Saturday, April 30, 2016

Atlantic | Pacific Communities Celebrates Groundbreaking of Northwest Gardens’ Latest Phase in Fort Lauderdale, FL

Northwest Gardens IV Apartments, Fort Lauderdale, FL
MIAMI, FL – Atlantic | Pacific Communities (A|P Communities), the affordable housing subsidiary of Atlantic | Pacific Companies (A|P), has expanded its partnership with the Housing Authority of the City of Fort Lauderdale to develop Northwest Gardens V, an affordable housing development which started construction first quarter of 2016.

“We are pleased to partner again with Atlantic | Pacific Communities on the development of Northwest Gardens V, which furthers our mission of providing safe affordable housing to low-income residents in Fort Lauderdale since 1938,” said Tam English, Executive Director of the Housing Authority of the City of Fort Lauderdale.

Northwest Gardens V, which broke ground in February, is the fifth phase of a comprehensive redevelopment initiative undertaken by the Housing Authority in the Northwest Gardens neighborhood of Fort Lauderdale, located just north of the Sistrunk Boulevard corridor west of Powerline Road.

 The neighborhood was the first project in the southeastern United States to be pre-certified at the Gold level under the Leadership in Energy and Environmental Design (LEED) for Neighborhood Development.

 The property was awarded an Affordable Green Neighborhoods Grant by the U.S. Green Building Council to incorporate these new units into the existing LEED-ND certification, bringing the total number of units redeveloped by the Housing Authority under the LEED-ND program to 612.

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

Jessica Wade Pfeffer | | 305.804.8424
Margie Sernik | | 786.200.2516 or call (800) 918–1145.

Follow A|P on Facebook (@AtlanticPacificCompanies), Instagram (@APCompanies) and Twitter (@APCompanies).

Passco Cos. Acquires Core Multifamily Community for $53.5 Million in Florida’s Hospital Health Village

The Ivy Apartments, Florida Hospital Health Village, Orlando, FL

Colin Gillis
ORLANDO, FL – Passco Companies, LLC has acquired The Ivy, a 248-unit, Class A+ newly constructed multifamily community located in Florida Hospital Health Village in Orlando, home to the second largest hospital in the nation, for $53.5 million.

“The Orlando market is currently undergoing tremendous growth,” says Colin Gillis, Vice President of Acquisitions, Southeast for Passco Companies. “According to a recent report by the U.S. Department of Labor, Orlando created more jobs than any other metropolitan area in the nation in 2015, ranking first for employment gains and second for population growth.”

Gillis explains, “This rapid job creation, especially in the healthcare sector, coupled with the huge immigration of workers will continue to drive demand for multifamily housing in the area, making this a strong addition to our existing portfolio.”

Situated along the I-4 Corridor, this transit-oriented property benefits from its prime location near major employment centers and is the only multifamily property within Florida Hospital’s Health Village, which is home to more than 10,000 high-quality healthcare jobs. 

The rapidly-expanding employment base within The Health Village is all right at the front-door of The Ivy.  In addition to serving the local community of healthcare workers, The Ivy also offers convenient access to commuter transit options and jobs throughout the Orlando metro. 

Shelton Granade
The Ivy is within a 5-minute walk of one of four downtown stops for Orlando’s 62-mile Sun Rail project making all of Orlando highly accessible from the Property without the need of a vehicle.

“Nowhere are we seeing more progressive and innovative development than in Orlando, Florida,” continues Gillis. 

“The City of Orlando recently invested nearly $8 billion in infrastructure and transportation projects, inclusive of the Sun Rail commuter line and an expansion of the I-4. 

"The Ivy’s location in close proximity to these major transit systems will drive demand for the property, providing an opportunity to deliver stabilized yields to our investors.”

Constructed in 2015, The Ivy features luxury amenities including multi-level pool decks with a resort-style swimming pool, a state-of-the-art fitness center, and yoga studio. The apartment community also offers immediate access to trendy downtown areas including upscale shopping, dining, and entertainment options.

The Ivy is located at 2650 Dade Avenue in Orlando, Florida. Shelton Granade, Vice Chairman at CBRE represented Passco and the seller.

Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

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

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

29th Street Capital Hires Stonemark Management to Handle Three Houston, TX Properties

Javier C. Bustillo
Houston, TX  – 29th Street Capital (29SC) has hired Stonemark Management to manage three multifamily communities in the Houston, Texas area. Stonemark is now managing:

Casa Palmas, a 308-unit community in Pasadena
Harbor Walk, a 138-unit community in League City
The Flats at South Shore, a 176-unit community, also in League City.

Stonemark’s responsibilities include managing and leasing the communities, while supervising an ongoing $2.3 million renovation project.

“We are excited to be working with Stonemark on our new acquisitions in Houston and look forward to continuing to grow our platform with them, said Javier C. Bustillo, Senior Vice President at 29th Street Capital.

“As an owner, it is extremely important to be able to trust and depend on the management company to be proactive, and a true partner, and we could not be more pleased with the value Stonemark has brought to the table.”

