Thursday, October 8, 2015

HFF arranges over $100 million in financing for Norwood and Norton, MA multi-housing developments


Rendering of Planned Apartments
 in Norwood, MA and Norton, MA
BOSTON, MA –Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged more than $100 million in financing for two Class A multi-housing developments in Norwood and Norton, Massachusetts on behalf of a joint venture between Campanelli and Thorndike Development.

HFF secured a $25 million construction loan with First Niagara Bank and a $16.8 million mezzanine loan through Cornerstone Real Estate Advisers, on behalf of an institutional client, for 274 East Main Street, a 188-unit, Class A multi-housing community in Norton.  

Due for completion in 2016, 274 East Main Street is being designed to mimic the feel of a Back Bay neighborhood with sidewalks, tree lined-streets and public spaces.  

Units will be designed with garages on the first floor accessed through a back alley.  Residents will have access to a community clubhouse, pool, fitness center, outdoor patio, game room and playground.

 The property is located off of Route 495 in Norton, a suburb about 25 miles southwest of Boston.

This is the second construction and mezzanine transaction HFF has arranged for the borrower through First Niagara Bank and Cornerstone.  In late 2014, HFF secured financing totaling $60 million for One Upland, a 262-unit luxury apartment community slated to open October 2015 in Norwood, Massachusetts.

The HFF debt placement team representing the borrower in both transactions was led by managing director Greg LaBine and real estate analyst Patrick McAneny.


In these two transactions, HFF was able to raise 85% and 90% combined non-recourse construction financing for our client by combining first mortgage and mezzanine sources for the capitalization.

“ Given this structure, the borrower was able to keep 100% of the upside of the deal, while having the comfort that, once stabilized, there would be a way to pay off all of the construction debt with a permanent first mortgage,” said LaBine.

  “First Niagara and Cornerstone worked well together in navigating a complicated structure.”

   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


$74.24 million first mortgage financing secured by HFF for 830 Winter Street in Waltham, MA


830 Winter Street, Waltham, MA

 BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $74.24 million in first mortgage financing for 830 Winter Street, a 182,104-square-foot, Class A lab/biotech building in Waltham, Massachusetts, a western suburb of Boston.


Greg LaBine
HFF worked on behalf of the borrower, a joint venture between King Street Properties and an affiliate of Carlyle Realty Partners VII, LP, in arranging the floating-rate loan with Wells Fargo.

830 Winter Street is situated off Route 95/Route 128 at exit 27 in Waltham about 12 miles west of Boston.  This location places the asset between Route 2 to the north and Interstate 90/the Massachusetts Turnpike to the south and in close proximity to the new 1265 Main Street mixed-use development. 

Completed in 2001 as the flagship headquarters for Praecis Pharmaceuticals, the property remains fully leased today to ImmunoGen, GlaxoSmithKline and Histogenics Corporation.

The HFF debt placement team representing the borrower was led by managing director Greg LaBine.

“This is one of the premier laboratory facilities in the Boston suburbs,” said LaBine.  “As is the case with many acquisitions in the current market environment, the financing had to be obtained quickly to hit the tight closing time frame.  HFF, along with a tremendous effort by the Wells Fargo team, was able to close the deal within 54 days of our initial engagement.”

  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



Cohen Commercial Realty Signs 3 Natives In New Lease Transaction in Jupiter, FL


Christopher Haass
 JUPITER, FL  Christopher Haass and Bryan Cohen of Cohen Commercial Realty, Inc.,represented 3 Natives of Tequesta, Florida, in successfully procuring a new lease term with options for the 1,832-square-foot space located at 4601 Military Trail, Jupiter, Florida 33458.

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

Kacy Martin
Cohen Commercial Realty, Inc.
561.471.0212 Office
561.471.5905 Fax

Eric Hinkelman named CEO of Voit Real Estate Services



Eric Hinkelman
SOUTHERN CALIFORNIA (Oct.  8, 2015) - Voit Real Estate Services has announced that the privately-owned real estate services firm, which was founded in 1971 by Bob Voit as a development company, has restructured to a broker-led organization with Eric Hinkelman, former Executive Managing Director of the firm, as CEO.

Moving forward, the brokerage professionals who have helped build the business under Bob Voit’s leadership will now be stakeholders and the company will focus on its brokerage services platform, which was instituted in 1987.

“This will be an exciting next chapter for the company and I am thrilled that the legacy of Voit Real Estate Services along with our unique company culture will continue on with the brokers that helped build this firm now at the helm,” commented Voit. 

“This evolution, which has long been in the works, will now allow me to focus more of my attention on the development and investment platform, which has always been a strong focus of the company.”

