Monday, November 3, 2014

HFF closes sale of and arranges financing for 196-unit apartment and townhome community in Yardley, PA

Jose Cruz

PHILADELPHIA, PA – HFF announced today that it has closed the sale of and arranged acquisition financing for Yardley Crossing, a 196-unit multi-housing community situated along the Delaware River in Yardley, Pennsylvania.

HFF marketed the property exclusively on behalf of the seller, Fairfield Belmondo LLC.  Relative Properties, a new venture led by principles Devin Aronstam and Paul Aschkenasy, purchased the asset.  HFF also worked exclusively on behalf of the buyer to secure Fannie Mae financing for the property.

Yardley Crossing is located at 1800 Kathy Drive in Yardley along the Pennsylvania/New Jersey border, offering views of the Delaware River.  

Situated on 23.68 acres, the transit-oriented property is approximately 35 minutes from Center City Philadelphia and 55 minutes from New York City.

Mark Thomson
 The asset is predominantly comprised of two- and three-bedroom townhome-style units averaging more than 1,200 square feet, and also includes 12 one-bedroom flats that are 775 square feet.  Community amenities include a swimming pool, basketball courts, playground, jogging and bike trails, clubhouse and recreation room.

The HFF investment sales team representing the seller was led by senior managing directors Zac Pierce, Mark Thomson and Jose Cruz.

HFF’s debt placement team was led by managing directors Ryan Ade and James Conley. 

According to Pierce, “Yardley Crossing generated a significant amount of investor demand due to the property’s convenient location proximate to several major cities, and its upside potential.  All parties involved executed flawlessly and epitomized professionalism throughout the course of the transaction.”

Zac Pierce
“The HFF team has a track record of roughly $500 million in transactions with Devin Aronstam, and we are excited to have been involved in the first acquisition of the new Relative Properties venture,” Thomson said.  “We look forward to the opportunity to work with their team again in the future as they expand their market share in the region.”

Fairfield Residential (“Fairfield”) is among the most experienced multi-housing real estate operating companies in the United States.  

Fairfield consistently ranks among the leading multi-housing developers, builders, redevelopers, managers and owners in the United States and is active in over 40 geographically diverse markets. 

Fairfield employs approximately 1,600 people in offices strategically located throughout the country.
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

George Smith Partners Secures $172.3 Million in Bridge Financing for 36-Property National Portfolio

J.Jay Brooks
LOS ANGELES, CA (Nov. 3, 2014) – Commercial real estate investment banking firm George Smith Partners has successfully arranged a $172.3 million bridge loan for a portfolio of 36 properties located in 17 states nationwide, according to George Smith Partners’ Senior Vice President J. Jay Brooks.

            “This portfolio had been mired in complex litigation for many years as a result of a loan maturity default that took place during the recent recession,” explained Brooks.

“George Smith Partners was intimately involved in the finance process for this portfolio from beginning to end.

“ By keeping our client in front of the best capital providers during a volatile time, the client was able to negotiate the terms of the bankruptcy exit and ultimately secure the bridge financing needed to maintain their ownership of this portfolio.”

            The portfolio includes regional malls, office buildings, industrial properties and mobile home parks located in both secondary and tertiary markets from Louisiana to Alaska.

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

Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Marcus & Millichap Lists Four-Story Office Building for Sale at $19.5 Million in Queens, New York City

48-02 25th Avenue, Astoria Neighborhood
Queens, New York City
NEW YORK, Nov. 3, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has retained the exclusive listing to market for sale 48-02 25th Ave., a four-story, 95,000-square-foot office building in the Astoria neighborhood of Queens in New York City.

The listing price is $19,500,000.

Mark Gjonbalaj and Andrew Watson, both in Marcus & Millichap’s Manhattan office, are representing the seller, a Queens-based owner/investor.

Mark Gjonbalaj
“The building offers an excellent opportunity to capture rent growth in the near future from surging demand for office space in the Astoria/Long Island City office marketplace,” says Gjonbalaj.

“The property’s high-tech industry tenants are part of a growing trend of tech companies that need proximity to Manhattan without paying Manhattan’s premium rents.”

“Long Island City and Astoria are enjoying a residential redevelopment renaissance, yet there are very few new or competitive commercial developments in the area,” adds Watson.

Constructed in 2009, the building is located at 48-02 25th Ave. in New York, right off the Brooklyn-Queens Expressway (Interstate 278) with immediate access to the Grand Central Parkway and full-block exposure on 25th Avenue between 47th Street and 48th Street.

The location provides easy access to LaGuardia Airport, the Robert F. Kennedy Bridge and major roadways leading to other points in Queens, Manhattan, Brooklyn and the Bronx.

Andrew Watson
         The building is situated on a 34,055-square-foot lot. The ground floor level is approximately 27,000 square feet, the second floor is an approximately 34,000-square-foot parking level with 136 surface spaces, and the third and fourth floor levels are approximately 17,000 square feet each.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Thomas D. Wood and Company’s Boca Raton Office Secures $8,215,000 in Commercial Mortgage Transactions

Patrick Madore
Boca Raton, FL – Nov. 3, 2014 – The Boca Raton Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $8,215,000 in commercial mortgage transactions for properties throughout the states of Missouri, Illinois, Louisiana, and Florida. 

  Interest rates continue to stay as low as 4.0%, contributing to the increase in successful closings.

