Wednesday, June 29, 2016

New Affordable Senior Housing Development Complete in Iowa; WNC provided approximately $5.9 million in LIHTC equity to fund construction of the 48-unit community


 
Michael Gaber
DES MOINES, IA, (June 29, 2016) – WNC, a national investor in real estate and community development initiatives, announced today that Legacy Manor of Mason City II, a 48-unit newly constructed affordable senior housing community, is complete in Mason City, Iowa.

WNC provided $5.9 million in LIHTC equity to fund the development, located approximately 120 miles north of Iowa’s capital city, Des Moines.

Legacy Manor of Mason City II is a three-story, elevator-serviced building comprised of two-bedroom apartment homes with approximately 800 square feet of space for seniors aged 55 and older. 

“Legacy Manor is an upscale senior housing community with numerous amenities and scenic views for residents and their visitors to enjoy,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “The community provides seniors with a safe and quality home that is within their means. We couldn’t be happier to help deliver these homes to local residents in need.”

Located at 3310 9th St. Southwest, community amenities at Legacy Manor of Mason City II include onsite management, a clubhouse, fitness center, business center, picnic area, gazebo, community garden, beauty salon, library and walking trails. Individual units include an electric range and other kitchen appliances, washer and dryer, central air conditioning and ceiling fan.

Anchor Housing Development LLC received the LIHTC equity to construct Legacy Manor of Mason City II. Daniel Tonnesen acted as the project developer for the development, which took one year to complete.  

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

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703

HFF secures $32.1 million refinancing for Upper West Side, New York retail condominium

  
200 West End Avenue, Upper West Side Neighborhood, Manhattan, NY

 
Jennifer Keller
NEW YORK, NY, June 29, 2016 -- Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $32.1 million refinancing for a fully-leased retail condominium located at 200 West End Avenue in Manhattan’s Upper West Side neighborhood.

Working on behalf of Gerald Brauser and Steven Brauser of The Parkland Group, HFF placed the 15-year, fixed-rate loan through MetLife. 
                                                                                                                      
The retail condominium totals approximately 25,446 square feet and is leased to four tenants – CVS Pharmacy, Bin 70, Apple Seeds and Beverly Hills Dry Cleaners.  The property’s location on the southeast corner of West End Avenue and West 70th Street on the Upper West Side provides significant frontage, exposure and visibility along the Avenue.  

Rob Rizzi
The HFF debt placement team representing the borrower was led by managing director Rob Rizzi and director Jennifer Keller.

“The 200 West End Avenue retail condo is strategically positioned in a densely populated neighborhood with significant demand for essential products and services,” said Keller.  

“This long term financing was locked in a historically low interest rate environment and is an ideal match for the property’s strong stable cash flow and limited rollover.”


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 | www.hfflp.com


L5 Investments Partnership Completes $1.7 Million Renovation of Whispering Lake, a 384-Unit Apartment Community in Kansas City, MO




Kansas City, MO, June 29, 2016 – A partnership between L5 Investments and BH Equities has completed a major renovation and repositioning of Whispering Lake, a 17-building, 384-unit apartment community located at 10415 East 43rd Street in Kansas City, MO.

The partnership recently completed in excess of $1.7 million of renovations and had its official grand re-opening on June 22. At 95 percent, the property’s occupancy is increasing, renter interest has elevated, and the ownership has been able to secure stronger rents for the recently upgraded units.

Whispering Lake Clubhouse
Built in 1989, the one-of-a-kind, lake-front community situated on 8.19 acres of land offers residents large floor plans, in-unit washer and dryer, and private balconies and patios. 

Community amenities include a swimming pool, clubhouse, fitness center, and an 18-acre lake and dock. It is located within walking distance to public transportation and a wide variety of national retailers, and is just two miles from Arrowhead Stadium (KC Chiefs – NFL football franchise) and Kauffman Stadium (KC Royals MLB baseball franchise). 

The renovation program for Whispering Lake included a complete renovation of the lakefront leasing center and lounge area; new floating dock and seating; interior renovations; updated pool area; and the addition of outdoor areas that include a new playground, dog park and community event and barbeque area.  The renovation was completed approximately 12 months after the partnership acquired the asset.

Michael Flaherty
“Whispering Lake presented our partnership with a stabilized asset unlike any other in the local market.  Our completed renovation and lake-front upgrades have transformed the property into a community that will be desirable for the long term,” said Michael Flaherty, founder and managing partner of L5 Investments, a Northern California-based multifamily investment firm. 

“We are extremely pleased at the results of this strategic repositioning and are already realizing market rents as we meet area demand for quality rental living.”

“Our goal with all of our design and construction projects is to remove the obsolescence from our communities and offer contemporary spaces that meet the needs of today’s apartment seeker,” said BH Companies founder and chair Harry Bookey. 

