

Aerial of planned Curtis Park Village, Sacramento, CA

Sacramento, CA, Oct. 9, 2013 - PCCP, LLC announced today it has provided a $41 million full recourse senior loan to Petrovich Development Company to refinance an existing senior loan and to provide future funding for the completion of infrastructure at Curtis Park Village.

Curtis Park Village is a $250 million mixed-use development comprised of 71 acres of vacant land that is currently entitled for 181 single family homes, 334 multifamily units, three commercial sites, open space, parks and public property.

The land is an infill location between Land Park and Curtis Park, two 80-year-old legacy neighborhoods that are the most sought after, high-end traditional neighborhoods in the City of Sacramento.

Curtis Park Village is located at the intersection of Sutterville Road and 24th Street and is directly adjacent to Sacramento City College and the 130-year-old Children’s Home. The land was a former Western Pacific rail yard and will be served by light rail via an $11 million pedestrian and bicycle bridge now under construction.

Sacramento City College
In 2003 the site was acquired by Petrovich Development from the Union Pacific Railroad who had since purchased the Western Pacific rail yard.  

Petrovich Development Company has expended more than $30 million over the past decade to clean up and entitle the site for the planned development. Recently the firm commenced the Phase I infrastructure construction that is expected to be completed by April of 2014.

”We are pleased to provide financing for this one-of-a-kind infill redevelopment project that will greatly enhance the neighborhood and bring a signature Petrovich Development Company, grocery-anchored retail development to this underserved submarket. The company’s president, Paul Petrovich, has worked exhaustively over many years to make this project a reality,” said Phil Russick, principal with PCCP, LLC.

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

Darcie Giacchetto
Spaulding Thompson & Associates