Wednesday, November 13, 2013

HFF arranges $13 million refinancing for WillowBrooke Apartments in Lakeland, FL

WillowBrooke Apartments, 1100 Oakbridge Parkway, Lakeland, FL

MIAMI, FL – HFF announced today that it has arranged a $13 million refinancing for WillowBrooke Apartments, a 300-unit, garden-style multi-housing community in Lakeland, Florida.

Todd Adams
HFF worked exclusively on behalf of the owner to secure the 10-year, 4.31 percent, fixed-rate loan through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.  The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

WillowBrooke Apartment Homes is located at 1100 Oakbridge Parkway across from the 650,000-square-foot open-air mall, Lakeside Village, and is adjacent to a Target and Publix-anchored shopping center.

 The property is 98 percent leased and includes one-, two- and three-bedroom units averaging 980 square feet each.  Community amenities include a 24-hour fitness center, tennis courts, basketball court, swimming pool and walking/biking trail.

The debt placement team representing the borrower was led by director Elliott Throne and associate director Todd Adams from HFF’s Miami office along with local market support from director Matt Mitchell in HFF’s Tampa office.

Matt Mitchell
Cherishome Living (formerly McArthur Properties) has a 35-year track record of accomplishment that includes multi-housing acquisition, renovation and management and additional commercial real estate experience.  The company’s current portfolio of multi-housing assets includes more than 4,000 units in Florida and Toronto, Canada.

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 |

HFF closes sale of Stop & Shop and Walmart-anchored shopping center in southwestern Connecticut

Naugatuck Valley Shopping Center, 950 Wolcott Street, Waterbury, CT

Jim Koury
BOSTON, MA – HFF announced today that it has closed the sale of Naugatuck Valley Shopping Center in Waterbury, Connecticut, one in a series of upcoming retail sales for the Boston retail team. 

HFF exclusively marketed the center on behalf of the seller and identified the buyer, Cole Real Estate Investments, Inc.

Naugatuck Valley Shopping Center is a 382,864-square-foot, Stop & Shop and Wal-Mart-anchored shopping center situated on 50.51 acres at 950 Wolcott Street approximately 2.5 miles north of Interstate 84 in Waterbury.     

The HFF team representing the seller was led by senior managing directors Jim Koury and Coleman Benedict.

“The sale of Naugatuck is the first in a series of retail deals HFF’s Boston Retail Group is expecting to close over the next several months,” said Koury. 

Coleman Benedict
“It’s been a busy year for our Boston retail team with more than $135 million in retail sale transactions totaling more than 1.0 million square feet closed thus far in the past 90 days with additional retail transactions totaling more than 2.8 million square feet either in marketing or expected to close over the next several months by the Boston team.”   

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 |

Todd Dantzler of Coldwell Banker Commercial Saunders Ralston Dantzler Realty Receives 2013 Central Florida Development Council’s Chairman’s Award

R. Todd Dantzler
LAKELAND, FL -- R. Todd Dantzler, CCIM, managing partner of Coldwell Banker Commercial Saunders Ralston Dantzler Realty, LLC in Lakeland, FL and principle with Real Estate Central Group, LLC in Winter Haven, FL was the recent recipient the Central Florida Development Council's Chairman's Award for 2013.

David Petr, president of the Central Florida Development Council (CFDC) says of the award, "The Chairman's award is given to an individual that demonstrates incredible value to the Central Florida Development Council.

“It should be no surprise that this year's recipient was Todd Dantzler. His enthusiasm and expertise have inspired my team and me to help enable prosperity in Polk County. Todd's unselfish drive to better our economy is recognized every day at the CFDC."

David Petr

Todd is has been active in East Polk County real estate for over 28 year and is a second-generation real estate leader. He is a known authority on commercial properties and land use in the Lakeland-Winter Haven metro and surrounding areas and is very active in community leadership.

Todd is a commissioner on the Polk County Board of County Commissioners and serves on many planning committees.

