Wednesday, January 18, 2017

W Financial Arranges Financing for Prime Kips Bay Neighborhood Property on Second Avenue, Manhattan, NY

Kips Bay Neighborhood, Manhattan, NY

Gregg Winter
NEW YORK, NY, Jan. 18, 2017 -- W Financial has originated a $19,000,000 first mortgage loan and retained a $9,500,000 loan participation secured by a prime development site located on Second Avenue, between 33rd and 34th streets in the Kips Bay neighborhood of Manhattan.

 The owner is working on obtaining approved plans to construct a fifteen-story, mixed-use building of nearly 55,000 square feet of FAR. The site has approximately 76 feet of frontage on Second Avenue.

The borrower required a bridge loan because his existing first mortgage loan had matured and needed to be replaced. The borrower plans to seek conventional construction financing once his plans are approved and then to repay the W loan when he closes the construction loan.

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

Gregg Winter - Founder & Managing Partner
W Financial Fund, LP
Special Situation Financing for Commercial Real Estate ®
149 Madison Avenue, Seventh floor
New York, NY 10016
Phone: 212 532-9170
Email • vCard • Bio

SummerHill Housing Group Announces Executive Management Reorganization and Promotions to Support Strategic Growth

Chris Neighbor
SAN RAMON, CA – SummerHill Housing Group, the umbrella organization for SummerHill Homes, an award-winning residential builder, and SummerHill Apartment Communities, an apartment, mixed-use infill rental housing developer, announced executive management reorganization and promotions to support the group’s strategic growth.

Chris Neighbor, who has been serving as SummerHill Housing Group’s Executive Vice President / Managing Director, has been promoted to the position of Chief Operating Officer of SummerHill Homes.

Douglas L. McDonald, SummerHill Housing Group’s Chief Financial Officer / Executive Vice President / Managing Director, has been named Chief Operating Officer of SummerHill Apartment Communities. 

Marjorie Szto, SummerHill Homes’ Vice President, Controller, has been named Senior Vice President – Corporate Finance and Accounting for SummerHill Housing Group.

“We are fortunate to have achieved significant growth in both our for-sale and apartment-development businesses,” said Robert Freed, President and CEO, SummerHill Housing Group. “And, we have been addressing the challenges of this increased activity by hiring new talent and stretching our executive management team. The creation of these new positions will allow us to bring increased ‘horse power’ to our day-to-day operations, while staying keenly focused on the continued growth of our land pipeline.” 

Marjorie Szto

As the new COO of SummerHill Homes, Neighbor will have management responsibilities for land acquisition, land development, purchasing, construction, sales, escrow, marketing, market research and customer service.

“Chris Neighbor has consistently performed at the highest level and he deserves much of the credit for our strong land pipeline. 

In addition, Chris has a great passion for homebuilding. His passion, extensive experience and desire for success positions Chris for greatness in his new role,” said Freed.

McDonald, in his new capacity as SummerHill Apartment Communities’ COO, will have management responsibilities for land acquisitions, finance, construction, asset management and asset dispositions.

 “Doug McDonald has been a great business partner for me during my entire tenure with the company,” said Freed. “Doug’s responsibilities have gone well beyond the traditional role of a Chief Financial Officer. He has been a key driver of our day-to-day operations, thus ensuring that we deliver consistently high levels of financial performance.”

Szto, who will serve as SummerHill Housing Group’s Senior Vice President – Corporate Finance and Accounting, will report directly to Freed and will be responsible for the financial and accounting operations for both SummerHill Homes and SummerHill Apartment Communities.

 These responsibilities range from financial statements to external/internal reporting to all accounting functions. “Marjorie Szto will work closely with me, Chris and Doug on managing the important financial position of both companies. We are extremely fortunate to have Marjorie ready, willing and able to step into her new role,” said Freed.

Katia Kamangar

Freed also noted that Katia Kamangar, SummerHill Housing Group’s Executive Vice President / Managing Director will continue to lead all new community activities for SummerHill Homes and SummerHill Apartment Communities in Northern California. “We are extremely fortunate to have a fantastic development team led by Katia Kamangar,” said Freed. “As we move forward in our new organization structure, Katia and her team will continue to report directly to me.”

SummerHill Homes celebrated its 40th Anniversary in business in 2016 with 5,234 single-family homes built or under construction. The company also expects to build an additional 1,071+ homes between 2017 and 2018, and will surpass its 75th community.

SummerHill Homes is currently under construction on new residential communities in the San Francisco Bay Area in Moraga, Los Gatos, Mountain View, Saratoga, Fremont, Pleasanton, Redwood City, Santa Clara and Burlingame for a total portfolio of 6,170+ residential homes. 

Robert Freed
In 2016, SummerHill Apartment Communities celebrated the completion of several Silicon Valley luxury residential rental communities totaling the portfolio to 2,245 apartment homes including 481 on Mathilda apartment community in Sunnyvale, which celebrated its completion in early December.

SummerHill Apartment Communities is slated to complete Villas on the Boulevard, a 186-unit apartment community in Santa Clara, in Spring 2017. SummerHill Apartment Communities is also under construction on Origin, a 153-unit apartment project in Seattle, Washington.

In 2017-2018, SummerHill has plans to break ground on seven new apartment communities in California: 268 new residential units featuring a mix of apartments and condominiums in Burlingame; 694 residential units and 36,000 square feet of retail space near Milpitas BART Station;

 a 537-unit apartment community near the Lawrence Station Cal Train in Santa Clara; 151 residential units and 10,000 square feet of retail space in Santa Clara; a 211-unit apartment community in Mountain View; a 105-unit apartment community in Pasadena; and a 255-unit apartment community in Carlsbad for a total portfolio of 4,466 apartment units. 

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

Anne Monaghan

The Habitat Company Adds Four Chicago-area Properties Totaling Almost 1,000 Units to Condo Management Portfolio

Cornell Village Apartments, 5201 South Cornell Avenue, Chicago, IL

 CHICAGO, IL – Chicago-based The Habitat Company, a leading U.S. multifamily property developer and manager, has been awarded the property management contracts for four condominium properties in the Chicago area.

Matthew Fiascone
With the additional 951 units in downtown Chicago and suburban Prospect Heights, Habitat has increased its management portfolio by 30 percent in the last five months.

“As the condominium market continues its recovery, it makes sense that more condominium boards are looking to strengthen their building’s position in a competitive market,” said Matt Fiascone, president of The Habitat Company. 

“The boards and residents of these four communities will immediately benefit from Habitat’s in-depth expertise, successful and proven processes, streamlined services and personable staff.”

The four condominium properties Habitat will manage include:

·         2400 N. Lakeview, Chicago – a 30-story luxury high-rise designed by Mies van der Rohe and comprised of 262 one-, two- and three-bedroom residences directly across from the city’s popular Lincoln Park

·         Cornell Village – 5201 S. Cornell Ave., Chicago – a complex of 166 residences (including 148 two- and three-bedroom condominiums, and 18 townhomes) near Burnham Park in Hyde Park 

·         Park Place –  600 N. Kingsbury St., Chicago – a 20-story contemporary condominium tower overlooking the Chicago River in River North, including 163 one- and two-bedroom residences 

·         River Trails – 811 Apple Drive, Prospect Heights, Ill. – a garden-style community consisting of 360 units, featuring one-, two- and three-bedroom condos

Habitat has already assumed management for three of the communities, while it will begin overseeing 2400 N. Lakeview in February 2017.

Diane White
According to Diane White, senior vice president of condo management for The Habitat Company, these four condominium boards were especially drawn to Habitat for its best business practices in areas such as general accounting, financial reporting, assessment collection, team building, use of innovative technology and proactive building engineering services.
For example, to optimize procedural efficiencies and maximize cost savings, 

The Habitat Company offers its clients volume purchasing discounts in areas such as property insurance and utilities (gas and electricity). 

The company’s proprietary budget program also provides real-time forecasting and reporting, which has proven a useful tool in managing day-to-day financial responsibilities more efficiently.

“In addition to our numerous processes that streamline a community’s daily operations, what boards and residents also appreciate is Habitat’s proactive approach in communicating with them to enhance the living experience for every condominium owner,” White said.

“Each project is unique with distinct characteristics and needs, and Habitat’s goal is to implement and execute the directives as outlined to make the board’s vision for its community a reality.”

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

Kim Manning,, (312) 267-4527
Rebecca Boykin,, (312) 267-4523

Marcus & Millichap Arranges $925,000 Sale of 2.88-acre Former Mobile home park site in St. Petersburg, FL

Julie Yo

Casey Babb
ST. PETERSBURG, FL, Jan. 18, 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 a 2.88-acre former mobile home park located in St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $925,000.

“The site was originally planned for a 44-unit townhome community back in 2006, but sat vacant for the past decade as a result of the housing crash. The incoming buyer is an international developer based in China, and is planning a mid-rise student housing property called International House,” says Casey Babb.

 “The pre-development work is currently in the final stages and the buyer hopes to break ground in the second quarter of 2017 to begin leasing for the 2018 Fall semester.”

Babb, CCIM and vice president investments, and Paul Bouldin, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. Julie Yo of ReMax Capital Realty represented the buyer.

The site, located at 99th Avenue North in St. Petersburg, Florida, is planned for a mid-rise student housing property overlooking Tampa Bay and downtown St. Petersburg and catering to international students.

The property is an irreplaceable infill development site located within the Gateway Business District, which contains over 30 million square feet of Class “A” and “B” office and industrial space and is home to 2,700 businesses and 60,000 employees. The turn-key site has considerable pre-development work completed, and is ideally situated on Gandy Boulevard within Florida’s most densely populated county.

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

Ari Ravi
Regional Manager, Tampa

(813) 387-4700

National Retail Properties Inc. Declares Common quarterly dividend

Kevin Habicht
Orlando, FL - The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 45.5 cents per share payable February 15, 2017 to common shareholders of record on January 31, 2017.

National Retail Properties is one of only four publicly traded REITs and 94 publicly traded companies in America to have increased annual dividends for 27 or more consecutive years.

National Retail Properties 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 a gross leasable area of approximately 26.6 million square feet and 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