Sunday, June 1, 2014

First Move-ins Underway at 73 East Lake Luxury Rental in Chicago’s Loop

73 East Lake Apartments, Loop District
Chicago, IL
CHICAGO, IL – Chicago-based RMK Management Corp. has welcomed the first residents at 73 East Lake, a 42-story apartment building in Chicago’s Loop. This makes the luxury tower, which has leased more than 20 percent of its 332 units, the first new-construction apartment tower to open in 2014.

 It is also the first luxury rental development in Chicago by developer M & R Development since it opened Parc Huron in the River North neighborhood in 2010.

 “Welcoming the first residents to a building is always one of the most exciting milestones at any development, but it’s especially so in this case as these are also the first move-ins for all of the new-construction luxury towers opening this year,” said Anthony Rossi, Sr., president of Chicago based M & R Development and RMK Management Corp.

 “There has been – and continues to be – a lot of interest in 73 E Lake, and we’re proud to show it off.”

 Designed by architect Solomon Cordwell Buenz (SCB), 73 East Lake includes 183 indoor parking spaces and 332 units ranging in size from 682 to 1,246 square feet. Plans include convertible/studio-style layouts, one-bedroom/one-bath layouts, and two-bedroom/two-bath layouts.

 The apartments offer a high level of interior finishes including GE stainless steel appliances and Venatino Quartz countertops in the kitchen, 9-foot ceilings, hardwood flooring, floor-to-ceiling windows, and a full-sized in-unit washer and dryer.

Anthony Rossi
“When designing apartments for urban living, making the most of the space is essential. So we incorporated a number of flexible design elements into 73 East Lake’s residences, like a built-in desk, a moveable kitchen island, and an opaque glass sliding partition in the convertibles for privacy,” said Rossi.

 Rossi also noted the building offers a number of high-tech features including built-in flat panel television support with cable management, raised power outlets, and pre-wired high speed internet in all rooms featuring Category 6 Ethernet cable.

 Both AT&T and Comcast services are available offering the residents the flexibility to choose providers. Wifi is also available throughout the building,

 73 East Lake also offers three floors of luxury amenities, including the 9th and 10th floors with an indoor pool; oversized spa with waterfall; sauna and steam rooms; a state-of-the-art fitness gym with separate fitness room featuring a Fitness on Request class kiosk, and a Core Fitness studio ideal for personal training sessions.

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

Vanessa Irving,, 312-267-4525
Kim Manning,, 312-267-4527

Lincoln Brokers Leases Totaling 23,536 Square Feet at SunTech Commerce Park in Metro Orlando

SunTech Commerce Park, Lake Mary, FL
ORLANDO, FL – Lincoln Property Company Southeast (Lincoln) has brokered leases totaling 23,536 square feet at SunTech Commerce Park, a campus-style office park in Lake Mary, Florida, in recent months. Sean DuPree and Austin Stahley of Lincoln represented the landlord in the transactions.

 The details of the deals signed in May are below:

• Extreme Youth Sports signed a new lease for 4,861 square feet.
• Lasertainment Productions Inc. signed a new lease for 3,337 square feet.

 No other brokers were involved in the transactions.

Sean DuPree
 Earlier this spring, DuPree and Stahley represented the SunTech landlord when Applied Concepts signed a lease renewal and expansion totaling 12,638 square feet and RFID Hotel signed a new lease for 2,700 square feet. Nick Poole of Jones Lang LaSalle represented Applied Concepts in its transaction.

 The 223,828-square-foot SunTech Commerce Park features five office/flex buildings and one, three-story office building. It is located near Interstate 4, is 100 percent sprinklered and offers tenants 24-hour access.

 In March, DuPree represented Nitzan Shif, owner of Choice Plumbing, in his $290,000 purchase of 3550 Old Winter Garden Rd., a 9,000-square-foot warehouse property in Orlando.

