Friday, March 31, 2017

Malcolm Davies Returns to George Smith Partners

Malcolm Davies
LOS ANGELES, CA - Malcolm Davies, who was with commercial real estate investment banking firm George Smith Partners from May of 2011 through June of 2016, is returning to George Smith Partners following eight months with HFF.

“While I have the greatest respect for HFF, George Smith Partners’ unique and entrepreneurial culture is one that completely resonates with me,” explained Davies.  “George Smith Partners offers me the best overall experience and platform to best serve my clients.  I am very pleased to once again be a Principal of this fine firm, and to be part of our recently announced growth initiative.”

Over the past six years as an investment banker, Davies has been involved with nearly $2 billion worth of financings. In addition to this work, he spent the previous 12 years as a San Diego commercial real estate developer and investor.

Prior to joining George Smith Partners, Davies was involved in more than 30 real estate partnerships where he acquired, managed and sold multifamily, office and mixed-use real estate properties worth in excess of $285 million.

Davies holds a Bachelor of Science degree in Regional Development from the University of Arizona.

Davies is one of seven principals at George Smith Partners.

Miki Conant/Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Continental Partners Secures $54 Million in Financing for 244-Room Ritz-Carlton Luxury Resort in Rancho Mirage, CA

Ritz-Carlton Rancho Mirage Resort, 68900 Frank Sinatra Drive, Rancho Mirage, CA

Mitch Paskover
 RANCHO MIRAGE, CA – Commercial real estate investment banking firm Continental Partners has secured $54 million in fixed-rate, non-recourse, interest-only refinancing for the Ritz-Carlton Rancho Mirage, a 244-room luxury resort in Rancho Mirage, California. The financing was arranged by Continental Partners President Mitch Paskover.

“When it comes to financing hotels, many lenders remain somewhat conservative and are hesitant to advance higher leverage loans,” explains Paskover. “The hotel sector has demonstrated steady growth over the past several years, yet some lenders believe that the market is reaching its peak as occupancies stabilize and average daily rates moderate.

“That said, while some capital sources are tightening their underwriting standards, there is still strong lender appetite for well-located hotels with solid financials and high ADRs.”

The sponsor, a private real estate investor and developer, had requested an interest only, fixed-rate, non-recourse loan to replace the maturing construction loan to buy out their existing partner in the deal.

The Ritz-Carlton resort represents one component of an expansive mixed-use project that was to be developed in two separate phases. The first phase included the renovation and conversion of an existing hotel into a luxury resort and the addition of 16 for-sale residences.

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

Lauren Burgos
Junior Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940

Verzasca Group Tops Off Construction at Le Jardin Residences and Pearl House in Bay Harbor Islands, FL

Tim Lobanov
BAY HARBOR ISLANDS, FL  – Verzasca Group has announced the topping off of construction at Le Jardin Residences and Pearl House in Bay Harbor Islands. The luxury condominium projects are part of an intimate collection of boutique residences, along with Aurora in Sunny Isles Beach.

The developer is on track to deliver units at Le Jardin and Pearl House to buyers during the third quarter of 2017. Verzasca began construction of both projects during spring 2016. The projects are 75 percent sold.

“We are thrilled to have reached this construction milestone,” said Verzasca Managing Director Tim Lobanov. “We look forward to the final stretch of its completion. It has been exciting to be at the forefront of the emergence of Bay Harbor Islands with our projects.”

A 30-residence community located at 1150 and 1160 102nd Street, Le Jardin has two and three-bedroom units ranging from 1,385 to 2,235 square feet. Pearl House is an exclusive 15-resident community at 11701 101st Street and offers two-, three- and four-bedroom apartments.

The projects feature amenities such as a private garden, rooftop swimming pool and panoramic views of the Atlantic Ocean, Downtown Miami, Bal Harbour, Miami Beach and Key Biscayne. Unit prices at Le Jardin and Pearl House range from the $700,000s to $900,000s.

