Saturday, December 6, 2014

WNC provides $9.5 million in LIHTC equity to fund New Affordable Housing Community Near Seattle, WA

Michael Gaber
SEATTLE, WA – WNC, a national investor in real estate and community development initiatives, announced the completion of The Villas at Lakewood, a 240-unit affordable housing community in the Seattle-suburb of Marysville.

WNC provided $9.5 million in low-income housing tax credit (LIHTC) equity to fund the project.

Located at 2606 168th Place N.E., The Villas at Lakewood is available to families earning between 50 and 60 percent of the area’s median income level.

“The Villas at Lakewood provides residents with a number of unit options and community amenities, and WNC is thrilled to help deliver vitally needed quality affordable housing to Marysville,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“The property is in an excellent location, adjacent to a shopping center with major retailers, and is within one-mile of Lakewood Elementary School.”

 The Villas at Lakewood was co-developed by an entity of Canddle Development Inc. and American Opportunity Foundation Inc.

The property consists of 17 two- and three-story buildings containing a mix of one-, two- and three-bedroom units. Community amenities include a clubhouse, swimming pool and spa, two playground areas, internet café, car wash area, fitness center, basketball court, storage lockers, picnic areas and an outdoor fitness area.

The community also includes walking trails and garden areas. In addition to bicycle racks, The Villas at Lakewood features surface parking, carports and detached garages.

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

Julie Leber
Account Manager
Spotlight Marketing Communications
18101 Von Karman Avenue, Suite 330
Irvine CA 92612
949-427-5172, ext. 703

Cousins Properties Signs Veritiv Corporation at Northpark Town Center in Atlanta, GA

Larry Gellerstedt
ATLANTA, GA --Cousins Properties Incorporated (NYSE: CUZ) announced it has signed a 68,315 square foot lease at Northpark Town Center in Atlanta, GA with Veritiv Corporation (NYSE: VRTV), a $9.5 billion Fortune 500 company.

Veritiv is a North American leader in business-to-business distribution solutions, serving customers across nearly every industry providing packaging, facility, publishing and print management solutions.

The company is establishing its executive offices, including company leadership and other key corporate functions, at Northpark Town Center.

With the addition of Veritiv, Northpark Town Center is now 91% leased, up from 87% at the time Cousins acquired the Class-A office complex in October 2014. Veritiv plans to take occupancy in the spring of 2015.

Mary A. Lashinger
 "Veritiv is a wonderful addition to our strong customer base at Northpark, which is now home to 19 Fortune 500 companies," said Larry Gellerstedt, president and chief executive officer of Cousins.

"Veritiv's desire to be centrally located with close proximity to MARTA validates Northpark's competitive advantage in the Central Perimeter submarket of Atlanta."

"We are pleased to bring our executive offices to the Perimeter Center area of Atlanta and Northpark Town Center,” said Mary Laschinger, Chairman of the Board and Chief Executive Offer of Veritiv.

 “The location will allow us to plan for growth as needed and allows our employees a location with access to MARTA and key transportation hubs."

Veritiv was represented in the lease negotiations by CBRE's Sam Holmes, John Shlesinger and Ellen Stern.

Ellen Stern
Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT).

The Company, based in Atlanta, GA, primarily invests in Class-A office assets located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina.

The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit

Veritiv Corporation (NYSE: VRTV), with executive offices in Atlanta, is a North American leader in business-to-business distribution solutions. 

Sam Holmes
Serving customers across virtually every industry, Veritiv provides print, packaging, facility and logistics solutions that help shape the success of its customers.

Established in 2014, following the merger of International Paper Company's xpedx division and Unisource Worldwide, the company employs approximately 9,500 team members across more than 170 distribution centers throughout the U.S., Mexico and Canada.

For more information about Veritiv and its business segments visit

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

Cousins Properties Incorporated
Marli Quesinberry, 404-407-1898
Director, Investor Relations

City of Westerville, OH Announces Renaissance Hotel and Development of Westar Place

Mark Laport
Westerville, OH – The City of Westerville announced an agreement with Concord Hospitality to build a full-service Marriott Renaissance hotel and conference center at Westar Place, the site formerly known as ALTAIR Business Park.

