Friday, July 21, 2017

CAPTRUST Advisors, LLC to Relocate Headquarters to Downtown Tampa’s Park Tower

Park Tower, Downtown Tampa, FL
TAMPA, FL – Feldman Equities announced CAPTRUST Advisors, LLC has signed a lease to relocate its headquarters to nearly 10,500 square feet in Park Tower in downtown Tampa. 

The investment consulting firm will relocate to Park Tower later this year after almost 20 years in the CAPTRUST building at 102 W Whiting Street. That building is scheduled for demolition as part of Feldman’s Riverwalk development.

The deal comes on the heels of the previously announced multimillion-dollar renovation to Park Tower.

“The renovation plan is already impacting the building’s leasing,” said Mike DiBlasi, Feldman Equities Executive Vice President for Leasing and Marketing.

“The plan to reposition this historic structure as one of the most notable and exciting buildings on Tampa’s skyline is resonating with prospects. We are seeing interest from quality conscious firms for whom high-end finishes and amenities are a must.”

Mike DiBlasi
CAPTRUST will occupy the building’s 18th floor which features expansive views of the waterfront and downtown skyline.  The tenant representation broker for the CAPTRUST lease transaction was Doug Bartley, Partner with Commercial Advisory Services.

“CAPTRUST is excited to modernize our offices and relocate into the center of downtown Tampa in Park Tower,” said Eric Bailey, Managing Principal. 

“The new façade and chic upgrades will be a refresh for CAPTRUST and a focal point near the Riverwalk and major corridors in Tampa. Our employees are looking forward to the move and the opportunity to take advantage of all the new amenities.”  

CAPTRUST Advisors, LLC is a privately-held, employee-owned, independent investment consulting practice headquartered in Tampa, Florida. Founded in 1998, CAPTRUST provides investment consulting services to institutional investors, corporate retirement plans, and family offices.

Eric Bailey
The most dramatic change at Park Tower will be the modernization of the 475,000 square foot office building’s façade.  In addition to painting the exterior a lighter color, a new and dramatic entrance will feature a ‘Light Box’ on one of the most prominent corners of Tampa.  The building’s amenities will be also upgraded with a striking new lobby.

In addition to exterior renovations, plans include the addition of new tenant amenities, including: 

·         High-end lobby café with seating
·         6th floor “Chill Zone” tenant lounge
·         All new fitness center and yoga room with spin bikes
·         Shared tenant conference room
·         New lobby concierge desk
·         Renovated parking garage with new LED lighting

Park Tower currently has full floor availabilities, including a full floor of just-built, move-in ready spec suites. “We’ve had a lot of interest in the spec suites which are nearing completion, said DiBlasi. I’m not sure what has impressed prospects more – the views or the renovation plan.”

In November 2016, a joint venture partnership consisting of City Office REIT, Feldman Equities and Tower Realty Partners acquired Park Tower for $79.75 million. 

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

Mack Feldman
 Feldman Equities LLC

Meridian Capital Group Arranges $35.5 Million in Construction Takeout Financing for the Shalimar at Davie Luxury Multifamily Property in Davie, FL

Noam Kaminetzky

Boca Raton, FL – Meridian Capital Group, America’s most active dealmaker, arranged $35.5 million in construction takeout financing for the Shalimar at Davie luxury multifamily property located in Davie, FL, on behalf of TM Real Estate Group.

The 10-year loan, provided by a national life insurance company, features a fixed rate of 4.04% and full-term interest-only payments. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Jason Grimm, who are both based in the company’s Boca Raton, FL office.

Shalimar at Davie, located at 4901 South University Drive, is a three-story, 240-unit multifamily community, consisting of one-, two-, and three-bedroom apartments and town homes. Each unit features nine-foot ceilings, a washer and dryer, stainless steel appliances, and wood plank floors.

 Community amenities include a fitness center with a yoga and a spin studio, a business center, a residents’ lounge, a resort-style pool and a grilling area. 

Jason Grimm

Shalimar at Davie is situated near the South University Drive and Griffin Road intersection with 330 feet of frontage on South University Drive, offering residents walking distance to a Starbucks, Walmart Supercenter and CVS Pharmacy, and a short drive from the Nova University Campus, Interstate 595, and Florida’s Turnpike.

“This transaction presented a unique challenge as the construction loan was maturing and the asset was still in lease-up,” explained Mr. Kaminetzky. “With a rising interest rate environment and no historical data to rely on, Meridian worked with the lender to create a favorable loan structure, while holding the rate for several months, until the property reached stabilization.”

“Meridian worked closely with the borrower and the lender to match the lease-up velocity with the forward rate lock in order to close the loan with the maximum interest rate protection,” said Mr. Grimm. “This allowed for more time to negotiate every aspect, resulting in a truly custom tailored solution for the client.”

