|Holiday Inn Savannah Historic District Hotel|
Wednesday, April 29, 2015
Meridian Capital Group Arranges $18.2 Million in Bridge Financing for the Acquisition of the Holiday Inn Savannah Historic District Hotel Property in Savannah, GA
Boca Raton, FL, April 29, 2015– Meridian Capital Group, America’s most active debt broker, negotiated an $18.2 million bridge loan for the purchase of the Holiday Inn Savannah Historic District hotel property located in Savannah, GA.
The two-year interest-only loan, provided by a balance sheet lender with an exit to CMBS execution, features a floating-rate of 380 basis points over the 30-day LIBOR rate and a one-year extension option.
This transaction was negotiated by Meridian Capital Group Director, Noam Kaminetzky, who is based in the Company’s Boca Raton, FL office.
The five-story hotel property totals 127 rooms and is located at 15 Martin Luther King Jr. Boulevard in Savannah, GA. The Holiday Inn Savannah Historic District opened in 2007 as a Four Points by Sheraton but underwent a multi-million dollar renovation in 2013 and reopened in April 2014 as a Holiday Inn. Prior to the renovation, the hotel was significantly underperforming compared to the market and there was tremendous upside.
“The borrower is a large hotel operator in the United States and internationally.
"Obtaining a non-recourse bridge loan provided the sponsor with an opportunity to implement their proven operating methodology and allow the asset to further season.
"Upon several years of improved operating history, the value created will be substantial and the borrower’s plan of recapitalizing the asset with permanent debt will provide a handsome return for them,” said Mr. Kaminetzky. “This loan closed in 45 days from start to finish, which was a huge accomplishment, considering all the moving parts of the transaction,” he added.
For a complete copy of the company’s news release, please contact:
Jonathan M. Stern
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
CHARLOTTE, NC (April 29, 2015) — Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of two Charlotte apartment communities for a total of $39.9 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.
Details of the deals are below:
· White Point Partners acquired the 202-unit Tryon Park at Rivergate, located at 12620 Toscana Way, from Meridia.“There continues to be an incredible demand for quality product, which, in turn, is resulting in more creative deal structures such as this pre-stabilized sale,” McCarley said.
“The Steele Creek area continues to demonstrate strong fundamentals with limited remaining multifamily development sites resulting in a submarket with very attractive supply-and-demand characteristics.”
· JEM Holdings acquired the 254-unit Wellington Farms, located at 4700 Twisted Oaks Road, from Wellington United. This transaction was JEM Holdings 6th Charlotte acquisition over the last 18 months.
“Wellington Farms is a well-located asset within Charlotte that caters to multiple rental segments,” McCarley said.
“We feel strongly that the property will continue to capitalize on the economic momentum of the market and provide sustained growth for new ownership.”
For a complete copy of the company’s news release, please contact:
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)
NAI Realvest Negotiates Investment Purchase of Professional Office building at the North End of Downtown Orlando, FL
ORLANDO, Fla. --- NAI Realvest recently negotiated the investment sale of a 1,400 square foot freestanding office building at 114 Park Lake St. located just east of N. Magnolia Ave. and north of Colonial Drive in Orlando.
The NAI Realvest team of Jeffrey Tanner and Kimberly Manson represented the buyer JNRN Properties, LLC of Orlando who paid $425,000 for the professional office building.
The seller, Park Lake Partners, was represented in the transaction by Savage Properties, Inc.
Berkadia LLC and Three of its Brokers Earn Distinguished CoStar Power Broker Awards for Sales Closed
Birmingham, AL --- Berkadia LLC, one of the nation’s largest and most active multifamily investment banking and research companies, was recently honored by CoStar Group, Inc. as one of the top commercial real estate firms in Alabama based on total sales transactions closed during 2014.
David Oakley, principal at Berkadia in Alabama, along with Senior Vice Presidents David Etchison and Royce Emerson, were named among the Top CoStar Power Brokers in the market for achieving the highest transaction volumes in commercial property sales in 2014.
