Tuesday, May 26, 2015

George Smith Partners Secures $81 Million in Financing for the Acquisition of a Recently-Developed Southern California Multifamily Community

The Paseos at Montclair North Apartments, Montclair, CA

SAN BERNARDINO COUNTY, CA (May 26, 2015) – Commercial real estate investment banking firm George Smith Partners has successfully secured an $81 million bridge loan through GE Capital on behalf of its client, GH Palmer Associates, for the acquisition of The Paseos at Montclair North, a 385-unit luxury multifamily community located in the city of Montclair, California, according to Gary M. Tenzer, Principal and Managing Director of George Smith Partners

Gary M. Tenzer
“Our client engaged us to secure an interim bridge loan for this property acquisition because the property was not yet fully stabilized at the time of sale,” explained Tenzer.

            George Smith Partners secured the bridge financing at a rate of 3.23 percent + 1 month LIBOR, full-term interest only, with a term of five years. The loan-to- value was 75 percent. 

Tenzer notes that this was one of the last financings completed by GE Capital before its sale in April 2015.

The Paseos at Montclair North is a 385-unit luxury Class A apartment community situated on 15.4 acres located in the Inland Empire city of Montclair, Calif. 

The property consists of one-, two- and three- bedroom units that feature luxury finishes such as gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances, and walk-in closets.

In addition, the community features high-end amenities including two resort-style pools, spas that include cabanas and pool beds, a central park with concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a state-of-the-art fitness facility.

Malcolm Davies
The property is located directly across the street from a major regional mall, the Montclair Plaza, and one block south of the Metro link commuter rail with service to Downtown Los Angeles and Pasadena.

George Smith Partners Principal Malcolm Davies previously worked with the property’s developer, in 2012 to secure $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property.

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

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

HFF San Francisco hires Scott Pertel as a managing director to expand firm’s net lease initiative on West Coast

Scott Pertel
SAN FRANCISCO, CA – May 26, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Scott Pertel has joined its San Francisco office as a managing director concentrating on office and industrial transactions with a focus on sale leasebacks and net lease sales in the Western United States. 

Mr. Pertel will work alongside Mark West, Coler Yoakam and Tim Hall within HFF’s national net lease group and will focus on a new West Coast initiative to expand the existing platform.

  HFF’s net lease group assists owners during all stages of an investment life cycle by providing turnkey solutions for owners in need of investment sales and financing services for their net lease properties.  

Mr. Pertel joins HFF from Marcus & Millichap where he spent the last 10 years as an associate director in the Net Leased Property Group within their National Office and Industrial Group. 

Mr. Pertel is a board member of the National Association of Industrial and Office Properties (NAIOP) and was awarded the NAIOP Developing Leader of the Year Award in 2014.  

Steve Golubchik
He also sits on the board of the Boys Hope Girls Hope organization in San Francisco, CREATE San Francisco and the Stillwater Foundation.  He graduated from the University of Colorado Boulder.

“HFF launched its dedicated net lease efforts in 2010.  As this niche market continues to grow we’re pleased to bring on Scott to spearhead our San Francisco and West Coast initiative and meet our clients demands for net lease expertise in this region,” said Steven Golubchik, senior managing director and co-head of HFF San Francisco. 

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 | www.hfflp.com

HFF closes $185.5 million sale of LaPlaya Beach Resort in Naples, FL

LaPlaya Beach Resort, Naples, FL

MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $185.5 million sale of the LaPlaya Beach Resort, a 189-key, luxury boutique resort located on the Gulf of Mexico in Naples, Florida.

Daniel C. Peek
HFF marketed the property on behalf of the seller, a partnership between affiliates of Halstatt and Noble House Hotels & Resorts, Ltd. 

Pebblebrook Hotel Trust purchased the offering free and clear of debt and announced that LaPlaya will continue to be managed by Noble House Hotels & Resorts under a new operating agreement.

LaPlaya underwent a transformative renovation and expansion in 2002 resulting in an exclusive luxury boutique experience spread across three waterfront buildings set on six acres along Naples’ famed Vanderbilt Beach. 

Decorated with awards from Condé Nast Traveler, Wine Spectator and Travel + Leisure, the resort caters to an upscale clientele from around the world.

 In addition to the 600 feet of beach frontage on the Gulf of Mexico, the resort features the BALEEN Restaurant, a 4,500-square-foot day spa, 8,000 square feet of indoor meeting space, two resort-style swimming pools, a 23-slip marina and the La Playa Beach Club, a prestigious private-membership club that generates income from membership sales, annual dues and ancillary revenue from club members throughout the property.

Max Comess
  LaPlaya’s 18-hole golf club will continue to serve LaPlaya’s guests and members; however, it was not included in the sale.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Daniel C. Peek, managing director Max Comess, director Chris Drew and real estate analysts Alexandra Lalos and Maxx Carney.

“The purchase and sale of LaPlaya is significant and underlines the continued strong recovery of the resort sector nationwide and the broad institutional appeal of this segment,” Peek said.  

“There has never been greater demand for this asset class in the global real estate capital markets than today.”

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 | www.hfflp.com
Twitter at @PebblebrookPEB.

MBA Opens Doors Highlights Foundation’s Success Stories in New Video

Debra Still

Washington, DC (May 26, 2015) The Mortgage Bankers Association (MBA) Opens Doors Foundation today released a new video featuring two of the Foundation’s success stories as well as a brand-new, original song, Call It Home

Since 2012, the MBA Opens Doors Foundation has helped more than two hundred families with a child undergoing a critical illness or injury make their mortgage or rental payments.