Both Le Jardin and Pearl House are located in one of Miami-Dade County’s top school districts, with Ruth K. Broad K-8 Center within walking distance.

“Buyers from the local market and around the world are discovering Bay Harbor Islands as a desirable neighborhood to live in,” said Lobanov. “It offers the ability to buy luxury residences at attainable prices, the exclusivity and beauty of island living and access to major destinations like the Bal Harbour Shops.”

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

Eric Kalis
Account Director,
O 954-370-8999
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322
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Wednesday, March 29, 2017

Core5 Industrial Partners Acquires 173-Acres to Develop Class-A Business Park in DeSoto County, Mississippi

Rendering of planned DeSoto 55 Logistics Center, DeSoto County, Mississippi

ATLANTA,GA – Atlanta-based Core5 Industrial Partners announced the acquisition of 173-acres of fully entitled land located at US Highway 51, in DeSoto County along the I-55/I-69 corridor to develop a 2.5- million-square-foot business and logistics park named DeSoto 55 Logistics Center.

Core5 will immediately begin construction on 883,720 square feet of Class-A office/warehouse space in two buildings: a 582,400-square-foot facility and a 301,320-square-foot rear-load building which will present higher office build-out capability. Both buildings will offer speculative space for delivery in Fall 2017. 

Lisa Ward

DeSoto 55 Logistics Center will provide an outstanding business environment in a park-like setting with close proximity to the I-55 transportation corridor and a deep and qualified labor pool from which to draw potential workforce.

Other key attributes of DeSoto 55 Logistics Center are the pro-business environment of both DeSoto County and the City of Horn Lake, MS coupled with the flexibility of building designs offering space for companies desiring 85,000 square feet to over 1.5 million square feet. 

 At full build-out, anticipated by the end of 2019, DeSoto 55 Logistic Center will accommodate over 2.5 million square feet in up to five separate buildings.

Tim Gunter
The 582,400-square-foot cross dock Building A-1 is expandable up to 1.5 million square feet and will showcase 36’ clear height coupled with generous parking at 98 trailer storage spaces, expandable to 175, and 342 auto spaces.

Building B is a 301,320-square-foot rear load facility offering 32’ clear heights and 80 trailer storage spaces together with 270 auto spaces. Both buildings feature 6’ DuctilCrete slabs with joints only at column lines.

The acquisition marks Core5’s entry into the Memphis market. Core5 CEO Tim Gunter announces, “We are pleased to enter Memphis in what we believe is one of the finest properties within the greater Memphis industrial market. 

Gunter, the former CEO of IDI, has overseen years of successful development in the Memphis industrial market and looks forward to continuing that success with the acquisition of DeSoto 55 Logistics Center.

“After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics Center offered superior access not only to highway and logistics infrastructure but also to a large, qualified labor pool from which to attract the workforce – two key factors considered by logistics operators.

DeSoto 55 Logistics Center offers exceptional access to both,” said Lisa Ward, Senior Vice President and Managing Director of Core5.

Rodney Davidson

“The State of Mississippi, DeSoto County and the City of Horn Lake have created a pro-business environment,” declares Rodney Davidson, Vice President Investments for Core5. “They have been great to work with and any business looking at DeSoto 55 Logistics Center should expect to find them responsive and easy to work with as well.”

“The DeSoto Council is encouraged that a company of the professional stature and impeccable reputation of Core 5 would select our county and the City of Horn Lake as their latest industrial development venture in the establishment of the DeSoto 55 Logistics Center.

“The Core 5 partnership that will be achieved with the local and state officials will ensure that our area continues to win the top supply chain and logistics centers in the mid-South and we look forward to the success of this investment”, said Jim Flanagan, President/CEO for DeSoto County Economic Development Council.

Colliers International’s Memphis team of Dan Wilkinson, Brad Kornegay and Allen Wilkinson will handle marketing and leasing for DeSoto 55 Logistics Center on behalf of Core5. 

“The Colliers International team has been an exceptional partner in the execution of Core5’s acquisition of this property and their marketing efforts to date.  Core5 is fortunate to have such a well-respected company and team as our marketing partner on this project,” said Ward.

