Tuesday, November 15, 2016

Thompson | Dorfman Partners Doubles its Money on Sale of Apartment Community in Hayward, CA

Solaris Apartments, 24661 Amador Street, Alameda County, CA

Bruce Dorfman
MILL VALLEY, CA -- Thompson | Dorfman Partners, LLC (TDP), a San Francisco Bay Area real estate development and investment firm, through its TDT Ventures (TDT) subsidiary, and equity partner, BayNorth Capital of Boston, announced the venture sold a 68-unit apartment community in Alameda County, Calif., for $14,268,000, representing $209,824 per unit; $307 per square foot.

TDT purchased Solaris Apartments in 2008 for $7.1 million. 

“On many levels, this project was very successful,” said Bruce Dorfman, principal with Thompson | Dorfman Partners. “Through active ownership, we repositioned a poorly maintained and poorly managed 1960s-apartment building to provide quality and affordable workforce housing.

“There is a huge demand for this type of product in the Bay Area and we continue to look for similar opportunities.  Not only did we dramatically improve the property, which benefits our residents and the surrounding community, but we also exceeded our return metrics for our partners, even though we acquired the property just before the market meltdown in late 2008.”

According to Bob Talbott, co-founder of TDT Ventures, “Solaris Apartments is a great example of the type of well-located, value-add property that we look for in underserved markets. 

"We spent a little more than a million dollars in making significant property improvements including a new controlled access gate system, updated exterior paint, new building signage, upgraded exterior lighting, replacement of air-conditioning units, and the renovation of unit interiors.”

The garden low-rise apartment community is comprised of 52 630-square-foot one-bedroom, one-bath units and 16 860-square-foot two-bedroom, one-bath units. Some of Solaris Apartments’ amenities include a pool and well-landscaped courtyards on approximately two acres.

Bob Talbott
Located at 24661 Amador Street in Hayward, Solaris Apartments offers convenient access to the major job centers in the Bay Area and is blocks from Interstate 880, which also provides a direct connection to the Peninsula office market via the San Mateo Bridge.

The property is approximately one-and-a-half miles from the Hayward BART Station. Safeway, Walgreens, Taco Bell, 24 Hour Fitness, and many other neighborhood retailers are located adjacent to Solaris, and the property is a short drive to Cal State Hayward and Chabot College.

“This is a great location for students and workers that want easy access to I-880 and/or BART plus all of the amenities that this walkable neighborhood has to offer,” said Talbott. 

Cushman & Wakefield Vice President Scott MacDonald and Senior Managing Director Ric Russell, both located in the firm’s San Francisco office, represented the seller, TDP and TDT, and the buyer, a local private investor. 

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

Anne Monaghan

Snyder Langston Names Gary Campanaro as Chief Financial Officer

Gary Campanaro
IRVINE, CA (Nov. 15, 2016) -- Snyder Langston, one of Southern California’s largest and most respected builders, announced today it has named Gary Campanaro as Chief Financial Officer. Campanaro has over 30 years of accounting, finance, and real estate experience, and has served as CFO for both privately and publicly owned companies over the past 18 years.

“We are pleased that Gary has joined Snyder Langston,” said John F. Rochford, President / COO of Snyder Langston. “He brings with him a breadth of knowledge and experience that complements Snyder Langston’s Trusted Advisor culture.”

Campanaro led the Financial Services Group of CBRE and was CFO for the civil engineering firm, The Keith Companies.  In addition to his career with KPMG, he served as CFO for restaurant companies with extensive multi-state real estate locations.

“Over the course of my career I have enjoyed the real estate industry and am excited to be a part of it once more,” said Campanaro. “Snyder Langston’s professionals are hard-working and talented individuals who value integrity above all else. This combined with the firm’s collaborative culture and long-standing reputation as a Trusted Advisor were key factors for me in deciding to come on board.”

John F. Rochford

Campanaro holds a degree in Accounting from the University of Utah, is a member of the American Institute of Certified Public Accountants, and holds a Real Estate Broker’s License from the State of California.

Campanaro will assume Paul Pfeiffer’s role as CFO, who after 19 years with Snyder Langston will be retiring.

About Snyder Langston: Established in 1959, Snyder Langston is a trusted builder to Fortune 500, mid-size, and start-up companies. 

The firm has evolved into a leader in the Western US, but maintains its strongest presence as one of Southern California’s largest and most respected builders. 

Snyder Langston has successfully developed millions of square feet of space across virtually every real estate sector.

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

Darcie Giacchetto
Spaulding Thompson & Associates

HFF arranges $59.5 million financing on behalf of Garden Homes Development for two Manhattan properties


Former home of  D. Rockefeller,
 13-15 West 54th Street and 20 West 55th Street, Midtown Manhattan

 NEW YORK, NY, Nov. 15, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $38 million in financing for an office property totaling 103,389 rentable square feet at 13-15 West 54th Street and 20 West 55th Street in Midtown Manhattan, and $21.5 million in financing for 194 East 2nd Street, a six-story, residential building with ground floor retail in the East Village.  

Andrew Scandalios
HFF worked on behalf of the borrower, Garden Homes Development, to secure a loan from a bank on the Midtown asset and a loan from a life insurance company on the East Village property.

The office properties are situated on West 54th Street between Fifth and Sixth Avenues in Midtown Manhattan.  13-15 West 54th Street consists of two adjacent five-story mansions built in 1897 that are known as the Rockefeller Townhouses, as they were the home of John D. Rockefeller for nearly 40 years.  The townhouses are connected to the 13-story office building at 20 West 55th Street via an eight-story glass atrium.  Overall, the buildings are nearly 100 percent leased. 

Completed in 1997, 194 East 2nd Street consists of an 8,465-square-foot, ground level retail space fully leased to Duane Reed, with 61 luxury residential units above.  

The property is situated on the northwestern corner of East 2nd Street and Avenue B within walking distance of NYU, Cooper Union and the New School in addition to numerous restaurants, theatres, clubs and shops. 

The HFF debt placement team was led by Andrew Scandalios and Geoff Goldstein.

“With the strength of the assets’ locations in Midtown and the East Village and top-tier sponsorship, we received a great deal of interest in these offerings from lenders,” said Goldstein.

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