Mr. Voit will continue to play an integral leadership role in the company as the Chairman of the Board, according to new CEO Hinkelman.


Robert Voit
“Voit Real Estate Services will maintain its strong brand, entrepreneurial spirit and unique model, allowing us the freedom and creativity to find solutions that work best for our clients,” Hinkelman explains. 

“Now, as a broker-driven and client-focused firm, our team stands out even more amongst many of our corporate-run competitors. Voit brokers have a voice in their own firm, and in their own careers.”

The newly structured firm will focus on its roots as a Southern California brokerage services company and will continue to operate in its San Diego, Irvine, Anaheim, Inland Empire and Los Angeles offices.

“While we look towards the future with excitement, the characteristics that have differentiated us and made us one of the top brokerage firms in Southern California for the past 28 years will continue,” added Hinkelman. 

“By continuing to focus on our core strengths and maintaining our depth in resources we are ensuring that our brokerage professionals have all the right tools to help our clients achieve their commercial real estate goals.”

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

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

$2 Million Residence Sold at Veer Towers in Las Vegas, NV



Michelle Cadiz


LAS VEGAS, NV — Pordes Residential Sales and Marketing has announced the sale of its most expensive unit at Veer Towers.  The 2,256 square foot unit, sold by Veer Towers Sales Executive Michelle Cadiz, closed in September for $2 million.

The fully furnished unit, designed by Luxurious Lifestyle Consultants, is move-in ready and the new owners will enjoy 270-degrees of views including the famous Bellagio Fountains, CityCenter and the Las Vegas Strip.


Veer Towers, Las Vegas, NV
The unit is one of the unique combo residences being offered by Pordes Residential.  The sales team was able to offer the buyer a larger, two-bedroom, three bathroom plus den that was created by combining a two bedroom unit with a studio. 

Pordes Residential Sales and Marketing has recently created another combo 3 bedroom residence with views of the Fountains of Bellagio with several more planned.

“Our goal has always been to give the buyers exactly what they want and need,” said Mark Pordes, CEO of Pordes Residential Sales and Marketing.  “This is a stunning unit unlike any other in Veer Towers.  We were able to meet the buyer’s needs by providing a custom residence.”

The two 37-story Veer Towers stand out from all other condominium projects in Las Vegas.  Residents enjoy incomparable views of Las Vegas from their residences as well as the rooftop entertainment areas that feature infinity edge swimming pools, hot tubs, sun decks and summer kitchens. They are also surrounded by the luxury and convenience of The Shops at Crystals, the Gallery Row Shops, ARIA Resort & Casino, Vdara Hotel & Spa, and Mandarin Oriental, Las Vegas.

Mark Pordes
Pordes Residential is also selling studio, one-, two- and three-bedroom units.  Prices range from $250,000 to $2.3 million. Buyers have the option to purchase fully-furnished designer, model units. 

For more information on Veer Towers, contact the Pordes Residential sales office at 702-748-8285.  The sales office is open seven days a week and nighttime showings are available. Financing options are available.

Pordes Residential Sales & Marketing sells, markets and invests in unique residential condominium opportunities. 

The company has globally marketed Florida luxury condominiums, including Canyon Ranch Living Miami Beach and One Bal Harbour.

 The company works with developers and third-party lenders to reposition residential projects. Outside of Florida, the firm has partnered with developers in Las Vegas and the Caribbean.

Neither Pordes Residential nor the owner of the Veer units is affiliated with MGM Resorts International.

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

Laura Burns
Account Director
Office: 954-370-8999

Cell: 617-921-5969

Charles Dunn Co. Completes Sale of a Small Office Building to Owner/User in Burbank, CA


Roger L. Beck
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.84 million sale of a vacant, three-story, 7,100-square-foot office building located in Burbank, Calif.

Roger L. Beck, SIOR of Charles Dunn Company, represented the seller, Los Angeles-based MarketHealth. The buyer, NHC Group, Inc., was represented by Marcus & Millichap.

NHC Group, which markets beauty and health products, is relocating from a space it was leasing in Burbank. NHC’s owner, Neyda Ricardo, will also use the space to broadcast her radio show.

Located at 2049 N. Lincoln St., the property is situated a few blocks from the Burbank Airport and offers excellent access to the 5 Freeway and Downtown Burbank. 

The seller, also a health products company, built the property in 2008 and recently relocated to a newly acquired building in Studio City. Roger Beck also represented MarketHealth in this acquisition.

“We marketed this property as a well-located, quality asset and focused on owner/users in the Los Angeles, area,” said Beck. “We secured multiple offers and sold the building within just two weeks. Newer, upgraded small buildings such as this one are in demand as users seek to avoid rising lease rates.”