Continental Realty/Continental Real Estate was also announced as the City’s development consultant and brokerage team for the site, a tract of 62 acres of land acquired by the City for commercial development in Westar, the growing regional epicenter of commerce located east of Interstate 71 along Polaris Parkway in Westerville.

 "The Westar Place project is a great example of the kind of strategically planned, well-balanced mixed-use urban development that considers the current needs of the community and the projected demands of future generations," said Mark Laport, president and CEO of Concord Hospitality.

"We started our company here in Ohio nearly 30 years ago, making us particularly pleased to be working with Marriott International toward the goal of bringing their terrific, upscale Renaissance hotel brand to Westerville."

“Renaissance is the right combination of a familiar brand with best-in-class traveler amenities and distinctive design that I believe will resonate well with the community and help attract businesses to this visionary town center."

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

Lauralee Dobbins
Daly Gray, Inc.

HFF secures equity for Fort Worth, TX mixed-use development

Jim Curtin
DALLAS, TX – HFF announced it has secured joint venture equity for the development of Waterside, a $75 million, Whole Foods Market-anchored mixed-use development located in Fort Worth, Texas. 

               HFF worked exclusively on behalf of the developer, Trademark Property Company (Trademark), in sourcing the capital from Sarofim Realty Advisors.  Equity proceeds will be used to develop the first phase of the project. 

Separately, HFF represented Trademark in the sale of 5.08 acres of land to a venture between Transwestern Development Company and a private real estate fund advised by CHC–Real Estate for the Waterside multi-housing development.

               Waterside is a future mixed-use development that will be located on 52 acres at the intersection of Bryant Irvin Road and Arborlawn Drive on the former Lockheed Martin Recreation Association site in Fort Worth. 

Trey Morsbach
The Whole Foods Market-anchored retail development will feature 1.5 miles of Trinity River waterfront and is part of the first phase of Waterside development that will include 190,000 square feet of retail space and riverside restaurants. 

The 45,000-square-foot store will be the first Whole Foods in Fort Worth.  The remaining phases will include 20-30 acres of multi-housing units, 140,000 square feet of office space and a hotel. 

               The HFF equity placement team representing the developer was led by associate director Jim Curtin and senior managing director Trey Morsbach. 

The HFF investment sales team representing Trademark in the land sale was led by senior managing directors Roberto Casas and Bill Miller and associate director Greg Toro.

               According to HFF, the land sale represents a great opportunity for Transwestern to be part of one of Fort Worth’s most exciting mixed-use developments which includes Fort Worth’s first Whole Foods Grocer.

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 more than $17 million in refinancing on behalf of Universe Holdings for six-property Los Angeles, CA multi-housing portfolio

Charles Hallady
IRVINE, CA – HFF announced it has arranged refinancing totaling more than $17 million for six multi-housing properties in the Los Angeles metropolitan area on behalf of Century City-based Universe Holdings (Universe).

               HFF worked on behalf of the borrower to secure the seven-year, fixed-rate loans through Freddie Mac (Federal Home Loan Mortgage Corporation).  

Rates range from 3.88 to 4.11 percent.  All of the loans are securitized and will be serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer Program.

               The portfolio totals 118 units and has an average occupancy of 98 percent.  The properties within the portfolio are: Chateau Barry, Chateau Olympic, Chateau Parkside, Chateau Sycamore, Citronia Luxe Towers and Islands of Tranquility; all located in Los Angeles.

               The HFF team representing Universe was led by director Charles Halladay, working in tandem with Universe founder Henry Manoucheri and his executive committee.

Henry Manoucheri
               According to Manoucheri, “We have forged a close relationship with HFF from more than 20 successful closings and value their strategic contributions to our business model, including this recent recapitalization which provided Universe with ample capital to aggressively source and purchase new deals.”

               Universe is a privately-held multifamily investment, ownership and management firm specializing in value-add and off-market transactions. 

Founded by Chairman/CEO Henry Manoucheri in 1994, the company has completed investment transactions encompassing more than 6,000 apartment units in national and international markets. 

Universe has developed a proprietary market analysis and submarket concentration model that ensures long-term value through strong fundamentals meeting institutional quality ownership strategies.
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 |