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

Rita Skaggs
Red Dart Real Estate Consulting

Marcus & Millichap Arranges $2.92 Million Sale of 12,718-SF Shops at Vero Beach in Vero Beach, FL

Lori Schneider

Barry M. Wolfe

VERO BEACH, FL, March 29, 2017 – 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 Shops at Vero Beach, a 12,718-square foot retail property located in Vero Beach, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $2,920,000.

Lori Schneider, Senior Managing Director Investments, Barry M. Wolfe, Senior Vice President Investments, David E. Gant, Senior Associate, and Alan Lipsky, Associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Reuven Kahane.

 The buyer, a limited liability company, was secured and represented by Nicholas Ledvora, CCIM, Vice President Investments, in Marcus & Millichap’s Tampa office. 

Shops at Vero Beach is located at 6480 20th Street in Vero Beach, FL. This acquisition marked the second of two 1031 exchange properties acquired by the buyer. The property was 100 percent leased at the time of sale. 

With only three tenants, the property presented an opportunity for the buyer to acquire an asset with ease of management in an exceptional, high-growth location. The property is well-positioned on a primary retail corridor. It is an out-parcel to the 736,000 square-foot Indian River Mall anchored by Macy’s, Dillard’s, JCPenney and Sears.

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

Ryan Nee
Vice President / Regional Manager,
 Fort Lauderdale, FL

(954) 245-3400

Avison Young negotiates three new leases in downtown Glendale, CA

Woolworth Building, 201 North Brand Boulevard, Downtown Glendale, CA

Mark Evanoff
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated three new leases totaling 18,649 square feet (sf) at the newly renovated historic Woolworth building in the heart of downtown Glendale, CA.

The leases include two ground-floor restaurant tenants, 85°C Bakery Cafe and The Halal Guys, as well as shared office workspaces tenant Regus, which occupies the entire second floor.

Located at 201 North Brand Boulevard, the 44,000-sf property was originally built in the 1920s and remodeled in 1942, when it became a Woolworth store. The structure was placed on the Glendale Register of Historic Resources in 1999.

Avison Young Principal Mark Evanoff, Andrew Berk, a Vice-President, and Chase Gordon, an Associate, who are all based in the company’s north Los Angeles office, represented landlords Gustavo Spoliansky and Loretta Scherer, partners in Los Angeles-based Bow Truss Capital, LLC.

The three new tenants all opened their doors this month. 85°C Bakery Cafe is occupying 2,865 sf; international restaurant chain The Halal Guys is occupying 2,284 sf, and Regus is occupying the entire 13,750-sf second floor, bringing energy to the project by providing space for tech, fashion and entertainment office users. The newcomers join existing tenant AT&T, which occupies 3,500 sf. 

Andrew Berk
Eighteen months ago, the Avison Young team began work with its clients, who acquired the nearly 44,000-sf property out of receivership in 2014. It was 89% vacant and functionally obsolete due to its inefficient floor plan, outdated systems, and years of deferred maintenance. It had also lost its anchor tenant.

Once Bow Truss Capital solidified its comprehensive renovation strategy and design plans while at the same time preserving the asset’s historical character and architectural features, the Avison Young team created a marketing plan to attract tenants to the unique space.

“The Glendale retail market has a significant amount of newer competitive product,” comments Gordon. “Our goal was to communicate the building’s new vision and prelease a large majority of the ground-floor retail space and second-floor office space to tenants within a compressed timeline.”

The Avison Young team worked to redefine the Woolworth building’s perception to potential tenants and create excitement by reintroducing it to the market as a unique mixeduse project with character, functionality and energy. A number of offers from a diversity of prospective tenants were secured, enabling Bow Truss to select the best mix.

Chase Gordon

“Bow Truss worked closely with the Glendale Historical Preservation Committee to undergo approvals for the façade renovation,” says Spoliansky.