Senior Vice President Patrick Madore, accepted the challenge in securing financing in the amount of $660,000 for the Popeye’s Restaurant in Raytown, Missouri.  The borrower was purchasing a sale lease-back property through a 1031 exchange and needed financing. 

Madore secured financing through Thomas D. Wood and Company’s correspondent relationship with Symetra Life Insurance Company, providing the borrower with a competitive fixed rate, and closed the loan on the date specified for the 1031 exchange.

Madore secured financing for the CVS Pharmacy in the amount of $2,850,000 through Symetra Life Insurance Company.  The permanent non-recourse loan has a term of 20 years, based on a 25-year amortization.  The 13,824 square-foot single-tenant retail building is located in Baton Rouge, Louisiana.

Madore obtained financing for the Checkers Drive-In Restaurant and Billboard in the amount of $715,000 through Symetra Life Insurance Company.  

The borrower was purchasing the property through a 1031 exchange.  Madore secured a permanent non-recourse loan with a term of 15 years, based on a 25-year amortization.  The restaurant is located in Maywood, Illinois.

Madore secured financing for Canterbury Place Apartments in the amount of $2,250,000 through Thomas D. Wood and Company’s correspondent relationship with Ameritas Investment Partners.  Madore obtained long-term financing for the borrower with a very favorable interest rate.  The permanent fixed-rate loan has a term of 15 years, based on a 20-year amortization.  The 80-unit multi-family property is located in Vero Beach, Florida.

Madore obtained financing for Chesnutt Plaza in the amount of $1,740,000 through Thomas D. Wood and Company’s relationship with a national bank. 

  The permanent fixed-rate loan has a term of 10 years, based on a 20-year amortization and a loan-to-value of 80%.  The 15,000 square-foot mixed-use medical office and retail building is located in Vero Beach, Florida.

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

Jessica Kinnee
Director of Marketing & Public Relations           
Thomas D. Wood & Co.           
 (407) 374-0251              


CBRE Brings New Tenants to The Plaza in Boca Raton, FL

Michael Erickson
BOCA RATON, FL,  Nov. 3, 2014 -- CBRE has signed Imperial Finance & Trading, LLC, a subsidiary of specialty finance company Imperial Holdings, Inc. (NYSE: IFT),  to an 11,000 square foot lease at MetLife’s The Plaza in Boca Raton. The firm moved into their new office space this month.

Antony Mitchell, CEO of Imperial, commented, “We are thrilled to move to our new Boca Raton location at The Plaza. This new space satisfies our operating needs while meaningfully lowering our annualized rental costs.”

Michael Erickson, Senior Vice President with CBRE handled the real estate transaction on behalf of building owner MetLife. Imperial was represented by co-brokers Ryan Nunes, Scott Allen and Shay Pope of CBRE’s South Florida Occupier Services Group.

 Other recent leases included Weingarten Realty Investors (NYSE: WRI) 5,000 square foot lease for the company’s South Florida regional office.

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

Michael Erickson, CBRE, (561) 393-1616
Fred Pieretti, MetLife, (212) 578-2631
David Sasso, Imperial  561.995.4300

JLL Named Exclusive Leasing Agent for New Industrial Park in South Metro Atlanta

Rendering of Lambert Farms Logistics Park, Henry County, GA

ATLANTA  - JLL’s Atlanta office announced it was named exclusive leasing agent for Lambert Farms Logistics Park, a Class A, 447-acre industrial park being developed by MetLife Inc. and Panattoni Development Company, Inc. in Henry County, Georgia, approximately 25 miles south of downtown Atlanta.

Wit Truitt
Executive Vice President Wit Truitt, Senior Vice President Chris Tomasulo, Vice President Rodney Davidson and Associate Reed Davis will lead the JLL leasing team.

“The Lambert Farms Logistics Park is perfectly poised to thrive for years to come,” Truitt said. “Large blocks of Class A industrial space already are in short supply in metro Atlanta, and as the economy improves and distribution activity picks up, the demand for these kinds of properties will only rise.

“This assignment represents a tremendous opportunity for our team.”

Panattoni just broke ground on the master-planned industrial park’s first phase, which will consist of a 750,000-square-foot spec distribution center on 183 acres.

Chris Tomasulo
The state-of-the-art building will feature 36-foot clear heights, abundant parking for tractor-trailers and cars to accommodate both e-commerce and traditional bulk tenants, and will be built to LEED standards. The building is slated to be delivered by July 2015.

Site plans allow the spec building to expand to up to nearly 1.5 million square feet. Overall, Lambert Farms Logistics Park will be able to accommodate up to seven million square feet of total distribution space and individual buildings up to two million square feet in size.

The industrial park sits on the east side of the intersection of I-75 and SR 155.

Rodney Davidson
“Panattoni has been an active developer in the Southeast with nine projects under construction totalling more than 5.8 million square feet,” said Dayne Pryor, Partner at Panattoni. “Nationwide, Panattoni is currently under construction on 39 projects totalling more than 16.5 million square feet.”

“We are excited to have JLL as the exclusive leasing agent for Lambert Farms,” said Whitfield Hamilton, Partner at Panattoni. “We have a long, successful history with JLL, including currently pursuing about four million square feet of build-to-suit opportunities in Nashville, Miami, Memphis and Greenville, South Carolina.”

For more news, videos and research resources on JLL, please visit JLL’s U.S. Media Center web page.

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

Stephen Ursery       
Phone: +1-404-549-7150