Monday, December 19, 2016

Hotel Indigo Denver to Open in Denver’s Union Station Neighborhood Early 2017

DENVER, CO –– Officials of the Hotel Indigo Denver, the Mile High City’s newest boutique-style hotel, announced the property will open its doors in mid-January of 2017.

Located at 1801 Wewatta St., in downtown Denver’s thriving Union Station neighborhood, the hotel will offer 180 guestrooms and 1,188 sq. ft. of meeting and event space, as well as easy access to the best the city has to offer.

“Our neighborhood defines us, but our people make us who we are. When you surround yourself with creative, quirky, nerdy, outgoing, artsy and fun smarty pants – and drop them into a neighborhood with a rich history and bright future –amazing things happen,” said Amy Healy, Hotel Indigo general manager.

Amy Healy

“The Hotel Indigo Denver is a perfect complement to our growing portfolio of third-party managed hotels in top urban markets with high barriers to new entry,” said Robert S. Cole, founder, president and CEO of HVMG.

“We are very familiar with the Indigo brand, having operated the Hotel Indigo Atlanta since its opening in December 2015. Upon opening, we are confident the hotel will ramp up quickly on its way to becoming the market and segment leader.”

Robert Cole 
“The hotel will reinvigorate the street through transparency, connectedness and public space development in a responsive and sustainable project for the city of Denver,” said Gordon Beckman, design director.

“The hotel was designed with a Millennial mindset to appeal to business and leisure travelers of all demographics who seek the charm of a boutique property combined with the branded excellence to be found in all IHG hotels.”

An InterContinental Hotels Group (IHG) hotel, the property was co-developed by Portman Holdings, a commercial real estate company concentrating on urban, well-designed development and redevelopment projects, and Hensel Phelps, one of the largest general contractors and construction managers in the United States, and will be managed by Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel ownership and management company.

 Hotel Indigo Denver will deliver a vibrant, engaging and genuine lifestyle experience that gives guests the confidence to step out and discover their perfect Denver day. Located in the heart of LoDo in close proximity to many of Denver’s top attractions, including Union Station, the Denver Performing Arts Complex, Larimer Square, Coors Field, the Colorado Convention Center and the RiNo Arts District, the hotel will embrace its locale in both design and service.

The LEED-Certified building, designed by internationally recognized architectural and engineering firm John Portman & Associates, features a multi-faceted façade of stacked elements, including inviting transparent glass on the ground floor, perforated metal screening and floor-to-ceiling glazing. Artwork evokes memories of the Colorado gold rush, which put Denver on the map on its way to prosperity.

Gordon Beckman
Hotel Indigo Denver’s interior will deliver a fresh, unique and locally inspired design without compromising comfort. The distinctly appointed guestrooms will feature hardwood floors; polished concrete ceilings; interior sliding barn doors; oversized beds with throw pillows and a plush duvet; spa-inspired showers with complimentary Aveda products; oversized desk space; and murals depicting Denver, the Rocky Mountains and Colorado’s Front Range. A complimentary, 24-hour fitness studio will feature Lifestyle cardiovascular equipment, free weights, televisions, showers and locker rooms.

The hotel’s 1,188 sq. ft. of meeting and event space includes three rooms, accommodating up to 200 guests in a variety of layouts. These include the Hickenlooper Boardroom, as well as the Green Room and the Russell Room, which can be combined into a larger Green Russell room. All are equipped with the latest amenities, including high-speed wireless Internet access and digital projectors.

 Hotel Indigo Denver will operate as a proud pet-friendly hotel, offering a range of amenities for guests’ furry friends, including treats, canine cocktail hours and dog-walking services.

 Additionally, Hotel Indigo’s family members are Denver experts who live, work and play in the Mile High City and are available to share a variety of itineraries for varying interests. Guests are encouraged to interact with such local experts as the hotel’s “RiNo Guru,” the “Theatre Smarty Pants,” the “Bowling Master” and other associate experts. Foodies, sports fanatics, outdoorsmen, art connoisseurs and craft beer lovers alike will discover something to enjoy in Denver, from its lively culinary offerings, seven professional sports teams, innovative brewing and distilling scene, and more than 300 days of sunshine a year. 

No matter their interests, Hotel Indigo’s resident “smarty pants” will be available to help guests find that perfect little Denver something, somewhere off the beaten path.
Hotel Indigo Denver is now accepting reservations for 2017, and more details regarding the Grand Opening are forthcoming. For more information, visit

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

Chris Daly
Daly Gray Public Relations Inc.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553

Marcus & Millichap Arranges $9.6 Million Senior Housing Property Sale in Mobile, AL

Eddie Greenhalgh
MOBILE, AL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Brookside Retirement Community, a 32,200-square foot seniors housing property located in Mobile, AL. The asset sold for $9,650,000.

Brookside Retirement Community is located 2260 Pesnell Court in Mobile, Alabama. The campus has been one of the premier locations for independent, assisted living and memory care for area residents since its construction in 1998.

 The facility includes 84 independent living residences, including 22 single family homes, a 32 bed assisted living facility, and a 16 unit memory care facility. The 27 acre campus also features an onsite Chapel, Club House, and walking trails.

Marcus & Millichap’s Brooks Minford, associate in Miami, Rob Reis, vice president investments in San Francisco, and Douglas A. Danny, first vice president in San Diego, represented the seller and procured the buyer. Eddie Greenhalgh, Broker, assisted in closing this transaction.

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

Kirk A. Felici
First Vice President/Regional Manager, Miami
(786) 522-7000

Continental Partners Secures $21.4 Million in Financing For Two California Retail Assets Totaling 302,339 SF

J.M. Grimaldi
SACRAMENTO, CA -– Commercial real estate mortgage banking firm Continental Partners, formerly known as Continental Funding Group, has successfully secured $21.4 million in refinancing for a 152,719 square-foot shopping center in Sacramento and a 149,620 square-foot, retail property in Los Banos. 

The financing was arranged by Continental Partners Executive Vice President J.M. Grimaldi.

            “Lenders across the board are being more conservative when it comes to financing commercial deals, especially distressed assets in secondary and tertiary markets,” says Grimaldi.

 “With the Dodd-Frank regulations taking effect this month and an anticipated increase in interest rates on the horizon, lenders are lowering their loan proceeds and are pricing in interest rate hikes in their underwriting. Given the anticipated rise in interest rates, many borrowers are looking to refinance and are pursuing long-term loans to lock in lower rates.”

           The sponsor, a private real estate investor that specializes in acquiring and repositioning underperforming assets, had requested the most competitive terms available to refinance two value-add retail properties located in a secondary and tertiary market, according to Grimaldi.

            “In the first transaction, the borrower needed a fixed-rate loan to refinance the Sacramento retail asset and cash out the proceeds to invest in new acquisitions,” continues Grimaldi. “The challenge, however, was that most lenders were underwriting the loan with an unfavorable appraisal based on comps in the area.”

            Continental Partners approached a number of lenders that would originate a loan based on the retail property’s new leasing activity and stabilized value. In 2013, the asset was highly distressed and only 57 percent occupied. At the time of refinancing, it was 93 percent occupied, with a new lease signed with CircusTrix, an operator of indoor trampoline parks.

            “By demonstrating the potential value of this asset and emphasizing the sponsor’s long-term investment strategy, we were able to increase the loan covenant from 65 percent to 70 percent,” explains Grimaldi.

“Further, we structured a competitive fixed-rate SWAP product that would allow the sponsor to generate additional yield should the prime index increase, which is likely given the anticipated interest rate hike. In doing so, we were able to achieve a debt coverage ratio of 1.40 and meet the borrower’s objectives in cashing out as much as possible for future investments.”

Continental Partners secured the $11.9 million loan from an international bank. The seven-year loan was structured with a loan-to-value of 70 percent with an amortization of 30 years. The property is located at 5400 Date Avenue in Sacramento, California.

In the second transaction, the sponsor requested a competitive fixed-rate product to refinance a JC-Penney-anchored retail center in Los Banos, California.

“The property’s location in a tertiary market, coupled with its current tenant mix, presented an initial challenge,” notes Grimaldi.

 “The anchor tenant, JC-Penney, is in its first option period of the lease with no sign of renewing. Based on these factors, we utilized a unique loan structure to obtain the best rates available on behalf of the sponsor.”

Continental Partners sourced a state chartered credit union that understood the sponsor’s value-add investment strategy and the potential value of the asset upon stabilization. 

The firm arranged the loan commitment based on the total stabilized value and incorporated an earn-out structure, enabling the borrower to draw the remaining funds over the next 12 months.

“By incorporating a good news money structure, which would release additional loan proceeds upon stabilization of the asset, we were able to obtain a fixed-rate product with a flexible pre-pay option,” confirms Grimaldi. “In doing so, we eliminated the interest rate risk over the next year and secured an optimal financing solution on behalf of our client.”

