Tuesday, March 24, 2015

HFF arranges $36.85 million combined financing for development of Class A residential building in Portland, OR

4949 SW Landing Drive, John's Landing Neighborhood, Portland, OR

Erica Christensen

PORTLAND, OR  – HFF announced today that it has arranged a combined $36.85 million in financing for the development of 4949 SW Landing Drive, a 166-unit, Class A residential building located in John’s Landing, a neighborhood just south of the Portland Central Business District and South Waterfront area.

HFF worked on behalf of the borrower, Guardian Real Estate Services, to secure the financing through a senior construction loan coupled with an additional investment from a national life insurance company. 

Casey Davidson
                4949 SW Landing Drive is located on the former Willamette Athletic Club site and consists of a seven-story building that will house the residential apartment homes and an expansive community amenity package.

 Building amenities will include a large outdoor courtyard with barbeques, eco-roof and fire pits, Sky Lounge, garage parking, water sports equipment storage and a fitness center.

 Unit interiors will feature a modern design, and floor plans are just below 800 square feet, slightly larger than many new buildings being delivered to the market.

The HFF team representing the borrower was led by managing director Casey Davidson, associate directors Kerry Hughes and senior real estate analyst Erica Christensen.

Kerry Hughes
“The John’s Landing neighborhood has long been a staple of Portland, with its charming character and extremely convenient location just south of downtown; however, home prices are lofty in this primarily for-sale housing market,” Hughes said.  

“Upon completion, 4949 SW Landing Drive will be one of the first to offer Portland residents an opportunity to live in the desirable neighborhood via a modern, institutional-quality apartment building.”

 For more information, visit www.gres.com

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

Meridian Capital Group Arranges Permanent Financing for the Recapitalization of the DoubleTree by Hilton Orlando Downtown in Orlando, FL

Tal Bar-Or
New York, NY, March 24, 2015, – Meridian Capital Group, America’s most active debt broker, negotiated permanent financing for the recapitalization of the DoubleTree by Hilton Orlando Downtown located in Orlando, FL on behalf of Glenmont Capital Management, LLC.

The flexible balance sheet loan features a low floating-rate over 30-day LIBOR, with multiple extension options. This transaction was negotiated by Meridian Capital Group Managing Director, Tal Bar-Or, who is based in the Company’s New York City headquarters.

The 342-room hotel located at 60 South Ivanhoe Boulevard, then a distressed hotel property operating as a Sheraton, was acquired by affiliates of Glenmont Capital Management in late 2009 from a specialty lender that had recently foreclosed on the property.

 Following acquisition, Glenmont implemented a comprehensive repositioning plan that included the installation of new management, completion of an extensive renovation and the re-branding of the property to the DoubleTree by Hilton Orlando Downtown.

Doubletree by Hilton Orlando Downtown Hotel
With the multi-year repositioning plan complete, Glenmont sought to recapitalize its investment through a debt financing.

“This represents our second transaction with Glenmont in recent months. 

"We are quite pleased to have been given the opportunity to assist with this attractive recapitalization, helping our client to monetize a portion of the significant value they have created in repositioning this well located hotel property.

“We look forward to continuing to grow our relationship with Glenmont,” said Mr. Bar-Or.

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

 Jonathan Stern
Meridian Capital Group

C&W Announces $139 Million in YTD Transactions

Chris Owen
Research Manager

TAMPA, FL – Cushman & Wakefield today released its year-to-date transaction report highlighting nearly 500,000 square feet of commercial real estate transactions valued at more than $139 million. The details of these transactions can be found below.
Retail Sales
Land Sales
Multifamily Sales
Industrial Sales
Office Leases
Industrial Leases

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

Chris Owen
Research Manager
Central and North Florida
(407) 541-4417

C&W's Jenks Named NAIOP Office Broker of the Year

Traci Jenks

JACKSONVILLE, FL – Cushman & Wakefield is pleased to announce that Senior Director Traci Jenks has been named NAIOP of Northeast Florida’s Office Broker of the Year. She was honored February 26th during an event held at Cummer Museum of Art & Gardens.

Jenks’ candidacy was buoyed by an impressive 2014 deal list which included 17 transactions totaling nearly 270,000 square feet valued at $17.4 million. Beyond these statistics, however, was Jenks’ tireless advocacy for Downtown Jacksonville.

Larry Richey
NAIOP highlighted this by singling out Jenks’ efforts to bring Analytics Partners to the Brooklyn area, where it now occupies a larger, more modern space at 725 Peninsular Place.

“This award is well-deserved,” added Cushman & Wakefield’s Senior Managing Director and Florida Market Leader Larry Richey.

 “We are incredibly proud of the work Traci is doing. Her dedication to her clients and the city of Jacksonville is unparalleled.”

Two other Cushman & Wakefield professionals were honored during the event.

Senior Director Bob Retherford was nominated for Office Deal of the Year for his work on the Jacksonville Transportation Authority headquarters relocation.

Associate Director Tyler Newman was an Industrial Broker of the Year nominee.

For a complete copy of the company’s news release, please contact:
Traci Jenks
Senior Director
(904) 380-8333