“Madison Garrett and Ceili Leahy and their parents really helped us capture the importance of the mission of MBA Opens Doors,” said Debra Still, Chairman of the MBA Opens Doors Foundation and President & CEO of Pulte Mortgage. 

“MBA Opens Doors is dedicated to making sure parents of critically ill or injured children can focus all of their attention on their child and that the child will be able to return to the home they love.”

The video features testimonials from the Garrett Family and the Leahy Family along with David H. Stevens, President and CEO of MBA, and Robin Stone, LICSW, Manager of Clinical Services Hematology/Oncology at Children’s National Medical Center, Washington D.C.

Robin Stone
The family of Madison Garrett, who was diagnosed with stage-four high risk neuroblastoma at the age of three, shared their story in the video.

 “I couldn’t imagine battling this disease and not having the support we got. It was just right on time and it was just what we needed,” her father, Edwin, says.

The video also features the family of Ceili Leahy, a student and the University of Virginia who battled cancer. 

Her father, John Leahy, says in the video: “It’s nice to know that your safe place, the home that you live in, is secure. We’re not at risk of ending up having to lose our home because of financial reasons.”

An original composition, Call It Home, written and performed by C. Linney and J. Schoeny, is featured in the video. The song was underwritten by The Dietch Family Fund, and is available for download on iTunes. As with all donations to MBA Opens Doors, one hundred percent of the proceeds from downloads of the song goes towards helping families in need.

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

Ali Ahmad

Lincoln Harris Arranges Four Leases Totaling 35,652 Square Feet in Charlotte, NC

Jennifer Kurz
CHARLOTTE, N.C. (May 26, 2015) — Lincoln Harris’ Charlotte office has arranged four office leases in Charlotte totaling 35,652 square feet. The details of the transactions are below:

·      Decision Point signed a 3,522-square-foot lease at Toringdon 1, a 110,000-square-foot building located at 3420 Toringdon Way. 

Marshall Williamson and Jubal Early of Lincoln Harris represented the tenant, and Jennifer Kurz of Trinity Partners represented the landlord, Toringdon 1 LLC.

·      Luguire George and Andrews, Inc. signed a 15,941-square-foot lease at The Rotunda, a 216,262-square-foot building located at 4201 Congress Street. 

Early represented the tenant, and Charley Leavitt of JLL represented the landlord, RAR2-Congress Street.

Jubal Early
·      Maxwell Group, Inc. signed an 11,107-square-foot lease at Toringdon 6, a 95,806-square-foot building located at 3530 Toringdon Way . Williamson represented the tenant in the transaction. Kurz represented the landlord, Toringdon 6 LLC.

·      Westend Advisors LLC signed a 5,082-square-foot lease at Two Morrocroft, a 96,025-square-foot building located at 4064 Colony Road. Early represented the tenant, and Williamson represented the landlord, Columbia North Carolina Morrocroft Office Properties LLC.

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)

Gemstone Hotels & Resorts Expands into South Florida with $150 million Beachwalk Resort in Hallandale, FL

            PARK CITY, Utah/ May 26, 2015—Gemstone Hotels & Resorts, a full-service hotel management company that specializes in owning and operating luxury and upscale urban hotels and resorts, today announced the opening of the European-style Beachwalk Resort on the intercoastal waterway in Hallandale, Fla. 

Jorge Perez
The $150 million, 33-story resort is the latest project by The Related Group of Miami, Fla., the leading developer of luxury condominiums and multi-family residences, and comprises 300 units, 216 of which are divisible two-bedroom suites. 

It is the first of three Broward County projects currently under development by The Related Group that Gemstone will operate.

            "Gemstone has an impeccable track record of maximizing and managing complex resorts in top vacation destinations throughout the U.S.," said Jorge Pérez, CEO of The Related Group. 

"By partnering with Gemstone on these projects, we are able to successfully expand our focus to include luxury hospitality services in our residential projects.”

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

Lauralee Dobbins, media
(703) 435-6293

Foxford Starts Sales at Somerset Townhomes in Downtown Lake Zurich, IL; First Deliveries Available June 2015

Peter Brennan
CHICAGO, IL, May 26, 2015 – Hinsdale, Ill.-based Foxford Communities today announced the start of sales at Somerset Townhomes, a community of 39 upscale townhomes along the lakefront in downtown Lake Zurich, IL.

Part of a plan to reshape downtown Lake Zurich, Foxford Communities acquired the Somerset property in 2011, completing 10 unfinished townhomes – all of which sold in just eight months – and improving architectural plans for the remaining 19 homes, located across three buildings.

 Foxford started construction of the final 19 residences in winter 2014, with delivery of the first homes slated for June 2015.

“Lake Zurich has been recognized year after year as being one of the top 10 cities in Illinois for young families largely due to the high-rated schools in District 95,” said Peter Brennan, president of Foxford Communities.

“We are excited to help revitalize downtown Lake Zurich by completing the homes at Somerset, which provide an affordable downtown location within walking distance to the lake, shops, restaurants, the weekly summer farmers market and annual downtown community events like the Rock the Block block party.

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

Kelly Shumaker kshumaker@taylorjohnson.com, (312) 267-4519

Emily Johnson, ejohnson@taylorjohnson.com, (312) 267-4522