“Whether it is enjoying a coffee in one of our cyber caf├ęs, or relaxing by one of our resort-style swimming pools, we work hard to provide the upscale amenities that many would only expect to find at much higher-priced communities.” 

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

Darcie Giacchetto
949.278.6224


Stericycle, Inc. Signs 19,661-Square-Foot Lease in Peachtree Corners, GA


Matt Davis
ATLANTA, GA (June 29, 2016) – Lincoln Property Company (Lincoln) has arranged a new 19,166-square-foot lease for Stericycle, Inc. at Lakeside at Peachtree Corners, an office complex located at 5250 Triangle Parkway in Peachtree Corners, Georgia.

Matt Davis of Lincoln represented the landlord, The Ardent Companies, in the transaction, and John Thorton of CBRE represented the tenant.

Lakeside at Peachtree Corners is a three-building, 181,407-square-foot Class B office complex located in the Peachtree Corners submarket in northeast Atlanta. The office complex is located within walking distance of The Forum shopping center, features easy access to major highways and local asset management.

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

Savannah Durban
The Wilbert Group
404-343-0870

Berger Commercial Realty Closes $200,000 Sale of East Commercial Boulevard Office Building in Fort Lauderdale, FL


Judy Dolan
FORT LAUDERDALE, FL  (June 29, 2016) - Berger Commercial Realty Senior Vice President Judy Dolan and Senior Sales Associate Jonathan Thiel recently represented Workers Realty, LLC in the $200,000 sale of a 1,167-square-foot, free-standing office building at 361 E. Commercial Blvd. to Mustafa Saleh, DVM.

The property is located in Fort Lauderdale within minutes of I-95 and Florida's Turnpike.

"The buyer liked the property's positioning on Commercial Boulevard, which has a daily traffic count of more than 62,000 vehicles," Dolan said. "The new owner intends to operate the property as a pet grooming center."

For more information about Berger Commercial Realty's brokerage services, please call 954-358-0900.


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

954-776-1999
Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

MVP REIT Defers NASDAQ Listing

  
SAN DIEGO, CA – Earlier this month, MVP REIT, Inc. and MVP REIT II, Inc. jointly announced the engagement of Ladenburg Thalmann & Co. Inc. (“Ladenburg Thalmann”) to assist the real estate investment trusts in evaluating various courses of action intended to enhance stockholder liquidity and value.

 In connection with such an engagement, MVP REIT has decided to defer taking further action to list the company’s common shares on the NASDAQ Global Market until Ladenburg Thalmann completes its evaluation. 

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

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

Avanath Capital Management Expands Brooklyn Portfolio; Acquires Three Affordable Housing Communities

  
John R. Williams
BROOKLYN, NY – Avanath Capital Management, LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired an affordable housing portfolio of three apartment buildings in Brooklyn, New York. 

The properties were acquired in joint partnership with New York-based Oak Tree Management.

            “Brooklyn is experiencing explosive economic growth,” explains John Williams, President and Chief Investment Officer of Avanath Capital Management.

“The region’s mass transit options, historic community, and new development projects are driving investors and residents alike to Brooklyn, a market that is currently outpacing surrounding districts in rent growth. The result is increased pressure on renters, many of whom are already being priced out of expensive neighboring submarkets.”

According to a recent Elliman Report, Brooklyn saw a 4.5 percent rental increase from 2015 to 2016, surpassing Manhattan in rent growth and posting an average monthly rent of $3,134. Average luxury apartments in the area range from $2,700 to $5,000 per month for studio and one-bedroom units, according to Williams.

“As rents continue to surge throughout the greater New York region, demand for affordable housing options in Brooklyn are stronger than ever,” Williams confirms. “Located in the rapidly growing Bedford-Stuyvesant submarket, the three properties we acquired are positioned to capitalize on the continued demand from neighboring boroughs, while catering to the ever-increasing need for affordable housing.”

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

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

Regency Centers Announces Partial Settlement of its Common Stock Forward Sale Agreement


JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) today announced the partial settlement of its forward sale agreement, dated March 17, 2016, in connection with its common stock offering that closed on March 23, 2016.

Upon the partial settlement of the forward sale agreement Regency received approximately $137.5 million of net proceeds (the “Proceeds”) after adjustments for interest, dividends and the underwriters’ discount but before deducting offering expenses, by delivering 1,850,000 shares of the Company’s common stock.

 The remaining 1,250,000 shares of the Company’s common stock may still be settled under the forward sale agreement prior to June 23, 2017 (“Remaining Shares”).

The Company will use the Proceeds to pay down a portion of its line of credit, which was utilized as a component of the Company’s funding of the previously announced acquisition of Market Common Clarendon. Proceeds from the Remaining Shares will be used to fund investment activities and for general corporate purposes.

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

Regency Centers Corporation
Patrick Johnson, 904-598-7422