Saturday, July 9, 2016

HFF closes $10.3 million sale of development site across from Dadeland Mall in Miami, FL

Jaret Turkell
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $10.3 million sale of a 0.9-acre development site situated directly across from Dadeland Mall in Miami’s Kendall neighborhood.

HFF marketed the site on behalf of the seller, Dadeland Building LLC, and procured the buyer, Greystar.

The site is strategically located at the heart of the Dadeland Golden Triangle near the nexus of U.S. 1, Kendall Drive, the Palmetto Expressway and Metrorail providing access to all of Miami-Dade County. 

The development potential for the site is driven by the close proximity of Dadeland Mall and major employment generators, including Baptist Hospital System and the University of Miami.

The site will be home to a newly-built, high-rise seniors housing property, which will be known as Overture Dadeland.  The 216-unit, active adult (55+) community will be part of Greystar’s growing national Overture™ platform ( 

The HFF investment sales team representing the seller was led by executive managing director Manny de Zárraga, managing director Jaret Turkell and associate director Maurice Habif.

Maurice Habif
HFF’s multi-housing team continues to be active throughout the State of Florida.  During the past 24 months, the team has closed 25 multi-housing and land transactions in the greater Miami area and more than 120 transactions throughout the state, including sales, joint ventures and financings.

”With its central location within the Dadeland Golden Triangle, one of Miami’s most active and thriving urban neighborhoods, we feel that the Overture Dadeland is poised to perform exceptionally well for years to come,” said Habif.  “It will serve a true need in this very desirable submarket.”

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

Sale of Sheraton Providence Airport Hotel in Warwick, RI closed by HFF

Denny Meikleham
BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the Sheraton Providence Airport Hotel, a 207-room, full-service hotel adjacent to the T.F. Green Providence Airport in Warwick, Rhode Island.

HFF represented the seller in the transaction and procured the buyer, Sarchi Group, a full-service, Boston-based property development and management firm. 

The Sheraton Providence Airport Hotel is located at 1850 Post Road in Warwick approximately eight miles from downtown Providence.  

The hotel’s location, adjacent to the T.F. Green Providence Airport, draws business and leisure travelers as well as tourists to the city of Providence. 

Alan Suzuki

Hotel amenities include a complimentary airport shuttle, concierge services, fitness center, indoor pool, Sheraton Club Lounge, complimentary high-speed Internet access and dining at the BlueFire Grille.

The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki. 

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

Renovation and Expansion of Apartments into 66-Unit Affordable Housing Community Complete in San Francisco Bay Area

Michael Gaber
SAN FRANCISCO, CA– WNC, a national investor in real estate and community development initiatives, announced today the completion of Kimme’s Place, a new affordable housing community with a combination of 66 reconstructed and new units in the Bay Area suburb of Vacaville, Calif.

WNC provided approximately $3.4 million in low-income housing tax credit (LIHTC) equity to fund the development.

Kimme’s Place consists of 26 one-bedroom and 40 two-bedroom garden-style units for families. Located at 1437 Callan St., amenities include onsite management, a laundry facility, fitness center, classroom/computer room and picnic area. Each unit is equipped with central heating and air conditioning, energy efficient appliances, inset LED lighting and granite countertops.

Kimme’s Place was co-developed by CFY Development Inc. and The EGIS Group Inc. With a total cost of $15 million, the development took approximately one year to complete. Bruce Keith served as the project’s architect. Additional funding was provided by the City of Vacaville, Boston Capital and JP Morgan Chase.

“WNC has long-term relationships with CFY Development and EGIS that have spanned more than 25 years and 10 years, respectively,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Our firm is very proud to have partnered with them once more to preserve and upgrade 66 units of affordable housing that may otherwise be out of reach for families in need.”

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

Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703

Continental Funding Group Secures $19 Million in Financing with Cash-Out Component for Courtyard by Marriott Hotel in Baldwin Park, CA

Courtyard by Marriott, Baldwin Park Submarket, Los Angeles, CA

BALDWIN PARK, CA  – Commercial real estate investment banking firm Continental Funding Group has successfully secured $19 million in fixed-rate refinancing for Courtyard by Marriott, a 195-room select-service hotel in the Baldwin Park submarket of Los Angeles, California.

The financing was arranged by Continental Funding Group President Mitch Paskover.

Mitch Paskover
“The financial markets for commercial properties have made a tremendous comeback over the last several years, yet the market for limited hotels is still a bit conservative,” says Mitch Paskover President of Continental Funding Group.

“Many lenders believe the hospitality industry may be reaching a plateau as rising occupancy and average daily rates have tapered off, indicating a potential slowdown in the tourism sector.”

            Paskover adds that the boom in hotel construction, a 19.5 percent increase from 2014 to 2015 according to a CoStar report, further raises uncertainty among lenders as to whether the hotel market can sustain this growth, as the additional supply may potentially impact the industry moving forward. 

“As a result, securing a lender for a hotel, particularly a limited-service one, requires a strategic and out of the box approach, which is exactly what we did,” continues Paskover.

The Courtyard by Marriott in Baldwin Park was originally built as a Hilton, followed by an affiliation with Radisson, before becoming franchised as part of the Marriott chain in 2004. The sponsor requested a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a substantial cash-out component.

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

Katie Kea / Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

Regency Centers Amends its Unsecured Term Loan Facility

JACKSONVILLE, FL--(BUSINESS WIRE)-- Regency Centers Corporation (“Regency” or the “Company”) (NYSE: REG) announced an amendment (the “Amendment”) to its existing senior unsecured term loan facility (the “Facility”).

 The Amendment increased the Facility size by $100 million to $265 million, extended the maturity date to January 5, 2022 and reduced the applicable interest rate to LIBOR plus 0.95% per annum, which is based on the Company’s credit rating.

 Simultaneous with closing, Regency executed interest rate swaps for the full notional amount of the Facility, which fixes the interest rate at 2.00% through maturity.

Regency used the additional $100 million to pay down its line of credit, which was utilized as a component of the Company’s funding of the previously announced acquisition of Market Common Clarendon. The Company’s line of credit now has a balance of zero.

The Facility was syndicated to a group of eleven banks led by Wells Fargo Securities, LLC, Regions Capital Markets, SunTrust Robinson Humphrey, Inc. and U.S. Bank National Association acting as Joint Lead Arrangers.

 Wells Fargo Bank, National Association will be the administrative agent for the Facility. Regions Bank, SunTrust Bank and US Bank National Association were the syndication agents. Branch Banking and Trust Company and PNC Bank, National Association acted as documentation agents. 

Other participants in the Facility include Bank of America, N.A., JPMorgan Chase Bank, N.A., Royal Bank of Canada, Sumitomo Mitsui Banking Corporation and Mizuho Bank.

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

Regency Centers Corp.
Patrick Johnson, 904-598-7422