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

Stephen Ursery
The Wilbert Group

PCCP, LLC Provides $98 Million Loan to Northland Investment Corp. to Finance Construction of a 269-Unit Multifamily/Retail Property in Waltham, MA

John Randall
New York, NY – PCCP, LLC announced it has provided a $98 million loan to finance the construction of a 269-unit Class A multifamily property that also includes 27,595 square feet of ground floor retail space.

The project is located at a prime intersection at Moody Street and Main Street in the heart of Waltham, Massachusetts, a thriving city nine miles west of Boston. The owner/developer is Northland Investment Corporation.

 The property will include three, five-story buildings with 242 market rate multifamily units and 27 affordable units, as well as 392 below and at-grade parking spaces.

With demolition work currently underway, the project will undergo a two and a half year construction process, with final completion in mid-2016. The first phase of apartments will be ready for occupancy in the summer of 2015.

 “This loan provides PCCP with the opportunity to finance an extremely well-located and well-conceived product in an infill Boston suburb,” said John Randall, senior vice president with PCCP. “Additionally, we have full confidence in Northland, a highly experienced developer with an impressive track record of delivering, stabilizing, and managing projects of a similar nature.”

Steven P. Rosenthal
 “This is a very exciting development for us and for the City of Waltham. Moody & Main is a true transit-oriented development that will create a new and vibrant neighborhood in the center of downtown,” said Steven P. Rosenthal, President and CEO of Northland.

 “We are very pleased to have completed the financing for this landmark project with PCCP.  PCCP structured a financing that met our needs and the transaction process was seamless.”

 The high-quality project will feature washers and dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry, and solid stone countertops in all of its residential units.

 Additionally, the residents will have access to a roof top deck, outdoor patio/courtyard area, onsite management, a fitness center, library, game room, and richly appointed clubroom. The interior court will be landscaped and linked to Moody Street via a wide breezeway at the ground level.

 The well-located property is within minutes of the I-95/Route 128 office corridor and is a one-block walk from the Waltham MBTA commuter rail station and bus stop, as well as the scenic Charles River.  It is proximate to both Brandeis University and Bentley College.

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

Darcie Giacchetto
Spaulding Thompson & Associates


Avison Young completes $5.57-million lease renewal with Catalina Bar & Grill in Hollywood, CA

Cataline Bar & Grill, Hollywood, CA
 Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed a 15-year lease with Catalina Bar & Grill, a dining and entertainment venue in the heart of Hollywood featuring some of the area’s most talented Jazz musicians.

Valued at $5.57 million, the lease totaled just under 9,000 square feet (sf). 

 Avison Young Principals John Tronson and Christopher Bonbright based in the company’s North Los Angeles office, represented the landlord, Crown Sunset Associates, LLC. Catalina Bar & Grill was represented by Bruce Stratton from Entertainment Real Estate Services.

John Tronson
 “We underwent an exhaustive market-value analysis for similar entertainment venues in the area,” comments Tronson. “Our team’s unique market knowledge of non-traditional transactions proved invaluable to that process in order to fully understand pricing for this irreplaceable location.”

 Located at 6725 Sunset Boulevard, Cantina Bar & Grill is situated on the ground floor of an approximately 73,000-sf creative office building. This building houses several cutting-edge music industry tenants, including Native Instruments and A.M. Only.

 Tronson adds: “Hollywood has enjoyed more than $3 billion of private investment over the last decade. This investment has transformed the landscape and created one of the most ascendant urban markets in the country.”

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

Darcie Giacchetto
D.G. Communications, Inc.

Taylor & Mathis Completes Largest 2014 Deal in Coral Gables, FL; Renews UBS for 43,500 SF Lease at 550 Biltmore

550 Biltmore, Coral Gables, FL
CORAL GABLES, FL --   In the largest Coral Gables lease this year, Taylor & Mathis has finalized the 43,500-square-foot renewal of UBS at 550 Biltmore, the iconic pyramid-shaped landmark in Coral Gables. 

The 12 year, multi-million lease was brokered by Taylor & Mathis Director of Leasing, Ryan Holtzman and UBS broker, Tony Jones of Cushman & Wakefield.

“We are ecstatic that UBS decided to keep their domestic and international operations at 550 Biltmore. AEW (owner) spent millions of dollars over the past 3 years to upgrade the iconic building, including the lobby, elevators and common areas.

Ryan Holtzman
“This gave us our best chance to renew UBS, which paid off”, stated Holtzman. The financial services firm has been the anchor tenant in the building, since 1999. 

“The renovations earned the building the Renovated Building of the Year award from the Building Owners and Managers Association (BOMA) in 2013.”

 UBS conducted an extensive office space search within Coral Gables before deciding to renew at 550 Biltmore.  The market, with a higher vacancy rate than neighboring sub-markets, had numerous office space options for the financial services firm. 

 550 Biltmore, a 14-story pyramidal landmark office building in downtown Coral Gables, underwent a major renovation to the lobby, incorporating clean, modern lines in the design and furnishings as wells as upgrades to the mechanical and HVAC systems.  

Tony Jones
The 162,293 square foot office building features a pyramid configuration, enabling most suites to feature a private balcony with conference-size terraces for larger offices.  

The facade is comprised of imported Italian travertine marble and black granite.  A circular driveway and fountain demarks the building's main entrance, which is flanked by two impressive bronze-cast lions.

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

Ryan Holtzman,  305.476.8880

Sale and financing of City Park in Houston Heights closed by HFF

Todd Marix
HOUSTON, TX – HFF announced it has closed the sale of and arranged financing for City Park (formerly The Retreat at City Park), a 308-unit, Class A multi-housing community in Houston, Texas.

               HFF represented the seller, Fulton Property Group, LLC (based in San Antonio, TX), in the sale of the property to Alliance Residential Company.  HFF also arranged acquisition financing for the buyer through a life insurance company. 

               City Park is located at 1640 East TC Jester Boulevard between Downtown Houston and the Galleria within Houston’s inner loop. 

  The 10.75-acre site has direct access to the White Oak Bayou hike and bike trail on the edge of The Heights.  Completed in 2003, City Park has an average unit size of 836 square feet and is fully leased. 

Todd Stewart
                The HFF investment sales team representing the seller was led by senior managing directors Todd Marix and Todd Stewart and directors Chris Curry and Tre Banks.

               HFF’s debt placement team representing the buyer was led by director Colby Mueck.

               “City Park is one of the last ‘Inner Loop’, garden-style communities built in Houston before land values required higher-density/mid-rise developments, offering a sustainable competitive advantage that will benefit new ownership for years to come,” said Marix.

               Fulton Property Group is a multifamily company creating value through the acquisition, development and management of exceptionally located apartment communities throughout Texas and Colorado. 

With a veteran management team and in-house equity, Fulton Property Group sets itself apart in the creation of extraordinary apartments that thrive as communities.

Chris Curry
Alliance is one of the largest private U.S. multifamily companies with offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast. 

The firm has invested in more than $3 billion of real estate and manages a $9 billion portfolio with a focus toward superior local leadership and a comprehensive national support infrastructure.

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 $8 million financing for Village Knoll Apartments in suburban Harrisburg, PA

Michael KLein
FLORHAM PARK, NJ – HFF announced it has arranged an $8 million financing for Village Knoll Apartments, a 204-unit multi-housing community in suburban Harrisburg, Pennsylvania.

HFF worked exclusively on behalf of the borrower, LCL Management L.L.C., to secure the 10-year, fixed-rate loan through Sun National Bank.  Loan proceeds will be used to retire existing debt, and fund unit upgrades and other capital improvements to the community.

Village Knoll Apartments is situated on a 16.96-acre site at 100 Joya Circle, four miles west of downtown Harrisburg in Lower Paxton Township. 

Owned by the borrower since 1989, the property consists of 24, two-story buildings that include a mix of one-bedroom plus den and two-bedroom units averaging 856 square feet each.  Community amenities include a dog run, tennis courts, basketball court and picnic area.  The property is 92 percent leased.