 “Simultaneously to the exterior renovation, the Avison Young team diligently worked to communicate the building’s transformation to potential users, generated significant interest, and negotiated three leases. 

"Once those were signed, the major undertaking of tenant improvements as well as the complex installation of modern building systems to support the users was executed.”

He adds: “I am pleased to say that, as a result of this challenging undertaking, we have successfully delivered a vibrant, historically significant and quality asset complete with tenants that are meeting the demands of the community.”

The building’s transformation included new windowed retail frontage, brand new building systems, and renovation and refurbishment of its unique historical architectural features. The remaining 5,200-sf ground-floor retail space, in addition to basement and mezzanine office space totaling approximately 16,000 sf, has seen a considerable amount of interest from other potential users.

“Glendale is fast-becoming one of the premier live-work-play destinations in Greater Los Angeles, and the Woolworth building project exemplifies this shift perfectly with its neighborhood-serving retail and main-street feel,” notes Berk.

The Woolworth building, which is located at a key intersection in the Theatre District of downtown Glendale, is within a growing residential population of 225,000 people over a three-mile radius and a massive daytime employee population. 

The area is set to gentrify in the coming months and years, as nearly 3,300 new residential units have recently been completed or are soon coming to the market.

 The asset is also within a destination retail scene that includes nearby Tender Greens, Chipotle, Nordstrom, Bloomingdale’s The Americana at Brand and hundreds of other high-end amenities along Brand Blvd.

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

Darcie Giacchetto


Ackerman & Co. Completes Industrial Building Sale in Stone Mountain, GA Industrial Portfolio

Brett Buckner
Atlanta, GA – Ackerman & Co. has completed the $1.8 million sale of 1911 Mountain Industrial, a 24,833-square-foot, single-tenant industrial building within the company’s Stone Mountain Industrial Park located in the Tucker/Stone Mountain submarket of Atlanta, Ga.

With retail-quality location and a five-year lease term remaining, the building is fully occupied by Eckhart, one of the top electrical contractors in Georgia for the last 80 years. 

 The property was sold – in an off-market deal – to a local real estate investor.  Ackerman & Co. Senior Vice President Brett Buckner and Associate Major Martin represented the landlord in the transaction.

Ackerman & Co. acquired the 4.1-million-square foot Stone Mountain industrial portfolio in December 2016. Through careful improvements and on-site leasing and management, occupancy has increased to 91 percent, up from 84 percent at time of purchase.

“This is a well occupied, cash flowing asset with tremendous upside potential,” said Brett Buckner. “Our buyer was excited about the opportunity to purchase a property with future redevelopment potential in a proven submarket,” he added.

The company has identified and is marketing additional buildings for sale at Stone Mountain Industrial Park and will continue to focus on the lease-up of existing vacancies.

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

Fara Wilson
Vice President
Director of Marketing and Communications
P: 770.913.3904    C: 678.358.2060    F: 770.913.3965

Tuesday, March 28, 2017

Brandon Careaga Joins Easton & Associates in Doral, FL

Brandon Careaga
DORAL, FL – (March 28, 2017) – Easton & Associates, a brokerage division of the full-service commercial real estate firm The Easton Group, has strengthened its team by hiring Brandon Careaga as a commercial real estate associate. He specializes in the sale and leasing of industrial properties throughout South Florida.

Prior to joining Easton & Associates, Careaga worked for Real Estate Empire Group, a boutique real estate firm based in Doral that focuses on residential and commercial real estate. 

Last year, he founded MLB Capital, which is solely focused on distressed assets in opportunistic markets.

Careaga holds a BA degree in International Relations and Affairs from Florida International University (FIU). He recently earned his Master of Science in International Real Estate degree from FIU as well. Careaga is currently a member of the Urban Land Institute.

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

Todd Templin


Mary Tamaki joins Avison Young as VP of Marketing and Communications for Southern California

Mary Tamaki

Los Angeles, CA  – Christopher Cooper, Avison Young Principal and Managing Director of the company’s Southern California region, announced today that highly regarded marketing specialist Mary Tamaki has joined the firm in downtown Los Angeles.

