Tuesday, February 24, 2015

HFF arranges $110 million financing for seven-property, multi-state hotel portfolio in five states

Hilton Concord Hotel, Concord, CA

Michael Weinberg
ORLANDO, FL – HFF announced today that it has arranged $110 million in mortgage financing for a seven-property, 2,566-key, full-service hotel portfolio with properties in Florida, California, Virginia, Ohio and New Mexico.

                HFF worked on behalf of the borrower, a joint venture between Värde Partners, Inc; Interstate Hotels & Resorts and Waramaug Hospitality Management, to secure the five-year, floating-rate loan through CCRE.  Loan proceeds will be used to refinance existing debt.

                The portfolio’s seven properties include the 266-key Sheraton Tampa East in Tampa, Florida; the 382-key Sheraton Orlando North and the 718-key Radisson Orlando Celebration in Orlando, Florida; the 329-key Hilton Concord in Concord, California; the 295-key DoubleTree Williamsburg in Williamsburg, Virginia; the 300-key Crowne Plaza Columbus North in Columbus, Ohio; and the 276-key Sheraton Albuquerque Airport in Albuquerque, New Mexico.

Trey Morsbach
                The HFF debt placement team representing the borrower was led by director Michael Weinberg in conjunction with senior managing director and head of HFF’s hotel group Dan Peek, senior managing director Trey Morsbach and real estate analyst Preston Reid

                “The client purchased assets that were desperately in need of capital and were under-managed,” Weinberg said.

  “They spent more than $50 million on extensive renovations, which led to a sharp increase in performance due to the enhanced product offering and professional management.  The performance and exceptional sponsorship were very well received by the debt capital markets.”

                Värde Partners is a $9 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including corporate credit, residential mortgages, real estate, specialty finance, transportation and infrastructure. 

Founded in 1993, Värde Partners employs approximately 200 people with offices in Minneapolis, London and Singapore.

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

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

Annaly Capital Management, Inc. Reports 4th Quarter 2014 Results

NEW YORK, NY--(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE:NLY) today announced its financial results for the quarter and year ended December 31, 2014.

Highlights include:

·        ---GAAP net loss of $658.3 million, $0.71 loss per common share
·        ---Core earnings of $298.9 million, $0.30 earnings per common share
·        ---Common stock book value of $13.10, up from $12.87 at prior quarter end
·        Capital ratio of 15.1% and leverage of 5.4:1
·        Net interest margin of 1.56%

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

Annaly Capital Management, Inc.
Investor Relations

Marcus & Millichap Issues 2015 National Office Report and Index.

Alan Pontius
 WALNUT CREEK, CA -- Alan Pontius, director of the firm’s National Office and Industrial Properties Group, has released the company’s National Office and Industrial Properties Group report. Highlights include:

National Office Property Index (NOPI)

Software and tech firms clinched rankings for San Francisco (#1), San Jose (#2) and Seattle-Tacoma (#3), which edged out New York City (#4). Los Angeles (#14) slid from fi fth place and momentum markets dislodged San Diego (#8) by one. Plunging vacancy and limited supply lifted Orange County (#5) three spots.

Forecast vacancy declines exceeding 100 basis points and 3.0 percent-plus job growth propelled West Palm Beach (#28), Fort Lauderdale (#35) and Jacksonville (#38) each seven places; Tampa-St. Petersburg (#24) and Orlando (#34) advanced six and five places, respectively; and Miami (#7) improved four. 

Synergistic tech, energy and healthcare industries launched Denver (#6) three places and Nashville (#9) six spots. Austin (#11) rose six places and Dallas/Fort Worth (#20) leveled up five rungs.

Supply risk relative to demand muted rankings for Phoenix (#21) and Washington, D.C. (#26). Northern New Jersey (#41), Cincinnati (#43) and Detroit (#46) posted large declines. Improved Midwestern rankings include Kansas City (#29) and Indianapolis (#30). Suburban vacancy clipped three spots from Chicago (#22). Columbus (#27) and Philadelphia (#25) stayed relatively stable.

National Economy

Employers added 2.95 million jobs in 2014, the strongest pace in 15 years. GDP growth surged 5.0 percent as of third quarter 2014, following 4.6 percent in the prior quarter. Nominal retail sales stand 18 percent higher than the prior peak, or 6.6 percent adjusted for inflation.