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

Coldwell Banker Commercial Saunders Ralston Dantzler Realty, LLC
114 North Tennessee Avenue, 3rd Floor
Lakeland, Florida 33801

$15.9 Million Townhome Community Sold by IPA in Naples, FL

Berkshire Reserve townhome community3536 Winifred Road Lane, Naples, FL

NAPLES, FL, Nov. 13, 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 Berkshire Reserve, a 146-unit townhome community in Naples, Fla. The $15.9 million sales price equates to $108,904 per unit.

Jamie B. May
            IPA Florida executive director Jamie B. May advised the seller, The Benchmark Group. The buyer is Inland Real Estate Acquisitions Inc.

            “Berkshire Reserve is a stabilized asset that is currently producing strong cash flow,” says May.  “The acquisition presents the new owner with an excellent and timely opportunity to implement additional income generators as the Naples apartment market enters a prolonged period of growth.”

Located at 3536 Winifred Road Lane in Naples, Collier County, Fla., the property is just north of Interstate 75 and seven miles from the Naples-area’s famous beaches.

 Collier County has one of the strongest economies in Florida and is one of the fastest-growing regions in the United States. The county’s population grew 27 percent between 2000 and 2009 and is projected to continue to lead the nation over the next 10 years in population growth, personal income and new job creation.

Collier County, FL Night skyline

            Constructed in 2001, Berkshire Reserve is composed of 37 two-story apartment buildings and a leasing office set amidst landscaped grounds around a large central lake and fountain. 

The 1,300-square-foot townhome-style floor plan features three bedrooms and two-and-one-half baths. Interiors have a full appliance package that includes a microwave and a refrigerator with automatic icemaker, a full-size washer and dryer, water and sewer submeters, ceramic tile tub surrounds, private patios and vaulted ceilings upstairs.

Community amenities include a spacious swimming pool with sundeck, picnic areas, a children’s playground and a car care station.

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

Gina Relva
Public Relations Manager
(925) 953-1716

IPA Arranges the Sale of 220 Units in Dallas-Fort Worth, TX Corridor

The Creek on Park Place Apartments, Bedford, TX

Will Balthrope
BEDFORD, TX, Nov. 13, 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 The Creek on Park Place, a 220-unit apartment complex in the Mid-Cities area between Dallas and Fort Worth. The terms of the sale were not released.

IPA executive director Will Balthrope, IPA associate director Drew Kile, Marcus & Millichap vice president investments Nick Fluellen and associate Bard Hoover advised the seller. 

 The buyer, a 1031-exchange investor from the West Coast, sold an apartment property in California with Marcus & Millichap senior associate Joshua Luchs and associate Joshua Ross and reinvested the proceeds in the Texas market.

Brian Adams, an associate director of IPA Capital Markets in Dallas arranged the financing.

Drew Kile
“More than $2.1 million in renovations and improvements during the last 24 months have transformed The Creek on Park Place into one of the premier properties in the submarket,” says Balthrope. “Additional opportunities to add value exist through the implementation of a water conservation program and the continuation of the unit upgrades.”

“The renovations were completed with efficiency and long-term sustainability in mind, lowering make-ready and maintenance expenses for the foreseeable future,” adds Kile.

“IPA Capital Markets arranged a permanent nonrecourse debt structure through an agency lender to meet the client’s long term financing objectives,” says Adams.

The apartment complex is located at 2001 Park Place Blvd. in Bedford, Texas near the intersection of state highways 121 and 183, less than one mile from Texas Health Harris Methodist Hospital and less than six miles from the Dallas/Fort Worth International Airport.

Nick Fluellen
Built in 1980, the Creek on Park Place is situated on nearly 12 acres in a park-like setting with mature trees and a natural creek channel.

 The new interior finishes include gourmet kitchens with contemporary glass backsplashes, stained and resurfaced cabinetry, black-on-black appliances, faux granite-style countertops, brushed nickel hardware and fixtures, gooseneck faucets, upgraded lighting, ceiling fans, two-inch blinds, walk-in closets and wood-plank flooring.