The most significant transactions closed by the Berkadia brokers in 2014 include the Hoover 3 Portfolio with 825 units for $63,347,000; Villas at Bon Secour, a 200-unit upscale apartment property in Alabama’s resort area near the Gulf beaches for $16,600,000 and Chapel Lakes in the Montgomery area with 152 units for $14,400,000.
“CoStar is proud to honor the firms and brokers who perform at the industry’s highest level each year,” said CoStar Group founder and CEO Andrew C. Florance.
Hold-Thyssen negotiates 13 Leases at Pennock Business Center and Maplewood Plaza in Jupiter, FL totaling over 16,700 Rentable Square Feet
JUPITER, FL and WINTER PARK, FL -- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated 10 leases in Jupiter for office/warehouse/flex space at Pennock Business Center and three renewal and expansion leases of retail space at Maplewood Plaza representing the Miami-based landlord GECMC 2005.
At Pennock Business Center 711 Commerce Way in Jupiter, Hold-Thyssen Leasing Agent Therese Taylor teamed up with Dan Sefjack of Business Real Estate Inc. in Jupiter to complete seven new lease agreements for office/warehouse/flex suites totaling 5,658 rentable square feet, and three lease renewals totaling 4,386 square feet.
|Maplewood Plaza, Jupiter, FL|
At Maplewood Plaza, 401 Maplewood Drive, Taylor negotiated three retail lease agreements:
Brush Strokes and More by Jackie added 1,700 square feet to the 1,700 square feet they already occupied and signed a renewal with the expansion for three years;
Hometown Cleaners signed a five-year lease renewal for its 1,700 square feet and Luxury Maids who occupies 1,630 square feet at Maplewood Plaza signed a three-year lease renewal.
Hold-Thyssen negotiates new Five Year lease for office space with International Communications Firm establishing Offices in Lake Mary, FL
WINTER PARK, FL --- Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated a new five-year lease agreement for 5,324 rentable square feet at 1485 International Parkway in Lake Mary, bringing the occupancy up in the building from 71 percent to 90 percent.
Darby Hold, transaction specialist at Hold-Thyssen, negotiated the transaction on behalf of the Austin, Texas-based landlord WC Lake Mary Office, LP.
|Mary Frances West|
The new tenant, ZNES Group, LLC., leased Suites 2031 and 2051 in the office building for its excellent location in the high tech corridor of Lake Mary.
ZNES, a global microwave communications firm servicing the financial, oil and gas and defense industries, was represented in the transaction by senior broker associate Mary Frances West, CCIM at NAI Realvest.
Broker at NAI Realvest Honored by Central Florida Commercial Association of Realtors for Community Service Helping the Homeless
ORLANDO, FL -- Veronica Malolos, a broker at NAI Realvest in the Osceola County area was recently honored with the Central Florida Commercial Assn of Realtors 2014 Community Service Award.
Robin Webb, managing director at NAI Realvest, said Malolos received the prestigious award from CFCAR for her advocacy and work with the homeless families and children in Osceola County.
Most recently Malolos spearheaded several “crockpot drives” for the transitional homeless in the region, enabling children and families to eat healthy while they’re balancing family responsibilities, multiple jobs and lack of kitchen implements.
Malolos, an established leader in Osceola County, is currently an Osceola County Planning Board Commissioner and vice chair of the county’s Affordable Housing Advisory Committee.
She is also a trustee for the county’s Education Foundation Charter School Board.
She is an alumnus of “Leadership Osceola,” a past president of the Osceola County Assn. of Realtors and is the 2014 District 12 vice president for the state association, “Florida Realtors.”
Berkadia Negotiates $4 Million sale of Newly Refurbished Element 26 Apartment Community in Birmingham, AL
Joshua Jacobs, investment sales advisor for Berkadia, negotiated the transaction representing the seller, Highland Ridge LLC of
Element 26 LLC, a
investment group, acquired the
property, which was 100 percent leased at the time of the
Jacobs said Highland Ridge renovated all interiors and exteriors at Element 26 and repositioned and rebranded the property, resulting in a sale price of $61,742 per unit.
Element 26 consists of units averaging just under 650 square feet that rent at an average of $1.11 per square foot.
For a complete copy of the company’s news releases, please contact:
Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 firstname.lastname@example.org