Accelerated consumer spending, manufacturing and trade, parallel with an improved fiscal outlook, will energize business and residential fixed investment. Consensus estimates are 3.1 percent GDP growth in 2015 and an estimated 2.9 million to 3.1 million new jobs created. Upward pressure on wages will follow.

The Federal Reserve concluded its quantitative easing program. Inflation remains in check, but liquidity creates upward pressure. Moderate rate increases are expected by midyear.

National Office Market Overview

Robust job creation in office-using business segments along with the renaissance in demand from small to midsize businesses bolstered leasing activity in less expensive Class B/C office space.
Net absorption of 104 million square feet forecast in 2015 eclipses nearly 54 million square feet of completions. A diverse group of 15 markets comprise nearly 81 percent of expected new supply and 50 percent of demand.
Strong dynamics in office fundamentals will reduce the national vacancy rate by 80 basis points to 14.5 percent, resulting in 4.1 percent asking rent growth.

Capital Markets

Investors assume more leasing and development risk and expand into more secondary markets despite ongoing cap rate compression. The 500-basis point spread over 10-year Treasurys remains higher than the long-term average. CBD assets command at least a 120-basis point yield premium relative to suburban assets.

CMBS loans comprised nearly three-quarters of single-tenant loans in 2014 and dominated originations across all market tiers.

Investment Outlook

Limited supply in most metros has contributed to a tangible shift in market dynamics, with late-recovery markets poised for significant operational improvement, particularly in Florida.

Offi ce sales volume grew 18 percent, or approximately $126 billion, marking a seven-year high. Overall office values of $213 per square foot remain 9 percent below the 2007 peak and cap rates measure 7.1 percent.

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

Gina Relva
Public Relations Manager
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1716
(510) 999-1284 mobile
(925) 953-1710 fax

Sheepshead Bay Coop Directors Choose Winter & Co. to Handle Financing for Southeast Brooklyn, NY Complex

Sheepshead Bay Cooperative Apartments, Southeast Brooklyn, NY

Gregg Winter
NEW YORK, NY -- Winter & Company was retained for the third time in 18 years to advise the board of directors of a six-building, 324-unit cooperative complex located in Sheepshead Bay in southeast Brooklyn in connection with a new $6.35 million financing assignment.

Winter & Company arranged a 3.54% 10-year fixed-rate mortgage, amortizing on a 30-year schedule for this long-time client.

 The board of directors of this post-war cooperative ultimately chose to structure the financing as a $5,850,000 underlying mortgage along with a $500,000 unsecured line of credit.

Thus the co-op corporation was able to emerge from the refinancing with more than $2.25 million of surplus cash, which can now be devoted to various upcoming Capital Expenditures and to also augment the cooperative’s reserve fund.

This transaction turned out to be one of the most challenging cooperative refinances in Winter & Company’s 26-year history when the standard “Environmental Phase I Report” revealed that hazardous chemicals from an adjacent, abandoned property had leached into the co-op’s groundwater supply used to irrigate the property.

 Despite this challenge, W & Co. worked diligently and judiciously to advise the cooperative, screen potential remediation firms, and ultimately select and monitor the company best qualified to tend to the cooperative’s needs and the bank’s requirements for additional testing and ongoing monitoring of the co-op’s irrigation system.

Very satisfyingly, having resolved the environmental issues, the co-op’s owners and their families can now enjoy a safer atmosphere and property.

The co-op’s new financing has provided them with much-needed capital along with a much lower interest rate, and has lowered the co-op’s annual debt service.

The floating rate, unsecured credit line is priced at LIBOR plus 200 b/p with no floor rate. The credit line has no non-use fees, and no mortgage recording tax was incurred by the cooperative in connection with the credit line. Andrew Zuhusky handled this transaction on behalf of Winter & Company

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing (as well as joint venture equity and strategic partnerships for new developments), multifamily and mixed-use property financing and arranging cooperative underlying mortgages since 1989.

Sheepshead Bay, South Brooklyn, NY
Its affiliate, W Financial Fund, LP is a direct private bridge lender providing short-term, special situation financing primarily for NYC multifamily and mixed-use properties since 2003.

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

Gregg Winter - President
Winter & Company
Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-1122 x1

MHA Brokers $15.75 Million Sale of Devon Place Apartment Community in Metro Atlanta

Devon Place Apartments, Lithonia, GA

Tyler Averitt

ATLANTA, GA (Feb. 24, 2015) — Multi Housing Advisors (MHA) has arranged the $15.75 million sale of Devon Place, a 415-unit recently renovated apartment community located in the metro Atlanta suburb of Lithonia.

Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Varden Capital Properties, LLC (VPC), in the transaction and were the sole brokers involved in the deal.

“With continued metro-wide job growth, all submarkets in the greater Atlanta area are experiencing an increase in operating performance,” Goldfarb said. 

“Devon Place recently received renovation and upgrades, furthering the rising bottom line. The new owner should continue to benefit from both the area and property improvements.”

Multi Housing Advisors (MHA) has become known as a solid leader in the multi housing industry. The company, founded in 2002, was established to bring a focused brokerage platform to growing markets throughout the Southeast.

Josh Goldfarb
Since that time, MHA has created value for clients in virtually every sector of the multi-housing market. 

The MHA team works hard to build and enhance value by leveraging strong attention to detail, accessing an active investor base and capitalizing on its vast market knowledge in ways that benefit every aspect of the transaction process.

MHA enjoys a total sales transaction volume that has surpassed $3.8 billion, representing more than 100,000 units and more than 640 individual transactions.

 MHA serves local, regional and national clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth.

For more information, visit www.usmha.com.

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

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

HFF arranges $10.1 million financing for Mill Run Medical Center near Columbus, OH

Mill Run Medical Center, 3641-3731 Ridge Mill Drive, Hilliard, OH

Matthew Schoenfeldt
CHICAGO, IL – HFF announced today that it has secured $10.1 million in financing for Mill Run Medical Center, a 99,553-square-foot, Class A medical office building in the northwestern Columbus suburb of Hilliard, Ohio. 

HFF worked exclusively on behalf of the borrower, Atkins Companies, to secure a five-year, fixed-rate loan through Aetna Life Insurance Company.  HFF is servicing the loan.

                Mill Run Medical Center, known as Mill Run, is situated on 10.812 acres at 3641-3731 Ridge Mill Drive in Hilliard approximately one mile from the Jack Nicklaus Freeway (Interstate 270).

 The center is within 10 miles of six major hospitals and clinics, including the 971-bed Ohio State University’s Wexner Medical Center, the 92-bed Dublin Methodist Hospital and the 25-bed Doctors Hospital.  

Jason Bond
Anchored by Ohio State University Physicians and Ohio State University Internal Medicine, the one-story property is leased to six tenants.

The HFF team was led by managing director Matthew Schoenfeldt, associate director Jason Bond and real estate analyst Daniel Kearns.

“HFF is very pleased to have assisted the Atkins Companies in securing acquisition and value-add financing for Mill Run,” Bond said.

The Atkins Companies is an industry-leading, award-winning, New Jersey-based real estate organization active in the development and management of high-quality commercial, retail and residential properties throughout New Jersey and beyond.

 Atkins specializes in owning and operating medical office buildings throughout the country and continues to look for acquisition opportunities.  

Responsible for more than a million square feet of space, they are committed to carefully-planned corporate growth and diversification as they continue to strengthen their leadership position. 

 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 | www.hfflp.com

HFF closes $98.25 million sale of and arranges financing for The Nathaniel luxury Greenwich Village residences in Manhattan, NY

The Nathanial Apartments, Greenwich Village Neighborhood, Manhattan, NY

Jennifer L. Keller
NEW YORK, NY – HFF announced today that it has arranged the sale of and financing for the $98.25 million acquisition of The Nathaniel, an 85-unit, luxury, boutique multi-housing building with ground floor retail in the heart of Manhattan’s Greenwich Village neighborhood. 

HFF represented the sale on behalf of the seller, YYY Third Avenue, LLC, a joint venture affiliate of Joy Construction Corporation.  Wafra Residential Value Invest I, L.P., a fund managed by Wafra Investment Advisory Group, Inc., purchased the asset.  

The financing was secured through a large banking and financial service institution.

Completed in 2014, The Nathaniel is located at 138 East 12th Street between 3rd and 4th Avenues in Greenwich Village, a Manhattan neighborhood bordering the East Village, Union Square, NoHo and Gramercy Park. 

Andrew Scandalios
The building is two and a half blocks from the 14th Street-Union Square subway station serving the 4,5,6, N, Q, R and L lines. 

Additionally, Washington Square Park, Union Square Park and Tompkins Square Park are less than half a mile away, and the building is walking distance to NYU, Cooper Union and The New School. 