Community amenities include a swimming pool with a custom outdoor pool kitchen, a dog park and playground, fitness center, business center, laundry facility and outdoor seating areas with barbecue grills.

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

Gina Relva
Public Relations Manager

(925) 953-1716

$45 Million Southwest Florida Multifamily Sale Arranged by Jamie B. May of IPA Florida

River Reach Apartments, Naples, FL

 NAPLES, FL, Nov. 13, 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 River Reach Apartments, a 556-unit apartment complex located on the Gordon River in Naples, Fla. The $45 million sales price equates to $81,000 per unit.

Jamie B. May
            IPA Florida executive director Jamie B. May advised the seller, Aimco. The buyer is Aspen Square.

            “River Reach Apartments is a unique, waterfront, garden-style community that has recently received numerous capital improvements,” says May. “Continued enhancement of the interior units will help put the property in position to outperform the competition.”

            The multifamily asset is located just off Airport Pulling Road at 2000 River Reach Drive in southern Naples, Fla.  It is the only apartment community in the area with boat access leading directly to the Gulf of Mexico.

The location is near the area’s famous beaches, excellent arts and cultural centers and downtown Naples. Nearby employment drivers include Naples’ largest and only enclosed shopping mall, Coastland Center, Physicians Regional Healthcare Center, ASG Software Solutions and Naples Community Hospital.

Gordon River, Naples, FL
Edison State College, part of the Florida College System, is less than 10 minutes from the property and Marco Island, the largest barrier island in Southwest Florida, is 12 miles away.

            Completed in 1989, River Reach Apartments consists of 36 two-story residential buildings situated on approximately 50 acres. 

The community has a tranquil, park-like setting with tropical foliage, picnic areas and a 10-acre illuminated lake with a fountain in it and a jogging path around its perimeter. Boating, kayaking and fishing are available on the Gordon River.

The residences average 909 square feet and consist of 248 one-bedroom units and 308 two-bedroom apartments. Every unit interior has laminate countertops and flat-panel cabinetry and most units feature stainless GE appliances. All apartments have full-size washers and dryers and more than 20 percent of the units have been updated with designer faux-wood flooring in the living, dining and kitchen areas.

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

Gina Relva
Public Relations Manager

(925) 953-1716

$71 Million Secures Eight Silicon Valley Redevelopment Sites in California

El Camino Real corridor runs through San Mateo County and Santa Clara County, CA

Kirk Trammell
PALO ALTO, CA – Kirk Trammell and J.J. Taughinbaugh of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, have facilitated the sale of eight key Silicon Valley redevelopment sites along the El Camino Real corridor. Total consideration for the transactions is $71.1 million.

            “The employment gains and flow of venture capital dollars that returned in earnest to Silicon Valley in 2010 created a strong combination of factors that brought about double-digit multifamily rent growth, robust demand for office space and contributed to the ongoing recovery in the hotel sector,” says Steve Seligman, vice president and regional manager of Marcus & Millichap’s Palo Alto office.

“This growth also initiated a flurry of construction in the region and investors continue to pursue development opportunities in the area’s under-utilized locations.”

J.J. Taughinbaugh
The section of the historic El Camino Real mission trail that runs through the San Francisco Peninsula and Silicon Valley, known locally as the “El Camino Corridor,” is in the midst of a large-scale revitalization project and its transformation is providing many redevelopment opportunities for commercial real estate investors.

“Marcus & Millichap’s Palo Alto office is closely acquainted with this submarket and two of our senior investment specialists, Kirk Trammell and J.J. Taughinbaugh, have been particularly successful in identifying redevelopment project sites for clients,” adds Seligman.

In October 2013, Trammell, a senior vice president investments, and Taughinbaugh, a vice president investments, arranged the $12.35 million sale of a 2.5-acre redevelopment site located at 302 North Fair Oaks Ave., 318 North Fair Oaks Ave., 617 Arques Ave. and 627 Arques Ave. in Sunnyvale, Calif. The existing structures will be replaced by 87 single-family townhomes.