Effective immediately, Tamaki becomes Vice-President of Marketing and Communications for the company’s Southern California region with a mandate to lead a high-performance marketing team and build a pre-eminent business development platform on the West Coast.

 She was most recently Vice-President of Business Development Marketing for Jones Lang LaSalle (JLL) in Los Angeles.

“Adding Mary to the team is a very strategic move for Avison Young,” comments Cooper. “She is a perfect fit for us, as she shares our culture and entrepreneurial spirit. 

"She will strengthen our brand identity and corporate presence in Southern California, ultimately providing our talented brokers, managers and asset services professionals with the tools and technology to better serve our clients.  Mary joins us at an ideal time as we continue to grow in key markets throughout the West Coast.”
Cooper continues: “We entered the Southern California region in August 2011 and have since grown to more than 120 people in six offices, with 13 million square feet (msf) of commercial space in agency leasing and 5 msf-plus under property management today.

“This growth is a great accomplishment; however, we see even more opportunity for impressive expansion over the coming years. We are focused on thoughtfully and consistently building a team not simply for numbers, but one that understands the dedication, commitment and integrity required to be the best in our business.

Christopher Cooper
“Mary will play leading marketing, business development and communication roles as we continue to expand strategically throughout Southern California.”

Tamaki brings to Avison Young 20 years of corporate experience as a creative leader in brand building and strategic marketing for global commercial real estate companies. 

She has a track record of designing and executing award-winning marketing, communications and business development programs, and is now focused on mobilizing new technology and digital media to raise the profile of the Avison Young brand and its company leadership in the region. 

As Vice-President of Business Development Marketing for JLL in Los Angeles, Tamaki led strategic and creative direction in business development activities in partnership with the firm's top producers in the region.

Prior to joining JLL, she honed her expertise in international client engagement strategies and branding as Global Marketing and Communications Director for Cushman & Wakefield (formerly DTZ). 

For DTZ, she led a successful, international rebranding of a newly merged global entity, an achievement she also accomplished as creative lead for the global rebrand of CBRE earlier in her career. She was founder and creative director of IMJ Studios, where she developed unique marketing strategies and campaigns for a diverse clientele, including Jacobs Engineering, ABM, Merv Griffin, CBRE, Colliers International, Transwestern and JLL.

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

Darcie Giacchetto

Marcus & Millichap Brokers $1.5 Million Sale of Riverwood Lodge Assisted Living Facility in Fort White, FL

Krone Weidler
FORT WHITE, FL, March 28, 2017 – 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 Riverwood Lodge Assisted Living Facility, a 8,586-square foot seniors housing property located in Fort White, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,500,000.

L.J. Tsunis, associate, and Krone Weidler, first vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.

“The buyer demand for new construction of seniors housing product remains strong. The developer was able to successfully exit the property while still in lease-up phase. As Florida's reputation continues to grow as the bellwether state for seniors, we expect investment to remain strong in all seniors housing assets," said Tsunis.

Riverwood Lodge Assisted Living Facility, a newly constructed assisted living facility, is located at 6873 Southwest U.S. Highway 27 in Fort White, Florida. The 8,586-square foot property consists of 20 guest rooms and assorted common areas situated on four contiguous parcels totaling approximately 2.59 acres. Additionally, the facility was most recently certified by the State of Florida for a maximum occupancy of 36 beds.

L.J. Tsunis
 For a complete copy of the company’s news release, please contact:

Ari Ravi
Regional Manager, Tampa
(813) 387-4700

Debi Stolberg
 Lead Certified Agent Support Specialist
Tampa, FL 33607
 (813) 387-4700 main
(813) 469-2206 mobile
(813) 387-4710 fax

  Follow us on:   NYSE: MMI

Marcus & Millichap Arranges Sale of Magnolia Self Storage in Sanford, FL

Brian Baldwin
SANFORD, FL, March 28, 2017 – 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 Magnolia Self Storage, a 32,725-square foot self-storage located in Sanford, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office.