The 49,741-square-foot building has 10,000 square feet of ground-floor retail space and 8,000 square feet of below-grade retail space leased to Westside Market NYC. 

  Designed by Karl Fischer Architect, the nine-story residential building features floor-to-ceiling windows, a 24-hour doorman, resident lounge with a TV/media center and billiards, rooftop reflecting pool, sunset terrace, private fitness center and bike storage.   

The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios, Eric Anton and Jose Cruz, managing director Jeffrey Julien and director Rob Hinckley.

Eric Anton
                The HFF debt placement team representing the borrower was led by managing director Steven Klein and director Jennifer Keller.

Joy Construction Corporation is a full service general contracting and development firm primarily focused on multifamily and commercial projects throughout New York City. 

  Joy was formed in 1995 and has built and/or developed more than 70 buildings in New York, including approximately 7,000 multifamily units.  For more information, visit www.joycon1st.com.

Wafra Investment Advisory Group, Inc. is a global investment management firm based in New York City.  The Wafra Group of companies has approximately $17 billion of assets and commitments under management. 

  Wafra is beneficially owned by the Public Institution for Social Security of the State of Kuwait.  

The investment activities of Wafra encompass a broad range including private equity and debt, public equity and debt, real estate and real assets. 

Jose Cruz
  Wafra Residential Value Invest I, L.P. targets institutional investors from Germany and invests in high quality multi-family assets in the US. 

 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 | www.hfflp.com

American Realty Advisors Acquires 175,000-SF Multi-Tenant Industrial Warehouse in Santa Fe Springs, CA

Shoemaker Distribution Center, 15050-15066 Shoemaker Avenue, Santa Fe Springs, CA

Stanley Lezman
LOS ANGELES, CA, Feb. 24, 2015 – American Realty Advisors, an institutional real estate investment manager with more than $6 billion in assets under management, has acquired the Shoemaker Distribution Center, a 175,000 square-foot Class A industrial warehouse in Santa Fe Springs, California.

The asset, which is currently occupied by Fortune 500 Company J.B. Hunt Transport Services, as well as Altaquip LLC, Pacific Diving Academy USA, Inc., Spartech Corporation, and Sysonic USA, Inc., becomes part of American Realty Advisors’ industrial portfolio, which encompasses more than 10 million square feet throughout the U.S., according to American Realty Advisors Chairman and CEO Stanley Iezman.

“American Realty Advisors continues to acquire quality commercial real estate assets in core markets on behalf of our investors,” Iezman notes.

 “Our strength is in sourcing and acquiring office, industrial, multifamily and retail properties on which we can achieve strong current returns, while improving property values and income through strategic and active asset management.”

Barbara L. Emmons
The Shoemaker Distribution Center is 100 percent occupied in a market with just two percent vacancy at the end of the fourth quarter of 2014.

“In addition to the lack of available product in general, this market has had robust activity in the 10,000 to 60,000 square foot range, making this asset well-positioned for long term growth,” continues Iezman. 

“A strong income-producing property, the asset is also consistent with American Realty Advisors’ ongoing investment strategy to identify core assets in well located, supply constrained markets.”

            Shoemaker Distribution Center is situated on the border between Santa Fe Springs and Norwalk just south of I-5 Freeway, a dominant industrial market for Los Angeles.  

Additionally, the property specifications including, minimum 24’ clear height, a ratio of 1 dock door per 4,360 sf, and a secured yard for trailer storage, make this asset Class A for this market. 

Darla Longo
            “Based on this asset’s strong occupancy rate and quality, as well as the lack of competitive product in the surrounding, constrained industrial market, American Realty Advisors will be able to justify an increase in rental rates to further drive yields for our investors,” says Iezman.

The Shoemaker Distribution Center is located at 15050-15066 Shoemaker Avenue, Santa Fe Springs, California. American Realty Advisors represented itself in this acquisition. 

The seller, an entity controlled by Lincoln Property Company was represented by Barbara Emmons, Darla Longo, Rebecca Perlmutter, and Laird Perkins of CBRE.

With over $6 billion in assets under management, American Realty Advisors is an investment manager to institutional investors, and has provided real estate investment management services for over 26 years utilizing core and value-added commingled funds and separate accounts. 