Steven Seligman
“The employment and housing booms in Silicon Valley, along with the Grand Boulevard Initiative (GBI), are creating significant opportunities for investors,” says Trammell. 

“The GBI is an ongoing regional collaboration dedicated to the revitalization of the El Camino Real corridor as it runs through San Mateo County and Santa Clara County.”

From March 2012 to the present, Trammell and Taughinbaugh have sold six additional El Camino Real corridor properties totaling $43.9 million. 

In August, the pair arranged the sale of a 1.6-acre parcel at 881 East El Camino Real and a 0.6-acre parcel at 865 East El Camino Real in Mountain View, Calif., which will see the development of 150 new multifamily units. 

“We are witnessing the transformation of older retail properties and apartments with deferred maintenance into new multifamily assets with high floor-to-area ratios,” says Taughinbaugh.

Former Palo Alto Bowl, Palo Alto, CA
“This activity is neither a new trend nor has it reached its peak. The more than 5,000 market-rate apartment units under construction in the South Bay indicate that the current building boom will last into 2014.”

Another of Trammell and Taughinbaugh’s transactions to have come full circle is the site of the former Palo Alto Bowl and Motel 6 at 4301 El Camino Real and 4329 El Camino Real in Palo Alto.

The two agents arranged the sale of the iconic bowling alley in 2007 for $14,850,000.  The project weathered the Great Recession and is now home to a 138-room Hilton Homewood Suites hotel that is currently under construction and Classics at Monroe Place, a single-family residential project that includes 10 detached residences and 16 duets.

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

Gina Relva
Public Relations Manager

(925) 953-1716

Marcus & Millichap Names Matthew J. Kipp Regional Manager in Long Beach, CA

Matthew J. Kipp
LONG BEACH, CA, Nov. 13, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Matthew J. Kipp regional manager of its Long Beach office, according to John J. Kerin, president and chief executive officer.

“Matthew has a great deal of commercial real estate investment experience as an agent and a manager,” says Kerin. “As regional manager of our Long Beach office he will be an extremely valuable resource for our agents and will expand our services to clients throughout Southern California.”

Kipp was an agent in Marcus & Millichap’s Newport Beach office from April 2003 to December 2010. He has been the sales manager of that office since September 2012.

Kipp is a graduate of the University of the Pacific.

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

Gina Relva
Public Relations Manager

(925) 953-1716

SR Commercial Acquires Two San Diego Assets; Brings Portfolio to 715,996 SF

                                          2790 Business Park Drive, Vista, CA

CJ Stos
SAN DIEGO, CA– SR Commercial has recently completed two acquisitions in the San Diego market - an 89,120 square-foot industrial/flex property in San Diego, Calif., and a 48,208 square-foot office property in Vista, Calif., bringing its current portfolio to 715,996 square feet as of November 2013.

“Investor activity is strong in Southern California, and we believe this momentum will continue,” says CJ Stos, co-founder and Principal at SR Commercial. 

“We have been extremely active buyers this year, completing eight acquisitions in 2013 alone. In addition, we currently have 265,000 square feet of office and industrial properties totaling more than $30 million under contract, set to close before year end, and we plan to continue to actively pursue new investments in San Diego, Orange County, the Inland Empire, and Los Angeles moving forward.” 

Stos notes that one challenge, especially in the San Diego market, is identifying the right properties that provide the opportunity to add value. 

Adam Robinson
“Pricing and debt continue to make this a good time to acquire quality product; however, inventory is extremely limited,” Stos says.  “For that reason, it’s essential for investors to forge strong partnerships with local brokers who can help them to identify functional assets that will be able to perform well over time.”

SR Commercial’s most recent acquisition, an 89,120 square-foot flex/R&D/industrial building located at 2727 Kurtz Street in San Diego, Calif., is an excellent example of a functional asset with strong performance potential, according to Adam Robinson, co-founder and Principal at SR Commercial.

The property was occupied by Eaton Electronics for over 25 years, but it is currently unoccupied.

