Wednesday, March 23, 2016

Interstate Equities Corp. Announces Final Closing of IEC Institutional Fund III LP With $200 Million of Equity Commitments

Marshall Boyd
LOS ALTOS, CA, March 23, 2016 – Interstate Equities Corporation (IEC), an institutional fund manager that invests in California apartment communities, has announced the final close of IEC Institutional Fund III, L.P., a fully discretionary, commingled fund with $200,000,000 in equity commitments.

According to Marshall Boyd, who co-leads IEC as President alongside Julia Boyd Corso, IEC Institutional Fund III is the firm’s largest fund to date, comprised of equity commitments from new and repeat investors, including family offices, endowments, foundations and corporate pension plans.

“Our firm specializes in renovating and repositioning apartment communities in California, with a focus on assets that are often under 100 apartment units, although our range is 20-400 units,” explains Boyd. “

“IEC continues to strategically acquire assets in the Bay Area and the best of Southern California.  Both are large, infill markets which we know well. The ability to raise this capital in about a year attests to the strength of our strategy, our team, and to the integrity of our business platform. 

“We look forward to working with this group of investors for a long time and are honored to do so.”           

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

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

George Smith Partners Secures $19.9 million in Bridge/Rehab Financing to Fund Creative Office Build-to-Suit in Portland, OR

Malcolm Davies
PORTLAND, OR (March 23, 2016) – Commercial real estate investment banking firm George Smith Partners has successfully secured $19.9 million in bridge/rehab financing for a creative office build-to-suit in downtown Portland that will serve as new offices for global sports apparel brand Under Armour. 

The financing was arranged by George Smith Partners’ Principal Malcolm Davies, along with Kyle Henrickson, a Senior Vice President and Teddy Stutz, a Vice President with the firm.

“This is a high-profile project that will support the global expansion of an innovative and respected retail giant,” says Davies.  “Under Armour signed a 15-year lease for the building on the condition that the project is reconfigured into a creative office campus, which will be the first of its kind in the Portland market.

“The loan we arranged will help our client, the building owner, to begin construction and complete the project within the timeframe specified in the executed lease.”

The planned construction will transform the existing 68,698 square-foot special purpose single-tenant building, which was the former home of the local YMCA, into a 108,698 square-foot campus environment for Under Armour.

Kyle Henrickson
“Based on the unique and customized plan for this project, finding comparable properties for lenders’ consideration was especially difficult,” says Davies.  “In addition, the scope of work required for the planned conversion of the asset introduced added risk to the deal.”

George Smith Partners drew upon Under Armour’s status as a high-quality credit tenant with a 15-year in-place lease, and demonstrated the various options the client has for take-out financing upon the tenant taking occupancy.  

Further, Davies notes that his team focused on the construction-ready status of the project to demonstrate its strength.

“The building owner had already presented a permit-ready plan to the City for review and approval, which gave the lender added confidence in the execution and timeframe for the project,” explains Davies.  “Ultimately, we were able to identify a capital provider that recognized the value in the project, and the opportunity in this loan.”

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

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

KTGY Architecture + Planning Hosts Open House for New Chicago Office

David M. Kennedy
CHICAGO, IL (March 23, 2016) — The Chicago/Midwest office of KTGY Architecture + Planning, an award-winning national architecture and planning firm, hosted an open house at its new location at 343 West Erie Street in Chicago earlier this month.

The event, attended by local industry leaders, featured a robust discussion on Chicago’s housing market based upon a presentation by John Burns Real Estate Consulting.

“Establishing the KTGY Chicago office combines the 25 years of experience that Craig and I bring designing residential, mixed-use and retail projects locally, with 25 years of KTGY’s exceptional national track record in those same sectors,” said David M. Kennedy, AIA, LEED AP, principal at KTGY Architecture + Planning’s Chicago/Midwest office.

 “This event was the ideal opportunity to welcome clients, partners and friends to our new Chicago office, introduce KTGY, and share critical market insights.”

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

Julie Liedtke,, (312) 267-4521

Kim Manning,, (312) 267-4527