Friday, December 27, 2013

HFF arranges $114.7 million construction and equity financing for multi-housing development along Rose Kennedy Greenway in Boston, MA

One Greenway rendering planned along southern end of Rose Kennedy Greenway
in Boston's Chinatown neighborhood
Riaz A. Cassum

 BOSTON, MA – HFF announced today that it has arranged $114.7 million in financing for One Greenway, a to-be-built, Class A multi-housing property located along the southern end of the Rose Kennedy Greenway in Boston’s Chinatown neighborhood.

               HFF worked on behalf of the borrower, an affiliate of New Boston Fund, Inc., Urban Strategy America Fund LP, and the Asian Community Development Corporation to secure the $104 million construction loan through PNC Bank, People’s United Bank, and Boston Private Bank & Trust. 

HFF also arranged a $10.7 million equity investment from National Real Estate Advisors.

               Due for completion in Summer 2015, One Greenway’s North Building will consist of the following  components: a 21-story, 217-unit market-rate rental unit tower portion, a 10-story, mid-rise portion with 95 affordable-rate rental units, a 135-space, below-grade parking garage, and approximately 3,300 square feet of retail and 5,000 square feet of community space. 

Also included in the development is a new 1/3 of an acre public park.  The 1.5-acre site is located at the intersection of Kneeland and Hudson Streets adjacent to the Rose Kennedy Greenway and close to the Financial District and South Station. 

Porter Terry
               The HFF team representing the borrower was led by senior managing director Riaz Cassum and director Porter Terry.

               “HFF was thrilled to be involved with One Greenway given the transformative nature of this development,” said Cassum.  “It took a tremendous amount of effort and coordination to bring together the various capital sources for the project.”

               Founded in 1993, New Boston is a real estate investment management firm based in Boston, MA that manages more than $1.2 billion in private equity capital on behalf of high net worth and institutional investors.  

With nearly $3.5 billion in cumulative investment and development activity through eight successful private equity real estate funds, New Boston's value-added investment strategies focus on middle market investment opportunities in the Eastern United States.

Rose Kennedy Greenway park, Boston, MA
               Asian CDC is a nonprofit developer that specializes in affordable housing development, having built over $110 million of real estate in the Downtown and Greater Boston area over the last 24 years.  

The firm has experience taking complex, mixed-use development proposals through multi-agency, multiple stakeholder public approval processes.  

Among a multitude of other public subsidies, Asian CDC has successfully secured tax credit allocations and maintained program compliance for previously awarded projects.
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 |

Marcus & Millichap Arranges Sale of Sandy Creek Apartments in Waycross, GA for $1.55 Million

Sandy Creek Apartments, 600 Summit Street, Waycross, GA

John E. (Jay) Brigel
WAYCROSS, GA,  Dec. 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sandy Creek Apartments, a 80-unit apartment property located in Waycross, Ga., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

 The asset sold for $1,550,001.

John E. (Jay) Brigel, a senior associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a government agency.  Brigel also represented the buyer of the property, a Georgia-based partnership.

 Michael Fasano, vice president and regional manager of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia.

Sandy Creek Apartments is located at 600 Summit Street in Waycross, Ga.  

The property was built in 1973 and consists of ten, two-story buildings.  Sandy Creek Apartments is located in a very desirable location, approximately one half-mile from the Mayo Clinic Hospital. 

Michael Fasano
Property amenities include a sparkling pool, an on-site courtesy officer and a laundry facility. 

“The asset was gifted to a local University three years ago and subsequently rents were never raised and capital maintenance items were allowed to mount,” says Brigel.

 “The University Foundation’s president is very excited about the final sales price and the buyer is equally excited about acquiring a nice value-add property.”

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

Richard D. Matricaria
Regional Manager
Tampa, FL
(813) 387-4700

Steve Gabbert, CSBA, CBCP, LEED® AP of Snyder Langston is Elected to Board of Directors for U.S. Green Building Council Orange County Chapter

Steven Gabbert

IRVINE, CA (Dec. 27, 2013)— Snyder Langston, one of Southern California’s largest and most respected builders, is pleased to announce that its Director of Sustainability, Steve Gabbert, CSBA, CBCP, LEED® AP, has been elected by the Orange County Chapter of the U.S. Green Building Council (USGBC-OC) to serve on its Board of Directors for the 2014-2015 term.

“It is an honor to be elected to this position,” said Gabbert. “I am looking forward to serving on the USGBC-OC Board and will focus on building a stronger engagement within the organization, as well as further develop a culture of sustainability within our community.”

 This new board position is an extension of Snyder Langston’s passion for leading its sustainability initiative.  The firm has a deep-rooted philosophy and culture to be an advocate for green building and promoting the value of sustainability to its clients and their projects. 

 The USGBC-OC Chapter has more than 400 members which include developers, designers, investors, manufacturers, architects, facility managers, engineers and builders who work together to foster more sustainable, healthy and prosperous communities in Orange County. 
 The Chapter organizes regular events, workshops, meet-ups, and study groups to provide numerous opportunities for education, advocacy and networking.

A 10-year employee of Snyder Langston, Gabbert holds a Bachelor of Science, Regional Development, from University of Arizona, and is a LEED® Accredited Professional, a Certified Sustainable Building Advisor and Certified Building Commissioning Professional.

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

Darcie Giacchetto
Spaulding Thompson & Associates