“This building is unique in its positioning,” explains Robinson.  “As the only available corporate headquarters building in the area, we immediately recognized the opportunity to improve and market this property to both tenants and owner-users.”

SR Commercial plans to implement extensive interior and exterior upgrades and market the property for lease or sale.

Sean Williams
Sean Williams of CBRE and Jeff Brown of Cushman & Wakefield represented both SR Commercial and the seller, 2727 Ltd., in the $5.2 million transaction. 

In addition, SR Commercial’s other recent San Diego acquisition presents the opportunity for added value, according to Robinson, who notes that tenants and investors in the San Diego market continue to seek quality, upgraded space. 

 “Office tenants, in particular, are seeking more modern, open spaces in which they can fuel creativity and increase efficiency,” says Robinson.  “As an investor and owner, we take notice of these trends and implement improvements that will make our properties more competitive in the submarkets in which they are located.”

Jeff Brown

SR Commercial recently acquired a 48,208 square-foot office property located at 2790 Business Park Drive in Vista, Calif.  The property, which was originally developed as a build-to-suit for Cox Communications and used as a call center, is currently unoccupied.

“We plan to upgrade all of the interior space in order to expose the 12 to 14 foot ceilings on both floors, and install Solartubes, as well as additional skylights,” explains Robinson.  “Through these improvements, we will create a more open work environment filled with natural light which will appeal to tenants, as well as potential future buyers.”

SR Commercial acquired the property for $3.3 million, and after extensive upgrades, plans to aggressively market the property as one of the most cost-efficient office buildings in San Diego County with a lower lease rate than the competition, according to Robinson.

Bob Willingham, David Onosko and Ron King of Cushman & Wakefield represented SR Commercial as the buyer and Building Properties, Inc. as the seller in the transaction.

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

Jenn Quader / Amanda Alenick
Brower, Miller & Cole
(949) 955-7940

MBA Opens Doors Foundation Raises $115,000 at Annual Convention

Debra Still

 WASHINGTON, DC – Today, Debra Still, CMB, Chairman of the Mortgage Bankers Association’s (MBA) Opens Doors Foundation, released the following statement announcing Opens Doors raised more than $100,000 at MBA’s 100th Annual Convention:

“It is a tribute to the generosity of the real estate finance community that we raised over $115,000 in just three days.  That not only met, but surpassed our fundraising goal for MBA’s 100th Annual Convention.

“ I am also proud to report that every cent contributed will go directly to providing mortgage assistance grants to families that are at risk of losing their home due to medical expenses incurred while caring for an ailing child.

“For most people, the fear of losing a home is second only to the sense of panic that comes with the need to care for a seriously ill child.  

"Our goal at MBA Opens Doors is to end the specter of foreclosure for families who unfortunately – and through no fault of their own – now face the deep financial uncertainty so often involved with attending to a loved one who is too young to help themselves.

“I thank everyone who donated, and I encourage the entire real estate finance industry to go to and give to the Opens Doors Foundation so we can act to protect the one thing every family should have: a home. 

MBA is pleased to offer yet another way lenders can demonstrate their commitment to sustainable housing through charitable giving.”

The MBA Opens Doors Foundation was launched in October 2011, with an initial start-up contribution of $50,000 from the Mortgage Bankers Association and with MBA covering all administrative costs of the Foundation. 

The Foundation assists families with critically ill or injured children by providing mortgage assistance grants to help them keep their homes in the face of significant medical expenses.  

Having begun by serving families in the Washington, D.C. area, MBA Opens Doors has established a sound operational framework that will enable the Foundation to expand across the United States. 

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

Shawn Ryan
(202) 557-2727

Colliers Chosen to Lease Cutler Bay Town Center Building in Cutler Bay, FL

Cutler Bay Town Center, 10720 Caribbean Boulevard, Cutler Bay, FL

Donna Abood
MIAMI, FL - The Town of Cutler Bay has hired a team of brokers led by Donna Abood, Founding Partner and Chairman of Colliers International South Florida, consisting of Matthew Anderson, office leasing consultant and Ericka Witkowski, commercial associate, to lease the 75,000-square-foot Class B office building it owns at 10720 Caribbean Boulevard in Cutler Bay, Florida.

