Saturday, March 26, 2016

Foxford Opens New Phase of Somerset Townhomes in Downtown Lake Zurich, IL

Peter Brennan
CHICAGO, IL  – Hinsdale, Ill.-based Foxford Communities will hold a grand opening on Saturday, April 9 and Sunday, April 10, from 11 a.m. – 4 p.m. to debut its decorated model of the newly designed townhomes in phase three of Somerset Townhomes, a community of 39 upscale townhomes along the lakefront in downtown Lake Zurich, Ill.

Located on West Main Street between Lakeview Place and Old Rand, Somerset Townhomes provides a maintenance-free, lakeside lifestyle within walking distance to numerous restaurants and shops in downtown Lake Zurich. 

The first two phases of the community, which included 27 homes, are now completely sold out. Phase three will include 12 townhomes all with direct views of the nearby lake and Breezewald Park, completing the 39 luxury townhomes planned for the Somerset Townhomes community.

“Building in phases has given us the opportunity to listen to our buyers and refine our floor plans to provide additional features that will continue to exceed buyers’ expectations,” said Peter Brennan, president of Foxford Communities.

 “The newly decorated model home will showcase a refreshed, spacious interior with a flexible layout and high-end finishes. However, the breathtaking views of Lake Zurich will be the ultimate showstopper in these homes.”

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

Kelly Shumaker,, 312-267-4519

Kim Manning,, (312) 267-4527

Mortgage Bankers Association Creates the Task Force for a Future Secondary Mortgage Market

Rodrigo Lopez

WASHINGTON, DC - The Mortgage Bankers Association (MBA) announced the creation of the Task Force for a Future Secondary Mortgage Market.  This Task Force was created with the objective of developing a proposal that will address the future of the Secondary Mortgage Market, and in particular, an end-state model that can also fulfill an affordable housing/duty to serve mission. The Task Force anticipates completing this proposal by the end of the year.

Members of this Task Force are made up of individuals from MBA member companies representing a broad cross-section of the residential and multifamily real estate finance industries, including entities of varying sizes and business models.  

The Task Force will be chaired by Rodrigo Lopez, CMB, Executive Chairman of NorthMarq Capital Finance and Chairman-Elect of MBA.

“A strong, sound secondary mortgage market is paramount to the overall success of the real estate finance industry. That is why it is of the utmost importance that policymakers and stakeholders create a strong and stable system that ensures liquidity, affordable mortgage credit and serves consumers,” said Lopez.

Angela Mago
In addition to Lopez, members of the Task Force for a Future Secondary Mortgage Market include:

David Battany, Guild Mortgage Company
Scott Bassin, PNC Real Estate
Jon Baymiller, NYCB Mortgage Company, LLC
Teresa Bryce Bazemore, Radian Guaranty Inc
Keith Bickel, Bank of America Home Loans
Byron Boston, Dynex Capital, Inc.
Jeff Bode, Mid America Mortgage, Inc.
Michael Bright, PennyMac Financial Services, Inc.
Pete Carroll, Quicken Loans, Inc.

Hank Cunningham, First Mortgage Company, LLC
Denise DesRosiers, JP Morgan Chase
Peter Donovan, CBRE Capital Markets

Teresa Bryce Bazemore
David Durning, Prudential Mortgage Capital Company
Tari Flannery, M&T Realty Capital Corporation
Raghu Kakumanu, Wells Fargo Home Mortgage
Angela Mago, KeyBank Real Estate Capital

Mike May, Cantor Commercial Real Estate
Tom Millon, Capital Markets Cooperative, LLC
A.W. Pickel, III, LeaderOne Financial Corporation
Julie Piepho, Cornerstone Home Lending, Inc.
Pat Sinks, Mortgage Guaranty Insurance Corporation (MGIC)
Debra Still, Pulte Mortgage LLC
Bob Stout, Q10 Capital, LLC

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

Rob van Raaphorst
(202) 557-2799

HFF secures $49.85 million financing for development of Residence Inn Silicon Valley near San Francisco, CA

Residence Inn by Marriott Silicon Valley, San Carlos, CA

James Fowler
NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $49.85 million in first lien construction financing for the development of the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos, California.

HFF worked on behalf of the borrower, R.D. Olson Development, to secure the three-year, floating-rate loan with two one-year extensions through a diversified financial services company.  Loan proceeds will be used to develop the hotel.

The four-story, select-service hotel will feature 1,500 square feet of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit.  The hotel will be completed in 2017.

 Located in San Carlos, an affluent Silicon Valley suburb halfway between San Francisco and San Jose, the hotel will sit on a 3.92-acre site at the northeast corner of Industrial Road and East San Carlos Avenue.  Highway 101 runs along the eastern boarder of the site, which is next to San Carlos Airport and near some of the world’s largest tech companies.

The HFF debt placement team representing the developer was led by managing director James Fowler.

“R.D. Olson Development, a leading owner and developer of hotels, has earned a reputation for delivering high-quality projects and creating immense value,” Fowler said.  “The proposed quality of finish and amenities for the hotel, combined with its superb location and excellent brand in Marriott, will certainly carry on that tradition of excellence.”

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

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF closes $25.46 million sale of premier low-rise office campus in Southern California’s South Bay area

Torrance Pointe, Torrance, CA

Andrew Harper
LOS ANGELES, CA –- Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Torrance Pointe, a three-building, 145,280-square-foot, low-rise office campus in Torrance, California.

HFF represented the seller, Amstar Capital, in the transaction.  Montana Avenue Capital Partners purchased the asset all cash for $25.46 million.

Torrance Pointe is located at 21041, 21061 and 21081 S. Western Avenue just off of Torrance Boulevard, one of the main arterial roadways in Southern California’s South Bay area.

 This location provides easy access to the San Diego Freeway (1-405) and the Pacific Coast Highway, connecting the property to the affluent neighborhoods of Palos Verdes, Rancho Palos Verdes, Rolling Hills Estates and Manhattan Beach.

 The three-story buildings share a common area space at the convergence of the three buildings with the potential to redevelop it into a unique tenant recreation area.  The 97-percent-leased property, adjacent to Honda’s U.S. headquarters, is home to tenants including Honda Motor Company, AT&T and Hitachi Transport System.

The HFF investment sales team representing the seller was led by director Andrew Harper.

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

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |