Monday, March 6, 2017

HFF arranges $98.5 million in financing for Pacwest Center in Portland’s central business district

  

Pacwest Center, 1211 SW 5th Avenue, Portland, OR

 PORTLAND, OR,  March 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $98.5 million in financing for Pacwest Center, an iconic, 30-story, 525,000-square-foot office tower in Portland, Oregon.

HFF worked on behalf of the borrower, LPC Realty Advisors I, LP, on behalf of a pension fund client, to secure the five-year, fixed-rate acquisition loan through a national insurance company.

Erica Christensen
 Additionally, HFF handled the $170 million sale of the property on behalf of the seller, The Ashforth Company and an institutional investor.  This represented the largest commercial office transaction in Portland in 2016.

Pacwest Center is located at 1211 SW 5th Avenue at the epicenter of Portland’s 57-block Transit Mall in the city’s central business district.  The immediate area surrounding the property has more than one million square feet of development currently underway, including Broadway Tower and 1320 Broadway. 

Tom Wilson
With a Walk Score® of 99, a Transit Score® of 96 and a Bike Score® of 92, the asset is a true transit-oriented property.  Pacwest Center features parking for 413 vehicles through valet and self-parking and is an Energy Star-rated building. 

The new buyer intends to significantly renovate the tower by modernizing the common spaces, the main lobby and shared amenities.  PacWest Center is 76 percent leased to tenants, including Merrill Lynch, Markowitz Herbold, Schwabe, Key Bank of Oregon and Perkins & Company. 

HFF’s debt placement team representing the borrower was led by senior managing director Tom Wilson and associate director Erica Christensen.

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

Kristen M. Murphy
Director, Public Relations
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

  

HFF secures $35.75 million financing for repositioning of grocery-anchored retail center in the Bay Area



Rendering of Repositioned Rossmoor Shopping Center, Walnut Creek, CA

James Fowler
NEWPORT BEACH, CA, March 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $35.75 million in bridge financing for the repositioning of Rossmoor Shopping Center, a 106,281-square-foot, grocery-anchored retail center in the San Francisco Bay Area community of Walnut Creek, California.

HFF worked on behalf of the borrower, a partnership between Citivest Commercial LLC and Tallen Capital Partners, LLC to secure the three-year, floating-rate loan with two one-year extensions through Los Angeles-based balance sheet lender, Mesa West Capital.  Loan proceeds will be used to continue the upgrades and repositioning of the asset, which will be completed in late 2017 or early 2018.

Situated on 15.24 acres at 1900-1998 Tice Valley Boulevard, Rossmoor Shopping Center is located in one of the strongest trade areas in the nation and in a submarket of Walnut Creek with very limited retail competition. 

The center is situated at the intersection of Tice Valley Boulevard and Rossmoor Parkway, and more than 73,543 residents earning an average annual household income of more than $109,000 live within a three-mile radius of the center.

 Anchored by Safeway, the center is also home to a variety of national and local tenants, including CVS Pharmacy, JP Morgan Chase Bank, The UPS Store, US Bank and Wells Fargo. 


Wally Reid
The repositioning, which was unanimously approved by the city of Walnut Creek, will increase the square footage of Rossmoor Shopping Center to 133,576 by adding a new drive-through CVS building, three new outparcel buildings and slightly expanding in-line space along with upgrades to the fa├žade.

The HFF debt placement team representing the borrower was led by managing director James Fowler and senior managing director Wally Reid.

“We were very excited to get the opportunity to assist in procuring financing for this outstanding project,” Fowler said. 

 “The business plan to upgrade the center was greatly enhanced by the partnership’s ability to retain and extend the Safeway and CVS leases, along with obtaining city approval allowing for a drive through for the drug store.  The center is well poised to enjoy substantial leasing success.”

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

Kristen M. Murphy
Director, Public Relations
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
 

HFF closes $52.5 million sale of the Telephone Building in Santa Monica, CA



Telephone Building, Downtown Santa Monica, CA

 
Doug Bond
LOS ANGELES, CA,  March 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $52.5 million sale of a 58,538-square-foot condominium interest in the Telephone Building, a premier six-story creative office building in Santa Monica, California.

The remaining 33,254-square-foot condominium interest houses a telephone switching hub owned by Frontier Communications, and was not included in the sale.

HFF marketed the property on behalf of the seller, a joint venture between Alcion Ventures and Pacshore Partners.  DivcoWest was the purchaser.

Located in the heart of Downtown Santa Monica, the 91,972-square-foot Telephone Building is an iconic 1930’s-era, creative office building that is 86 percent leased to a strong line-up of quality tenants.

 Ideally located in the heart of downtown Santa Monica, the historic Telephone Building boasts roof-top ocean views; spacious open floor plates; and award-winning, ground-floor dining amenities, including Cassia, which was named Restaurant of the Year by LA Weekly Magazine and one of the top 12 new restaurants in America by GQ Magazine and Esters Wine Shop & Bar.

Andrew Harper
The HFF investment sales team representing the seller was led by senior managing director Doug Bond and managing director Andrew Harper.

“There is significant demand in the marketplace for authentic creative office assets,” Bond said. “HFF is pleased to have been able to represent Alcion and Pacshore, who had the vision and expertise to breathe new life into this historic building in one of the most supply-constrained markets in Southern California.”

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

Kristen M. Murphy
Director, Public Relations
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


  

HC Real Estate Capital Arranges $29,950,000 Financing For Carlyle at Bartram Park Jacksonville, FL


Chris Caveglia
DELRAY BEACH, FL, March 6, 2017 -- Chris Caveglia and Kurt Hoffmann of HC Real Estate Capital have arranged the acquisition financing for Carlyle at Bartram Park, located in Jacksonville, FL.  Financing was arranged through New York Life Real Estate Investors.  The fixed rate loan has a term of 7 years at competitive interest rate. 

Carlyle at Bartram Park is a 336 -unit Class-A, garden style apartment community, built in 2009 and situated on 18.92 acres.  The property is currently 98% leased. 

The 336 units are comprised of 144 one bedroom, one-bathroom units, 168 two-bedroom, two bathroom and 24 three bedroom, two-bathroom units. 

  Property amenities include an elegant clubhouse, leasing and management offices, resort-style pool, scenic lakes, BBQ grills, and a fully equipped club size fitness center, cardio theater & aerobics/yoga room.  



Kurt Hoffmann





Chris Caveglia, Principal at HC Real Estate Capital states, “The loan was highly competed for by all the major life insurance companies and agency lenders.”   

Caveglia further commented, “New York Life Real Estate Investors provided an excellent debt structure which will allow the borrower to execute on their long-term business plan for this asset.” 

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  

Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent and bridge commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, and commercial banks.

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

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273