Available spaces range from 600 square feet to more than 17,000 contiguous square feet.

"The Cutler Bay Town Center is situated in a dynamic and unique market where multiple residential and commercial projects are currently underway," said Colliers broker Matthew Anderson.

"This construction and development activity confirms the Town's commitment of providing both its residents and consumers an attractive place to live, work, and play." 

Tenants of Cutler Bay Town Center enjoy 24-hour security (Town's Police Headquarters located on the second floor), 24-hour air conditioning, electric car charge outlets, ample lit parking, and emergency generator in the event of unforeseen power outages.

Ericka Witkowski
The Town's Police, Building and Zoning, Administrative and other Departments are located in the same Office Building, making the location ideal for professional service industries such as attorneys, CPAs, and training/educational enterprises.

The Town recently passed Legislation that allows for schools to operate in the Town Center Zoning District. This Legislation creates an opportunity for universities and career colleges to establish a presence in the Town's emerging commercial market.

Located within feet of U.S. 1 and Florida's Turnpike with both northbound and southbound exit/entry ramps, the Cutler Bay Town Center is an ideal location that is centrally located for commute-weary professionals who value their time and reside in adjacent neighborhoods such as Pinecrest, the Falls, Palmetto Bay, and Cutler Bay.

Matthew Anderson
"It is the only building of this caliber in the area with spaces ready for immediate occupancy," said Anderson.

 "It is within walking distance of Southland Mall and many other retail, restaurants and hotels. Our team is enthusiastic about the opportunities this office building makes available to businesses that serve the residents of southern Miami-Dade County."

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

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

Taylor & Mathis Continues Leasing Success at Venture Corporate Center in Hollywood, FL

Venture Corporate Center, Hollywood, FL

Donna Korn
Hollywood, FL -- Two technology firms have signed leases for 12,000 square feet  at Venture Corporate Center following the Hospital Physician Partners (HPP) 55,000 square foot renewal and expansion last month.

Donna Korn and Jennifer Patterson of Taylor & Mathis brokered the transactions on behalf of owner MetLife.

Mobile and web-based marketing platform Shooger (Mobile Promotions Network) leased 3,544 square feet.

The firm is relocating their headquarters to Hollywood, FL from offices in Coral Gables.   Shooger is a marketing technology company for local businesses. The Shooger platform delivers a one-stop-shop of Internet marketing services that includes email, web traffic, mobile punch cards, reputation management, directory listings and more.

Jennifer Patterson
Health Benefits Center nearly tripled the size of their offices signing an 8,583 renewal which includes 6,358 in expansion space. is an online referral service and source of information for people seeking to learn more about their insurance options. The company also matches people in need of insurance services with insurance professionals who can provide those services. 

Taylor & Mathis, the exclusive leasing agent for Venture Corporate Center has executed 67,000 square feet of leasing this year at the office park which contains three office buildings each approximately 84,000 square feet.   The park is currently over 90% leased.

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

Donna Korn

HC Real Estate Capital Arranges $12.5 Million in Financing for Fractured Condominium Project in Coral Springs, FL and Naples, FL

Briar Landing at the Enclave Apartments, Naples, FL

CORAL SPRINGS, FL and NAPLES, FL -- Chris Caveglia and Kurt Hoffmann of HC Real Estate Capital have arranged $12,500,000 in financing for Briar Landing at the Enclave (“BL”) and Palms Point at Coral Springs (“PP”). 

Combined, there are 280 units that are 98.5% occupied.  HC Real Estate Capital utilized its relationship with the lender to create a structure that would allow the borrower to refinance their existing debt with a new 5-year loan.

Briar Landings at the Enclave is located in Naples, Florida and was built in 1990.  The project was converted to condominiums in 2006 and consists of 138 units within a 240-unit condominium community. 

Palms Point at Coral Springs is located in Coral Springs, Florida and was built in 2003.   The project consists of 142 units within a 377-unit condominium community. 

