Wednesday, November 20, 2013

HFF secures $70 million financing for 19-property self storage portfolio

Stephen Skok

CHICAGO, IL – HFF announced today that it has secured $70 million (or $55 per rentable-square-foot) in financing for a 19-property self storage portfolio totaling 1.26 million rentable square feet in various locations in Illinois, Ohio, Florida, Nevada, Rhode Island and New York.

                HFF worked on behalf of Harrison Street Real Estate Capital to arrange the two-year, non-recourse, floating-rate loan through a national bank. 

                The 11,238-unit portfolio includes assets in Illinois, Ohio, Florida, Nevada, Rhode Island and New York.  The assets are 83 percent leased and are managed by two of the industry’s most respected operators, Morningstar and CubeSmart.

                The HFF team representing the borrower was led by managing directors Stephen Skok and Timothy Joyce.

Timothy Joyce
Harrison Street Real Estate Capital was founded in 2005 and has approximately $5.5 billion in assets under management.

 The firm currently owns approximately $4.6 billion in real estate assets including more than 28,000 student housing beds, more than 7,500 senior housing/assisted living units, more than 1.8 million square feet of medical office space, more than 72,000 self-storage units, and more than 4,100 dry and wet boat storage slips.

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 named to market for sale two newly constructed multi-housing communities in Indianapolis area

Solana Apartments at the Crossing, 7745 Solana Drive, north of Downtown Indianapolis, IN

Wick Kirby

CHICAGO, IL – HFF announced today that it has been named to market for sale Solana Apartments at the Crossing, a 384-unit, Class A multi-housing community located to the north of downtown Indianapolis and Penn Circle Apartments, a 193-unit, Class A multi-housing community in Carmel, Indiana.

Matthew Lawton
                HFF is marketing the properties on behalf of Milhaus Ventures.  The properties are being marketed without a formal asking price and can be purchased individually or as a portfolio on an “All Cash” basis.

Solana Apartments at the Crossing is located at 7745 Solana Drive just off North Keystone Avenue near Fashion Mall at Keystone and Interstate 465, approximately 10 miles north of downtown Indianapolis. 

The project is being constructed in two phases with the first 336 units scheduled for completion in December 2013 and the second 48 units scheduled for delivery in April 2014.
Ken Martin

 Situated on 55.5 acres, the property includes a 26-acre lake offering resident boat slips and direct access to the White River.  Community amenities include a resort-style swimming pool, private cabanas, clubhouse, state-of-the-art teaching kitchen, fitness center, yoga room, media lounge, business center, outdoor theater, fitness trails and a watercraft launch area.

Penn Circle Apartments is located at 12415 North Pennsylvania Street just off U.S. Highway 31 in Carmel, approximately 14 miles north of downtown Indianapolis.

Dave Keller
 Completed in 2013, the 193-home community is 96 percent leased and includes one- and two-bedroom units with an average home size of 920 square feet. 

Community amenities include a resort-style swimming pool, 24-hour fitness center, clubhouse, outdoor kitchen with fireplace, gaming area, business center and complimentary bike rentals for use on the nearby Monon Greenway bike path.

The HFF investment sales team representing the seller is led by associate director Wick Kirby along with executive managing director Matthew Lawton, associate director Ken Martin and senior managing director Dave Keller.

Penn Circle Apartments rendering, Carmel, IN
Milhaus Ventures is a team of inspired and industrious individuals, headquartered in Indianapolis, who are committed to the development of mixed-use and multifamily real estate. 

The company delivers solutions for its urban neighborhoods, cities and partners by providing expertise in real estate investment, development and management.

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 $51 million financing for The Ritz-Carlton, Denver

The Ritz-Carlton, Denver, Downtown Denver, CO

Eric Tupler
DENVER, CO – HFF announced today that it has arranged $51 million in financing for The Ritz-Carlton, Denver, a 202-room, luxury hotel in downtown Denver, Colorado. 

                HFF worked exclusively on behalf of the borrower, Pearlmark Real Estate Partners, to secure the three-year, floating rate loan through a joint origination effort by Annaly Commercial Real Estate Group, Inc.  and Principal Real Estate Investors. 