American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the United States for office, industrial, multi-family, and retail properties. 
 For a complete copy of the company’s news release, please contact:

Lexi Astfalk/Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Meta Housing Corp. Breaks Ground on $32 Million Arts-Focused Affordable Family Apartment Community in Glendale, CA

Rendering of planned 121 North Kenwood Street Apartments, Glendale, CA

Kasey Burke
LOS ANGELES, CA  (Feb. 24, 2015) – Meta Housing Corporation has broken ground on the Glendale Arts Colony, a new, 70-unit, arts-focused, affordable housing development for families in Los Angeles County.

The new, $32 million development will integrate a series of arts elements, and is the fifth “arts colony” project that Meta Housing has developed, according to Kasey Burke, President of Meta Housing Corporation.

“This development will help to meet the increasing need for affordable housing in the Los Angeles area, while providing much more than just a quality place to live,” explains Burke. 

“In addition, the project provides Meta Housing with the opportunity to combine everything that we do well, including public/private partnerships, affordable housing, and arts integration.”

Chris Maffris
            The development of this project is the result of a partnership between Meta Housing Corporation, the City of Glendale, the YMCA of Glendale, and Western Community Housing, Inc.  The site is being developed as part of the existing 2.2-acre YMCA campus.

“By working with these strong partners, we will be able to create an environment that serves as a catalyst for revitalization and future development, and expands the footprint of Glendale’s growing Arts & Entertainment District,” Burke says.

Chris Maffris, a Senior Vice President with Meta Housing, says, “The gallery will be the heart of the Glendale Arts Colony development, providing a platform for the residents to connect, collaborate, and create with each other and with the larger community.”

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

Lexi Astfalk/Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Chatham Lodging Trust Caps Record Year with Strong Fourth Quarter

Jeffrey H. Fisher

PALM BEACH, FL, Feb. 24, 2015—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels  and premium-branded, select-service hotels and owns wholly or through its joint ventures 130 hotels , today announced results for the fourth quarter and year ended December 31, 2014. 

  In addition, the company provided initial guidance for 2015.

“A strong fourth quarter culminated an extremely productive 2014 for Chatham and its shareholders,” said Jeffrey H. Fisher, Chatham’s president and chief executive officer.  “2014 generated marked growth in terms of investments, operating results and shareholder value, as evidenced by the following significant highlights:

·         generated a total shareholder return of 47 percent
·         expanded equity market capitalization 87 percent to $985 million
·         named to the MSCI US REIT Index (RMZ) which represents approximately 85 percent of the US REIT universe
·         realized a tax-free gain of approximately $80 million or approximately $3 per share on the recapitalization of the Innkeepers joint venture grew hotel investments by approximately $500 million, or nearly 70 percent, including the acquisition of four Silicon Valley Residence Inns
·         increased EBITDA 64 percent
·         advanced adjusted FFO almost 75 percent and adjusted FFO per share 28 percent
 For a complete copy of the company’s news release, please contact:

Dennis Craven (Company)                                                             Chris Daly (Media)
Chief Financial Officer                                                                    Daly Gray, Inc.
(561) 227-1386                                                                             (703) 435-6293

Lee McNeil of Williams Company Management Group Named President of NAIOP Central Florida 2015 Board of Directors

Lee McNeil
ORLANDO, FL – NAIOP Central Florida, the Commercial Real Estate Development Association, a leading commercial real estate industry provider of unparalleled networking opportunities, educational programs, research on trends and strong legislative representation, recently announced their 2015 Board of Directors.

Lee McNeil, Business Development, Williams Company Management Group, will serve as 2015 President of the NAIOP Central Florida Chapter.

"I am honored to have been elected as President," said McNeil. "NAIOP is at the forefront of commercial real estate programs and initiatives and this is an exciting time to oversee the organization's strategic activities."

Yvonne Baker
The 2015 NAIOP Central Florida Board of Directors includes:

·         President, Lee McNeil, Williams Company Management Group
·         President Elect, Christine Hill, Workscapes, Inc.
·         Vice President, Wilson McDowell, Cite Partners
·         Treasurer, Yvonne Baker, Cushman & Wakefield
·         Secretary, Angel Shawver, Florida Business Interiors

To review the 2015 Board in its entirety and a listing of upcoming programs and events, please visit: www.naiopcfl.org.

  NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. 

NAIOP comprises 15,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy.

Christine Hill
For more information, visit www.naiop.org.

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

Claire Pagán | Assistant Marketing Director | CPagan@mallatmillenia.com
The Mall at Millenia | 4200 Conroy Road Orlando, FL 32839 | P. 407.363.5338 | F. 407.363.6877 |