Brian Baldwin, associate, Luke Elliott, vice president investments, and Michael A. Mele senior managing director investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.

“In the past 18 months, the number of private client transactions has increased, and the sale of Magnolia Self Storage is indicative of this trend,” states Mele.

Magnolia Self Storage, a 31,200-net rentable square foot facility, is located at 2530 South Magnolia Avenue in Sanford, Florida.

 It is comprised of 265 climate controlled and non-climate controlled units, ranging from 25 to 600 square feet, 25 boat and RV parking spaces and an on-site manager’s apartment. The facility sits on approximately 2.58 acres in Sanford, Florida, a principal city of the Orlando-Kissimmee-Sanford Metropolitan Statistical Area.

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

Ari Ravi
Regional Manager, Tampa
(813) 387-4700

Tampa, FL 33607
 (813) 387-4700 main
(813) 469-2206 mobile
(813) 387-4710 fax

  Follow us on:   NYSE: MMI

Tenzer PLLC Attorneys Negotiate Lease for Brand-New Brickell Restaurant; Iconic brand La Petite Maison makes first foray into U.S. market with Miami location

La Petite Maison, 1300 Brickell Bay Drive, Miami, FL

MIAMI, FL—— Tenzer PLLC has completed the successful negotiation of a restaurant lease for La Petite Maison, a high-end French Mediterranean restaurant in Miami’s Brickell neighborhood. Miami marks the first U.S. location for the iconic brand.

Renowned restaurateur Arjun Waney first fell in love with La Petite Maison when he dined at the original location, founded by Nicole Rubi and Bernard Ollé, in Nice, France. Waney bought the ownership rights of the brand to expand the concept internationally outside France.

Chef Raphael Duntoye
 His business partners for the brand’s U.S. expansion include Bob Ramchand and Raphael Duntoye, the Chef Patron. La Petite Maison has three additional locations in London, Istanbul and Dubai.

Located at 1300 Brickell Bay Drive, La Petite Maison provides indoor and outdoor seating. Tenzer arranged the lease for approximately 5,000 square feet of interior space and nearly 2,500 square feet of terrace space.

La Petite Maison is situated within BrickellHouse, a 46-story ultra-modern luxury residential tower. For the Tenzer attorneys, one of the challenges of having a restaurant in a high-rise building is navigating through the intricacies of the condominium regime to ensure the client’s vision for the use of the space lines up with the covenants and conditions of record.

Additionally, given the retail units in this particular project were also condominiumized and sold to third parties, the negotiation process included not only the actual landlord, but also the developer and condo association.

In addition to La Petite Maison, Tenzer attorneys recently negotiated a 5,200-square-foot restaurant lease for another one of Waney’s ventures, a new Latin-Asian concept in South Beach called DÔA. Similar to La Petite Maison, DÔA is part of a mixed-use development with a hotel and residences. Before finalizing the restaurant lease, the attorneys had to ensure the condo documents were devoid of material issues that would interfere with construction or operation.

Nicole Rubi

Tenzer has extensive experience representing restaurateurs, developers, owners, and operators in the U.S. and internationally. The firm has developed a notable niche handling restaurant leases for prominent clients.

In addition to La Petite Maison and DÔA, the Miami-based firm has represented Waney’s group in the leases for his other popular restaurants including Zuma and Coya in Miami.

 “It’s such a pleasure working on these unique restaurant launches with this client and its talented team,” said Tenzer PLLC Member Ari M. Tenzer. “La Petite Maison is a top-notch restaurant that is going to change the Miami food scene, much in the same way that Zuma did years back.”

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

Eric Kalis,
Ashley Fierman,


Monday, March 27, 2017

PulteGroup Purchases 40 Acres in Boca Raton for New Active Adult Residential Community

Brent Baker
 BOCA RATON, FL, March 27, 2017) – PulteGroup Inc. has acquired 40 acres within the site of renowned Boca Raton retirement destination Boca Lago Country Club. 