 Proceeds from the loan will be used to refinance an existing loan facility.  The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, Maryland will remain as manager of the property.

John Bourret
Originally completed in 1983, the building underwent a complete renovation and opened as The Ritz-Carlton, Denver in January 2008.  

The hotel occupies the first 14 floors of a 37-story tower, with the Apartments at Denver Place and the Residence XXV condominiums (not part of this transaction) occupying the upper levels.

 Hotel amenities include Elway’s Restaurant, 12,000 square feet of meeting space, a full-service spa and business center, as well as guest access and use of the FORZA Fitness and Performance Club with saltwater lap pool and full-size basketball court.

Josh Simon
 The hotel is located on 0.5 acres and is bordered by 18th Street, 19th Street, Arapahoe Street and Curtis Street in downtown Denver’s Financial District.  The property is the only AAA Five Diamond-rated hotel in the city.

                The HFF team representing the borrower was led by senior managing director Eric Tupler, managing director John Bourret, director Josh Simon and real estate analyst Matt Gangaware.

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 Senior Loans Totaling $57.5 Million to Recapitalize Two New Jersey Hotels

Sheraton Edison Hotel, Edison, NJ

Kevin Chin
New York, NY - PCCP, LLC announced it has provided two senior loans to a private, East Coast-based real estate firm totaling $57.5 million for the recapitalization of two New Jersey hotels. The hotels include the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison.

“These loans are supported by institutional quality assets with strong in-place cash flow and significant upside potential,” said Kevin Chin, vice president with PCCP, LLC.

PCCP provided a $41 million loan for the recapitalization and repositioning of the Hilton Meadowlands & Conference Center (formerly the Sheraton Meadowlands), a 427-room full-service hotel located less than a mile from MetLife Stadium (the site of the 2014 Super Bowl) and just six miles west of Manhattan.

Hilton Meadowlands Hotel, East Rutherford, NJ

 The hotel was acquired in 2005, underwent a $17 million renovation in 2006, was reflagged as a Hilton Hotel in conjunction with the closing of the PCCP loan, and will undergo a significant property improvement plan following the Super Bowl.

PCCP also provided a $16.5 million loan to refinance an existing senior loan on the Sheraton Edison, a 276‐room full-service hotel located within the Raritan Center corporate park in Edison, which is made up of nearly 350 companies and over 13 million square feet of flex/industrial/office space.

The hotel is also less than 1.5 miles from the 125,000-square-foot New Jersey Convention & Exposition Center and is well positioned at the confluence of the New Jersey Turnpike, I‐287, and the Garden State Parkway.  The property was acquired in 2007 and underwent an extensive $20 million renovation in 2008. 
For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates

Green Edge Technologies Launches Its EDGEhomeTM Solution, a Premier Home Intelligence System


CHICAGO, IL and SAN DIEGO, CA – Green Edge Technologies has announced the launch of its EDGEhome solution, offering homebuilders, multifamily developers, and consumers true home intelligence with the most cost effective, easy-to-use, and advanced home energy management system available to date without requiring recurring fees.

 Designed by a team of highly experienced former Motorola executives, designers, and engineers, EDGEhome provides consumers with real-time energy monitoring and control of every point of electricity usage in the home through a modern and intuitive user interface.

The system is comprised of wireless devices, a tablet, and mobile applications that allow homeowners to monitor and control electrical usage and lighting throughout their home.

The wireless devices are installed in every junction box and behind every switch and outlet in the home, providing ubiquitous coverage. The EDGEhome system’s unique technology allows homebuilders to significantly reduce electrical wiring while realizing substantial savings in construction costs.

 “EDGEhome is the answer for residential homebuilders who want to provide their customers with the most advanced and cost efficient home intelligence system available,” said Scott Steele, CEO and founder of Green Edge Technologies.

“Because of EDGEhome’s innovative design, disruptive cost structure, and wire elimination technology, new home builders enjoy an unbelievably low net system cost. 

"The market needed a solution with true intelligence at a price point that could reach the mass market – that’s why we created the EDGEhome system.”

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

Mark Thomton