Friday, June 10, 2016

HFF arranges $25.991 million in construction financing for Loveland, CO office building

Eric Tupler
DENVER, CO, June 10, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $25.991 million in construction financing for the development of Rangeview V, a 120,000-square-foot, single-tenant office building in Loveland, Colorado.

HFF worked on behalf of the borrower, RVABTS, LLC, an affiliate of McWhinney, to secure the floating-rate loan through Vectra Bank (Zion’s Bancorp). The loan has a term of two years with one 12-month extension option.   

Due for completion in June 2017, Rangeview V is a Class A office building located at Centerra, an award-winning, 3,000-acre master-planned community in Loveland.

 The building is fully leased to Agrium, Inc., a major distributor of crop inputs and services in North America, South America and Australia, and a leading global producer and marketer of agricultural nutrients.

Agrium currently houses 800 employees in Rangeview buildings I-IV, and with the addition of Rangeview V, will consolidate a large portion of its U.S. and North American operations to this location with an expanded capacity of up to 1,200 employees.

Brock Yaffe
Designed by the architectural firm RNL, Rangeview V will feature outdoor patios and balconies with lakefront and mountain views, 11’ ceiling heights, a landscaped plaza and parking for 600 vehicles.

The four-story property will be situated along the shores of Houts Reservoir and Equalizer Lake with convenient access to Interstate 25. This location, approximately 55 miles north of Denver, is within close proximity to the Fort Collins/Loveland Airport and Colorado State University, one of the leading agricultural schools in the country and a large recruitment base for Agrium.

“The HFF team again provided added value to the debt placement process and Team Vectra provided a strong debt structure, meeting our expectations within our timeframe - we look forward to expanding our relationship with both HFF and Vectra going forward,” said Joshua Kane, VP of Finance for McWhinney.

The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and associate director Brock Yaffe. 

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

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

Marcus & Millichap Arranges $3.71 Million Sale of 36-Unit St. Andrews Square Apartments in Tampa, FL

Francesco P. Carriera
TAMPA, FL, June 10, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of St. Andrews Square Apartments, a 36-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,715,000.

Francesco P. Carriera and Michael P. Regan, both first vice president investments, and Nicholas Meoli and Michael Donaldson, both vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  

The buyer, a private investor, was secured and represented by Donaldson, Meoli, Joshua Teplitzky, senior associate, and Cameron Barbas, associate, all in the firm’s Tampa office.

“This was a highly competitive marketing process with offers submitted from buyers in California, New York and Miami amongst others, which led to the property closing over list price,” says Teplitzky.

“We received seven offers in less than a month of marketing which allowed us to achieve a sales price that once again set a new high price per unit within a given submarket,” added Barbas.

Michael P. Regan
St. Andrews Square Apartments is a 36-unit multifamily community centrally located in Tampa at 4113 Tartan Place within the highly desirable Carrollwood/Citrus Park submarket, which had a 7.9 percent rental growth over the past 12 months. 

The property is situated on an approximately 6.93 acre site and is comprised of six, two-story residential buildings.

The buildings consist of 36 two-bedroom/two-and-a-half-bathroom townhomes with 1,250 rentable square feet. St. Andrews Square is within minutes of the Westshore Business District with over 100,000 employees and the International Mall featuring 200 stores and 15 restaurants.

“The townhouse units were renting substantially under market, but were increased by $200 per floor plan at the time of sale,” Teplitzky said.

“There is a lot going on in the Tampa MSA in regards to developments, jobs and entertainment which is exciting residents to live here and inherently leading to higher occupancy and high rental rates across the MSA. Investors from around the country and internationally continue to identify Tampa as a strong city to invest in,” concluded Barbas.

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

Richard D. Matricaria
First Vice President / Regional Manager

Tampa, FL

Chatham Lodging Announces Monthly Dividend

WEST PALM BEACH, FL, June 10, 2016—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 133 hotels wholly or through joint ventures, today announced that its board of trustees has declared a monthly common share dividend of $0.11 for June 2016.  The common dividend is payable July 29, 2016, to shareholders of record on June 30, 2016.

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

Patrick Daly
Office Manager
Daly Gray, Inc.
Office:  (703) 435-6293

Cell:  (703) 300-8289