The national homebuilder paid $8.3 million for the land, which is located off Lyons Road just south of Glades Road.

PulteGroup has plans to build a 55-and-up community, called Boca Flores, under its Pulte Active Adult brand. The project will have 130 two-story carriage homes with two-car garages and one-story villas. Elevators will be standard in the two-story units. Prices start in the high $300,000s.

“Boca Flores is a response to the tremendous demand for active adult homes in close proximity to beaches, world-class dining and shopping,” said Brent Baker, PulteGroup’s southeast Florida division president. “The access to the Boca Lago Country Club also adds significant value for this particular buyer segment.”

The project will be built on a portion of the Boca Lago golf course that was previously closed by the club. Boca Flores is another example of Pulte’s unique ability to revitalize dormant golf course sites with vibrant new communities.

Homes at Boca Flores will range from 1,542 to 2,399 square feet. Amenities include a social membership with tennis privileges at Boca Lago Country Club, a resort pool, cabana, pickle ball court, passive park and walking trail. The community is gated with on-site security present.

“Maintenance-free, highly amenitized living is especially attractive to today’s 55-and-up consumer,” said Baker.

Pulte is slated to launch sales in August 2017. Model homes are expected to open during the first quarter of 2018.

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

Todd Templin and Eric Kalis, BoardroomPR

HFF arranges $2.94 million financing for newly built mid-rise apartment property in San Diego, CA

Mitra Apartments, East Village Neighborhood, 340 15th Street,
 San Diego, CA
SAN DIEGO, CA, March 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $2.94 million in financing for Mitra, a newly built, five-story, nine-unit boutique apartment building in San Diego’s East Village neighborhood.

Working on behalf of the developer, Nakhshab Development & Design, Inc., HFF placed the 10-year, fixed-rate, non-recourse loan with a commercial bank.  Loan proceeds replaced the existing construction loan and provided cash out.

Mitra is located at 340 15th Street within walking distance to numerous downtown destinations, including Petco Park, the Gaslamp Quarter and Balboa Park.  

Completed in January, the property provides nearby access to public transportation and the area’s major freeways via Interstate 5. 

The LEED Platinum property’s nine units total approximately 9,555 square feet and encompass a mix of eight loft-style floorplans and one penthouse unit offering views of downtown San Diego and the Coronado Bridge.  The open-concept units feature floor-to-ceiling windows, ENERGY STAR® appliances, mid-century modern finishes and patios or balconies.

Aldon Cole

The HFF debt placement team was led by senior managing director Aldon Cole and associate director Chris Collins.

“We are pleased that Nakhshab Development & Design, Inc. benefitted from a competitive bidding process between banks, Fannie Mae and Freddie Mac,” said Collins.  “In this case, the lender stood out from the competition due to their understanding of the value creation and long-term equity potential of the property.”

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

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

HFF secures $81.9 million financing for 400-unit multi-housing community in Denver, CO

Skye 2905 Urban Flats (Skye 2905), North Union Station Neighborhood, Denver, CO

Eric Tupler
DENVER, CO, March 27, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $81.9 million in acquisition financing for Skye 2905 Urban Flats (Skye 2905), a 400-unit, Class A multi-housing community in Denver’s North Union Station neighborhood.

HFF worked exclusively on behalf of the borrower, Griffis Residential, to place the 10-year, 3.98-percent, fixed-rate loan with five years of interest only with a correspondent life insurance company.

Located across 20th Street from the Union Station neighborhood and downtown Denver’s only grocery store, King Soopers, Skye 2905 is in the heart of the city’s cultural core. 

The property is situated on 4.95 acres at 2905 N. Inca Street providing immediate access to major employers in the central business district and abundant dining, entertainment and cultural amenities.  

Skye 2905 is a five-story building consisting of one-, two- and three-bedroom units wrapped around a five-story parking garage with 2,714 square feet of retail on the ground floor. 