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

Terri Thornton
Partner, Thornton Communications
p:404-932-4347 | |

HFF secures $99.5 million financing for 125 South Clark Street in Chicago,IL

125 South Clark Street Office Tower, Chicago, IL                    (photo by Costar)

Christopher Carroll
                                                                                        CHICAGO, IL – April 19, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $99.5 million in financing for 125 S. Clark Street, a 573,276-square-foot office building in Chicago, Illinois.

Working on behalf of the borrower, Blue Star Properties and the Wolcott Group LLC, HFF arranged floating-rate financing with Brookfield Real Estate Financial Partners and Bank of the Ozarks.  Loan proceeds were used to payoff existing financing, complete building renovations and fund leasing capital for the project.

Originally built in 1907 by Daniel Burnham as the Commercial National Bank Building of Chicago, 125 S. Clark is currently undergoing a renovation and rebranding to The National. 

The 20-story, steel and concrete building will feature lofted office space; an outdoor terrace; a one-of-a-kind, main level artisanal marketplace and lounge; record shop and fitness center.  The office space will offer tenants 12-14’ ceilings, fully operable single-hung windows and expansive floor plates. 

The National is situated in the heart of Chicago’s central business district with connectivity to numerous modes of public transport including CTA/EL Trains, Metra train lines and public bus routes. 

The HFF debt placement team representing the borrower was led by managing director Christopher Carroll and included senior managing director Michael Kavanau and associate director Christopher Knight.

 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 sale of two premier Charlotte, NC office buildings

Morrison Building, 6525 MOrrison Boulevard, SouthPark Submarket, Charlotte, NC

Ryan Clutter
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) and Spectrum Properties announced they have closed the sale of the Morrison and Roxborough Buildings, two premier, multi-tenant office buildings totaling 178,338 square feet in Charlotte, North Carolina.   

HFF marketed the property on behalf of the seller, Lionstone Investments.  The property was purchased by a joint venture partnership between Spectrum Properties and Intercontinental Real Estate Corporation.

The Morrison and Roxborough Buildings are located at 6525 Morrison Boulevard and 1901 Roxborough Road, directly across from the Southpark Mall in the SouthPark submarket of Charlotte. 

This location is convenient to Charlotte’s central business district, the Charlotte Douglas International Airport and area thoroughfares including Interstates 77, 85 and 485.  The four- and five-story properties are 95% leased to tenants including Velocity and South State Bank.

The HFF investment sales team representing the seller was led by senior managing director Ryan Clutter and director Scot Humphrey.

Scot Humphrey
“Morrison and Roxborough are two exceptionally well-located office buildings in the heart of SouthPark, one of Charlotte’s most dynamic submarkets.  These buildings attracted considerable interest from the investment community as they have a long history of out-performing their competition and achieving strong rents,” commented Clutter. 

“There is a tremendous amount of ‘value-add’ capital in the marketplace seeking opportunities to push rents through building improvements or proactive leasing strategies.  We continue to see this segment of the market aggressively pursue our well located Carolinas offerings and we believe this trend will continue for the foreseeable future,” added Clutter.

“This acquisition gives Intercontinental the opportunity to capitalize on the strong Charlotte market. We are fortunate to have partnered with Spectrum Properties and appreciate the excellent services of HFF.  We look forward to more excellent investments on behalf of Intercontinental’s investors,” commented Peter Palandjian, chairman and CEO of Intercontinental.

“We are excited about adding these two great office assets in SouthPark to our Charlotte portfolio. We are fortunate to again partner with Intercontinental on this investment,” commented John Boylan, president of Spectrum Properties.

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 secures $9.75 million refinancing for redeveloped shopping center near Atlanta, GA

Connexion at Holcomb Bridge Retail Center, Roswell, GA

Travis Anderson
CHARLOTTE, NC ­ -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $9.75 million refinancing for Connexion at Holcomb Bridge, a 106,769-square-foot retail center in the Atlanta suburb of Roswell, Georgia.   

HFF worked on behalf of the borrower, Hawthorne Retail Partners (Hawthorne), to place the floating-rate loan with New Bridge Bank.  Initial proceeds of $7 million were used for post-close acquisition and renovation financing, while the remainder will be used for future capital costs.

Completed in 1985, Connexion at Holcomb Bridge was redeveloped by the borrower and, from 2013 to 2015, underwent extensive renovations and added 5,502 square feet. 

The three-building center is home to notable tenants Planet Fitness, UnitedHealth Group, Starbucks, Verizon Wireless, GolfTEC, My Salon Suite, Kale Me Crazy, Taqueria Tsunami, Foundation Social Eatery, Dove Studio and Cycleworks. 

Situated on 11.77 acres at 1570 Holcomb Bridge Road, Connexion at Holcomb Bridge is located less than a mile from Georgia 400, a primary north-south artery.  The center is accessible via Holcomb Bridge Road and Holcomb Woods Parkway, which have a combined daily vehicle count of 48,000.

Chip Sykes

The HFF debt placement team representing the borrower was led by senior managing director Travis Anderson, director Chip Sykes and associate director Cory Fowler. 

“Hawthorne has done an outstanding job of revitalizing the previously-tired property into a fresh, modern center,” Fowler said.  “The property benefits from a highly-visible location in which tenants want to be.  With the addition of quality national and regional tenants alike, the property will continue to see success as retail demand tightens.”

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 |