Continental Partners arranged the $9.5 million loan, with $6.5 million available in initial funding based on the acquisition cost covenant. 

Mitch Paskover
The 15-year loan was structured with a loan-to-cost rate of 70 percent with an amortization of 30 years. The property is located at 911-963 West Pacheco Boulevard in Los Banos, California.

            Both of these financing transactions come on the heels of the firm’s rebrand launch. Formerly known as Continental Funding Group, the Los Angeles-based commercial mortgage banking firm has recently rebranded as Continental Partners.

            “As the commercial real estate industry continues to evolve, we recognized the need to evolve with it,” explains Mitch Paskover, President of Continental Partners. “The real estate sector has shifted toward greater transparency and collaboration, both of which are key to thriving in this competitive market.

“Our name change reflects our deep commitment to fostering collaboration among our team members, and will position us for growth in the year ahead.”

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

Katie Kea / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

HFF secures $24.88 million financing for 280-unit multi-housing community in Round Lake, IL

Jason Bond
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $24.88 million in financing for Coventry Glen at Valley Lakes, a 280-unit, Class A, garden-style multi-housing community in Round Lake, Illinois.

Working on behalf of the borrower, Eagle Management RE, LLC, HFF placed the 10-year, fixed-rate loan with M&T Realty Capital Corporation.  Loan proceeds were used to acquire the asset.

Coventry Glen at Valley Lakes is located at 1399 Coventry Glen Drive, minutes from Interstate 94 and Route 59/US-12 and the Long Lake and Round Lake Metra commuter rail stations providing direct access into downtown Chicago.  The property’s location within Lake County positions it in proximity to numerous employers, including 11 Fortune 500 company headquarters. 

The 22.17-acre community offers several one- and two-bedroom floor plans averaging 907 square feet each.  The 97.8-percent-leased property features a resort-style swimming pool and sundeck, cyber café and business center, fitness center, community kitchen with coffee bar, outdoor playground, volleyball court, extensive green spaces and access to nature trails and recreational activities within Long Lake Park.

The HFF debt placement team representing the borrower was led by director Jason Bond.

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 |

HFF represents East West Partners in sale of boutique apartment community in Chapel Hill, NC

Allan Lynch
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has represented the ownership group in the sale of Environs at East 54, a 58-unit, trophy-quality boutique multi-housing community in Chapel Hill, North Carolina.

Completed in 2015, Environs at East 54 offers top-tier, condo-quality finishes, including 10- to 12-foot ceilings, island kitchens with granite countertops and stainless appliances, built-in wine racks, walk-in glass showers with tile surrounds, spacious linen and walk-in closets, oversized windows, hardwood-style plank flooring, in-unit washers and dryers and cantilevered patios/balconies. 

The LEED-certified community features a variety of one- and two-bedroom open floor plans averaging 892 square feet.  Common area amenities include a rooftop swimming pool, state-of-the-art fitness facility, interior storage, structured parking and controlled access. 

The property’s location at 5000 Environ Way positions it near multiple walkable amenities within the East 54 development, as well as The Fresh Market, Finley Golf Course, onsite greenway/walking trail access and direct bus connectivity to the nearby University of North Carolina at Chapel Hill campus, which is home to more than 51,000 students, faculty and medical professionals.

The purchaser was a private investor.  New ownership plans to rebrand the project Environs Lofts and will continue to operate the fully-stabilized project as a best-in-class luxury boutique multi-housing property in the Research Triangle’s most high-barrier-to-entry market.

The HFF investment sales team advising East West Partners was led by Allan Lynch, Justin Good and Jeff Glenn.

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 |

HFF secures $5.8 million financing for manufactured home community in San Diego County, CA

Oak Tree Ranch, Ramona, CA

Zach Koucos
SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $5.8 million in financing for Oak Tree Ranch, a 126-home site, all-age manufactured home community in the San Diego County community of Ramona, California.

HFF worked on behalf of the borrower, Hometown America, to secure the five-year, fixed-rate, full-term, interest-only loan through Aegon USA Realty Advisors, LLC, a commercial real estate investment and management arm of Aegon Asset Management.

Oak Tree Ranch is located on a 93-acre site in Ramona, approximately 35 miles northeast of downtown San Diego.  The property is less than one mile from California State Routes 67 and 78, providing easy access to neighboring cities in San Diego County, including Escondido, Poway, Rancho Bernardo, downtown San Diego and the California coast. 