The HFF team representing the borrower was led by director Michael Klein and associate director Samuel Seiden. 

Village Knoll Apartments, 100 Joya Circle
 Harrisburg, PA
“The borrower’s goal was to obtain attractively priced 10-year money with as much prepayment flexibility as possible,” said Klein.  “Sun National Bank was able to meet the borrower’s needs and executed the transaction flawlessly.”

LCL Management L.L.C. is a Parsippany, New Jersey-based operator of multifamily and retail properties.  LCL’s current portfolio consists of approximately 2,800 multifamily units in New Jersey, Pennsylvania, Ohio and New Mexico, as well as five shopping centers.

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 secures $9 million loan increase for industrial loft property in Boston’s Seaport District

Drydock Center, 27 Drydock Avenue
Boston, MA
BOSTON, MA – HFF announced it has secured a $9 million loan increase for Drydock Center at 27 Drydock Avenue, a industry leading “Innovation Facility ” located in Boston’s Innovation District.

Working on behalf of North Star Management, HFF achieved the loan increase with Aetna Life Insurance Company.  This is the third loan increase of this loan that HFF has secured since 2002. 

Originally built in 1919, Drydock Center is an eight-story, 283,000-square-foot industrial loft building that is 94 percent leased.  Major tenants at the property include John Hancock and Dana-Farber Cancer Institute. 

Drydock Labs, an innovative shared laboratory concept, is also located in the building.  Situated on a 1.71-acre site along Drydock Avenue, the property is across from the Design Center and the Massport-Black Falcon Cruise Terminal on the southern edge of Boston’s Seaport District.

The HFF team representing the borrower was led by managing director Greg LaBine.

Founded in 1986, North Star Management is a Boston-based commercial property management firm focused on mid-size properties in downtown Boston.

Greg LaBine
“North Star Management has done a tremendous job over the past decade in making this asset a shining example of the Innovation District that the Seaport has become today. 

“North Star has converted a significant portion of this property from warehouse/storage use to incubator lab and technology uses.  Aetna has been their lending partner through this conversion process, having provided North Star with additional capital to improve the property three times during the course of the loan.

“ Aetna has clearly exhibited the benefits of working with a life company portfolio lender that holds their loans on book and can be flexible during the term,” said LaBine.

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 |

Loews Hotels & Resorts Purchases The Graves 601 Hotel Eyndham Grand in Minneapolis, MN

Paul Whetsell
NEW YORK, NY  – Loews Hotels & Resorts, a wholly owned subsidiary of Loews Corporation (NYSE: L), announced that the company has entered into an agreement to purchase the 255-room Graves 601 Hotel Wyndham Grand from the Graves Hospitality Corporation.  The acquisition is expected to close in early July.

 Graves 601 Hotel is the fourth major hotel purchase announced by Loews Hotels in the past two years, as part of the goal to add substantially to its portfolio of hotels.  The hotel company continues to aggressively seek additions in gateway cities and resort destinations and anticipates announcing additional Loews properties in the coming months.

“Minneapolis is a key market for us as we expand our brand,” said Paul Whetsell, President & CEO of Loews Hotels & Resorts.  “Not only is Graves 601 in a prime location, the hotel has a quality product and strong reputation in the market, which makes this a welcome addition to the Loews family.”

Jim Graves
 “We are pleased to be selling to Loews knowing that they are a first class company and a good fit for the market, the team members and community.  

"We feel absolutely confident that passing the baton to Loews ensures the hotel will continue to be an asset for Minnesota,” explained Jim Graves, Founder of Graves Hospitality.

 Located at the center of the business, theatre and entertainment districts in the heart of downtown Minneapolis, Graves 601 is directly across the street from the Target Center and is connected by the Skyway system. The hotel features two restaurants and bars, more than 9,000 square feet of meeting and event space, a recently renovated spa and a fitness center.
For a complete copy of the company’s news release, please contact:

Sarah Murov                                                                                                       
Loews Hotels & Resorts                                                                                    
(212) 521-2495