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

Darcie Giacchetto

949.278.6224

Stepp Commercial Completes $3.3 Million Sale of 20-Unit Apartment Property in Long Beach, CA


Robert Stepp
LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $3.3 million sale of a fully occupied, 20-unit apartment property located at 922 East 2nd Street in the Alamitos Beach neighborhood immediately adjacent to Downtown Long Beach. 

Robert Stepp, principal with Stepp Commercial, and Michael Toveg, senior vice-president, represented the buyer, Landmark Marketing Corporation. Stepp and Toveg also represented the seller, 922 E 2nd Street, LLC. The closing cap rate was 3.8 percent and the price per unit was $165,000.

“The buyer was looking to acquire a well-located, quality property,” said Stepp. “This asset offered a prime location that is walking distance to the beach and downtown, as well as upside potential in rents.”

Toveg added: “Turn-key properties in prime Long Beach submarkets are very scarce. The majority of apartments that come to market require at least some degree of renovation in order to maximize value.” 

Built in 1946, the two-story, courtyard-style property consists of eight studio units; 11 one-bedroom units; and one two-bedroom unit. The majority of the units were recently rehabbed with new hardwood floors, updated appliances, and new lighting, fixtures, and paint.

Michael Toveg
 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million in Long Beach. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. 

Specializing in one key market gives Stepp Commercial a competitive advantage which accelerates and ensures client success. For more information visit SteppCommercial.com


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

Darcie Giacchetto

949.278.6224

NAI Realvest Negotiates Sale of Ormond Beach, FL Retail Building Planned for a Little Caesars Pizza

  
Chris Butera
ORMOND BEACH, FL  – NAI Realvest recently completed the sale of 162 S. Nova Rd.,  a former gift shop in Ormond Beach,  for $386,000 that will be redeveloped into a Little Caesars.   

Chris Butera, investment associate at NAI Realvest covering Volusia and Flagler counties, represented the local seller in the transaction John Randolph Hill Sr Trust.

The Buyer of the 1,061 square foot facility built in 1979 is Fast Trac Pizza, Inc., a local Little Caesars franchisee.  The building sits on 0.42 acres.  

Bob Rand of Coldwell Banker Commercial represented the buyer.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.


Emerson International closes on Leases totaling over 7,300 rentable square feet at its Office Developments in South Seminole, Maitland and Winter Park, FL


Zac Starkey
Altamonte Springs, FL -- Emerson International recently closed six long-term leases for office space totaling some 7,340 rentable square feet at its office developments in Longwood, Altamonte Springs, Maitland and Winter Park. 

Leasing Associate Zac Starkey represented the landlord Emerson in all six lease agreements with the following tenants at the following locations --

At Emerson’s Sanlando Center II building, 2180 W. State Road 434 in Longwood, the law firm of Aaronson, Austin, PA expanded into 2,093 square feet, and ├ęClat Law who specializes in startup and operation of businesses, has leased 1,733 square feet;

General contractors High Mark Construction expanded into Suite 1166 with 794 square feet in the CenterPointe Office Park at 370 CenterPointe Circle, Altamonte Springs;

Trillium Drivers, a truck drivers staffing company relocated into 1,737 square feet at the 2600 Maitland Center Blvd. building; and 

In Winter Park, Starkey negotiated two leases at Emerson’s Louisiana Office Park located at 1177 Louisiana Ave.   Banda Design, an interior design firm, leased 508 square feet and Winter Park College Consultants, a counseling service for students and families on navigating the college application and decision process,  leased 475 square feet.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.


Berkadia Brokers Sales of Two Brevard County, FL Apartment Communities Totaling 250 Units for $18 Million.


Cole Whitaker
Orlando, FL --- Berkadia Real Estate Advisors recently brokered the sales of two Brevard County apartment communities comprised of 250 units – Park Village in Melbourne and Malabar Lakes in Palm Bay – for a total of $18,000,000.

Cole Whitaker, Managing Director for Berkadia, negotiated the sales along with Senior Directors Hal Warren and Jason Stanton, representing Deancurt Melbourne LLC, the seller of both properties.

Buyer White Eagle Property Group LLC purchased Park Village, which consists of 138 one- and two-bedroom units, for $10,055,000, an average price per unit of $72,862.  Park Village, located at 3099 Park Village Way in Melbourne was built in 1986. 

White Eagle paid $7,945,000, or an average of $70,938 per unit, for Malabar Lakes apartments at 1018 Malabar Lakes Drive in Palm Bay.  The 112 one- and two-bedroom apartments were built in 1988.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties.  Berkadia is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com.