The property features common area amenities, including a swimming pool; outdoor entertainment lounge with grilling stations; state-of-the-art fitness center with yoga room; indoor lounge with poker room, gaming center, flat-screen TVs and foosball table; and downtown, mountain and Coors Field views. 

Residences feature nine-foot ceilings, granite countertops, stainless steel appliances, in-unit washers and dryers, soaking bathtubs, walk-in closets and wood plank or polished concrete flooring.

The HFF debt placement team representing Griffis Residential was led by senior managing director Eric Tupler and managing director Josh Simon.
For a complete copy of the company’s news release, please contact:

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

HFF hires Roland S. Merchant, Jr. as a senior managing director in New York office

Roland S. Merchant Jr.
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announced Roland S. Merchant, Jr. has joined its New York office as a senior managing director concentrating on investment sales and structured transactions.

Mr. Merchant has more than 20 years of experience in finance, sales and real estate investment banking and joins HFF from Eastdil Secured LLC.

  He has been involved in over $20 billion of investment sales, joint venture equity, debt placement and loan sale transactions for major public and private institutional real estate investors throughout the United States.

 Prior to Eastdil, Mr. Merchant was an investment banking associate in the Capital Markets Group at Cushman and Wakefield and the Leveraged Finance Group at Merrill Lynch.

Mr. Merchant holds a Master of Business Administration from Columbia Business School, where he was awarded the Robert A. Toigo Fellowship and a Bachelor of Arts from Dillard University. 

 He is a licensed securities representative, a licensed real estate salesperson in the state of New York and a member of Urban Land Institute (ULI), the National Multifamily Housing Council, the Real Estate Roundtable (RER) President’s Council and Real Estate Executive Council (REEC). 

Andrew Scandalios

Philanthropically, Mr. Merchant is the board chairman for the Robert Toigo Foundation Alumni Endowment Board and vice-chairman on the board of trustees for the City Parks Foundation of New York.

“HFF is thrilled to have Roland join our firm and strengthen our New York investment sales team,” said Andrew Scandalios, senior managing director and co-head of HFF’s New York office. 

 “Roland has a wealth of experience, deep relationships and thorough real estate knowledge, which will be of great value to HFF’s existing and future clients.”

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

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

Sunday, March 26, 2017

HFF arranges $32.5 million financing for Jersey City multi-housing development

Rendering of planned University Place, West Campus,  New Jersey City University,
 Florham Park, NJ
                                                                               (Rendering by Marchetto, Higgins, Stieve Architects)

Jon Mikula
 FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $32.5 million in financing for the development of a 163-unit multi-housing property serving the community surrounding New Jersey City University (NJCU).

HFF worked exclusively on behalf of the developer, a joint venture between The Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments to secure the construction loan through M&T Bank.

The project is part of NJCU’s West Campus master plan, better known as University Place.  Situated just three blocks from NJCU’s Main Campus, University Place will encompass 22 acres comprising more than 200,000 square feet of retail, 110,000 square feet of education space and a 425-bed student housing community. 

This development will be the first phase of University Place’s market-rate unit component, which will total approximately 600 units once it is fully built out. 

 Due for completion later this year, the project will feature a mix of studio, one- and two-bedroom units along with more than 10,000 square feet of ground-floor retail and 177 parking spaces for residential and retail use. 

Units will include amenities such as high ceilings, open layouts, hardwood floors, hard surface countertops, walk-in closets and stainless steel appliances.  

Michael Klein
The property will offer more than 20,000 square feet of common amenity space, including 5,000 square feet of indoor lounge space and a 15,000-square-foot open courtyard located on the third floor, which will overlook the adjacent baseball park.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.

“University Place is an exciting new development, which is utilizing an area of Jersey City that is prime for not only the University’s expansion west, but for market-rate housing and retail,” Mikula stated.  “We were thrilled to be a part of the first phase of this development.”

“M&T Bank did a fantastic job getting their arms around this new market and creating a flexible structure that best met the sponsorship’s needs,” added Klein.

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

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