Chris Caveglia, Principal at HC Real Estate Capital stated, “Both properties are 98.5% occupied and offer resort style amenities and are in close proximity to schools, golf courses, restaurants and shopping.”  

Caveglia went on to say, “the loan structure allows the borrower to carry out the long term plan with both properties.” 

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent and bridge commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks.

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273

Concord Hospitality Names Dean Thompson Executive Chef For Renaissance Raleigh Hotel

Renaissance Raleigh Hotel, Raleigh, NC

Chef Dean Thompson
RALEIGH, NC — Officials for Concord Hospitality Enterprises, one of the top-ranked hotel operators in North America, today announced the promotion of Dean Thompson to executive chef for the Renaissance Raleigh Hotel, in the company's headquarters of Raleigh, N.C.  Previously, Thompson served as the hotel's executive sous chef, under Dean Wendel, Concord's recently appointed corporate director of food and beverage.

Thompson is a Johnson & Wales University graduate and native of nearby Cary, N.C., where he developed an appreciation for the finer points of southern cuisine, which has catapulted him to the top of his craft. 

Earlier this year, Thompson and his team won the 2013 "Fire in the Triangle" championship.  He will compete for the Top Chef of North Carolina title November 20 through 23 when the best chefs in the state converge on the Renaissance Raleigh Hotel for the competition dining series, Final Fire.

Dean Wendel
"Chef Thompson helped open the hotel and establish its restaurant, Flights as one Raleigh's most vibrant dining rooms to celebrate regionally-inspired cuisine," said Wendel. 

 "He has a passion for great food, an impressive culinary pedigree and an authentic perspective on the culinary traditions that are his heritage. 

" He's the perfect choice to lead the food and beverage effort at this exceptional hotel and the team that serves it." 

Prior to opening the Renaissance Raleigh, in 2008, Thompson was the sous chef for the Hope Valley Country Club.  Previously, he served under Chef Jules Ramos at Mills Tavern, at the time rated one of the "75 Hottest Tables from Boston to Beijing" by Conde Nast Traveler and The Boston Globe.  During college, he worked at Mediterraneo Caffe under Chef Gianfranco Campanella.

Chef Jules Remos

            "Because we have some of the best stewards of some of the richest farmland right at our doorstep, we're able to showcase North Carolina's bounty and culinary traditions in a way that rings true for local guests, but is also up-to-the-minute for the visitors coming to Raleigh from all over the world," said Thompson. "With every meal and every banquet, we're able to shed new light on southern cuisine and southern hospitality."

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

Lauralee Dobbins
(703) 435-6293

CBRE Closes 1,596-Unit Florida Apartment Portfolio

Part of CBRE"s 12-property portfolio apartments sale in Central Florida

ORLANDO, FL -- Our CBRE Florida Multi-Housing Group is pleased to announce that is has sold an apartment portfolio totaling 1,596 units among twelve properties in Orlando, Daytona Beach, Deland, Orange City, and Jacksonville. 

Wingwood Apartments, Orlando, FL

The assets sold include: Wingwood, Sky Pines, and Branchwood in Orlando; Applewood in Deland; Oak Shade in Orange City; Nova Glen, Nova Wood, Countryside, and Volusia Crossing in Daytona Beach; and Kings Crossing, Stonewood, and Pelican Pointe in Jacksonville.  Please see attached for more detail.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office and Brian Moulder and Dhaval Patel of CBRE’s Jacksonville office exclusively represented the seller in the transaction.

Sky Pines Apartments, Orlando, FL
All 12 assets sold to an Atlanta-based owner/operator. The properties were built in the early 1980s, and feature mostly studio and 1-bedroom apartment units. The communities were 92% occupied on average at closing.

 CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $593,000,000 in apartments sales in the Orlando MSA thus far in 2013. 

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

Shelton D. Granade, Jr.,
 Executive Vice President
CBRE | Investment Properties - Multihousing
189 S. Orange Avenue, Suite 1900 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001