Originally developed with 79 home sites, an additional 47 sites were added by the previous ownership, with entitlements for up to 250 home sites total.  Hometown America plans to bring in new, high-quality multi-section manufactured homes for sale to continue the expansion of the community. 

Amenities at Oak Tree Ranch include a historic home used as the leasing office, a clubhouse, swimming pool, spa, laundry, RV/boat storage, community garden and outdoor entertainment grounds with event pavilion.

Doug Minahan
The HFF debt placement team representing the borrower was led by director Zach Koucos.

“Oak Tree Ranch is another great addition to Hometown’s portfolio and fits very well within our investment strategy of acquiring high-quality communities in target markets such as California,” said Doug Minahan, vice president of Hometown America.

 “We were very pleased with the competitive quotes received through HFF’s efforts.  This is a clear indication that lenders are bullish on premium manufactured housing communities located in desirable markets.”

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 |

Café Rio Expands with Five New Phoenix-Area Restaurant Locations

Cafe Rio, 5150 South Rural Road (at Baseline Road), Phoenix, AZ

Tyson Switzenberg
PHOENIX, AZ  – The Phoenix office of JLL has completed five new leases for Café Rio, expanding the fast casual Southwestern-style restaurant into multiple new locations across the metro Phoenix market. The new restaurants have opening dates ranging from October 2016 to summer 2017.

JLL Senior Vice President Tyson Switzenberg represented Café Rio in the lease negotiations, which include:

• 4095 S. Gilbert Rd. (at Ocotillo Rd.) – 2,670 square feet, opened Oct. 20.
• 4747 E. Cactus Rd. (at Tatum Blvd.) – 2,501 square feet, opened Nov. 10.
• 5150 S. Rural Rd. (at Baseline Rd.) – 2,785 square feet, scheduled to open this month.
• 7439 W. Bell Rd. (at 75th Ave.) – 2,000 square feet, scheduled to open Summer 2017
• 2748 S. Signal Butte Rd. (at Guadalupe Rd.) – 2,880 square feet, scheduled to open Summer 2017

“Phoenix ranks among the nation’s hottest markets for quick serve restaurants,” said Switzenberg. “Café Rio has been rapidly expanding in Phoenix due to the success of their existing stores in the marketplace – all of these are end-cap spaces within strong regional or neighborhood trade areas, and include strong traffic patterns, a strong surrounding retailer base and great visibility.

“These properties have helped Café Rio realize its 2016 Phoenix-area expansion plans, which it expects to continue in 2017 and beyond.”

According to JLL, metro Phoenix boasts 93 quick serve restaurants per 100,000 residents, placing it fourth on the company’s list of “Top 10 Best Large Markets for Quick-Service Restaurant (QSR) Expansion,” with a density of QSR uses that ranks just behind Nashville, Houston and Washington D.C.

Based in Salt Lake City, Café Rio is a fast casual Mexican restaurant with made-from-scratch recipes inspired by the traditional cooking and high quality ingredients found in the Rio Grande Region of Northern Mexico, Southern Texas and New Mexico. The company operates more than 100 U.S. locations across 10 states, including 13 locations in metro Phoenix.

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

Swap Settlement Reduces National Retail Properties Inc. 2026 Notes’ Effective Interest Rate to 3.280%

Kevin B. Habicht
ORLANDO, FL– National Retail Properties, Inc. (NYSE: NNN) (the “Company”) reported it has closed on its previously announced issuance of $350,000,000 of 3.60% senior unsecured notes due 2026 (“2026 Notes”). 

The 2026 Notes were offered at 98.897% of the principal amount with a yield to maturity of 3.733%.
In June 2016, the Company entered into two forward starting swaps with a total notional amount of $180,000,000 to partially hedge the risk of changes in interest-related cash outflows associated with this issuance of long-term debt.

On December 7, 2016, the Company received $13,352,000 in connection with the termination and settlement of these swaps. These swap proceeds will be amortized as a reduction to interest expense using the effective interest method over the next 10 years, thereby reducing the effective yield of the 2026 Notes to 3.280%.

National Retail Properties, Inc. invests primarily in high-quality retail properties subject
generally to long-term, net leases. As of September 30, 2016, the Company owned 2,485 properties in 48 states with an aggregate gross leasable area of approximately 26.6 million feet and with a weighted average remaining lease term of 11.5 years.

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

Kevin B. Habicht
Chief Financial Officer

(407) 265-7348