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

Jonathan Stern
Meridian Capital Group

MetroGroup Realty Finance Secures Acquisition Financing for Three-Building Industrial Business Park in Orange, CA

Orangewood Business Plaza, Orange, CA

J.D. Blashaw
ORANGE, CA – MetroGroup Realty Finance, a private commercial mortgage banking firm based in Newport Beach, California, has secured $3.9 million in permanent acquisition financing for Orangewood Business Plaza, a three-building industrial business park in Orange, California.

The financing was arranged by MetroGroup’s J.D. Blashaw and Ivan Kustic.

The 49,880 square-foot business park, which is located near Angel Stadium of Anaheim, consists of one office building and two flex/industrial buildings.

“The region surrounding Angel Stadium is undergoing tremendous revitalization, presenting a strong opportunity for long-term value for investors,” according to Blashaw, Vice President at MetroGroup, who notes that a new $450 million development is planned to be delivered next to the Stadium, which is approximately one third of one mile from Orangewood Business Plaza.

The new development includes a hotel, high-rise office buildings, a variety of retail and entertainment, as well as apartments and condominiums.

Ivan Kustic
“This ongoing revitalization will serve as a catalyst for future growth and is one of the reasons the sponsor was initially attracted to the property,” explains Blashaw. “Given the strong opportunity for future value creation, the sponsor needed a loan structure that would provide flexibility and increase initial cash flow.”

MetroGroup was able to secure $3.9 million in financing, which was 46 percent of the purchase price.

“This was a complex transaction that required some innovation,” says Kustic, Loan Officer at MetroGroup. “First, we worked closely with the sponsor and the seller to negotiate an additional $4 million using the sponsor’s existing portfolio of income properties as temporary security in anticipation of selling an existing asset.

“From there, we structured interest only payments for the first 18 months of the loan to provide increased cash flow, which gives the sponsor flexibility to make improvements to the asset and bring current rents up to market value.”

MetroGroup secured the five-year, fixed-rate loan at a rate of 4.6 percent. The buildings are located at 1717 and 1745 West Orangewood and 571 North Poplar Street in Orange, California.

Jim Hawkins and Phil Fridd of Lee & Associates represented both the buyer, Betty L. Davies Family Limited Partnership, and the seller, Orangewood Business Plaza, LLC.

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

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

Illustrated Properties Lands $5.5 Million Palm Beach Biltmore Condo Listing

Shelley Newman

PALM BEACH, FL. | July 21, 2017 – Illustrated Properties, a member of The Keyes Family of Companies, has announced the acquisition of a $5.5 million turn-key listing in the Palm Beach Biltmore condominium building.

Mike Pappas
Shelly Newman, a top producer for Illustrated Properties, is the exclusive listing agent.

Designed 20 years ago by renowned architects David Martin and Charles T. Young and award-winning designer Bettye Jordan Young, Residence 712 at the Biltmore was originally constructed in New York and shipped to its current home at 150 Bradley Place. Inspired by the New York apartment of prominent businessman Bill Koch, Residence 712 was spotlighted in Architectural Digest’s “Around the World” feature.

The timeless 2-bedroom, 2-bathroom residence totals 2,000 square feet of living space and features African wood paneling, high countertops, Asian inspired accents, marble floors and a cityscape view overlooking the Intracoastal Waterway. The residence boasts of unsurpassed quality, impeccable attention to detail, and the highest standards for healthy living.

On-site building amenities at the Biltmore include an Olympic-sized salt water pool, infrared saunas, tennis court, three social gathering rooms and a state-of-the-art fitness center. A personal building representative and concierge are available to assist residents. The Biltmore includes private oceanfront beach club with shuttle service, two spas, a restaurant, and dock.

The prime location puts residents just minutes away from the famed Worth Avenue retail shops, dining and other local attractions.

“From the moment I walked in, I fell in love with the residence’s distinct and serene look,” said Newman. “It’s more than a home. It’s a piece of art. This masterpiece lives as glorious as it looks. The owners addressed the important core details of condominium living when designing this residence.”

Bettye Jordan Young
During her stint in the real estate world, the former award-winning professional figure skater with family ties to Palm Beach for over 50 years, and a business, sales and design background, has facilitated multiple notable transactions in Palm Beach, including the 1320 North Lake Way mansion, which closed for $14.5 million.

“Shelly has experience building, maintaining and selling properties,” said Mike Pappas, President and CEO of The Keyes Company. “Along with her persistent and disciplined athletic background, the unique combination makes her the perfect candidate for this listing.”

Independently-owned and operated since its founding in 1926, Keyes is extremely active in luxury residential real estate. In 2016, Keyes listed more than $1 billion in luxury homes priced at $1 million or more.

Keyes is a Founding Member and Shareholder of Leading Real Estate Companies of the World®, a global network of more than 550 premier real estate firms encompassing 4,000 offices and more than 128,000 Sales Associates in 55 countries.

In July 2016, Keyes and Illustrated Properties announced the completion of a merger between the two companies, which continue to operate under their existing brands. Overall, Keyes and Illustrated generate more than $6 billion in annual revenue from their real estate service lines.

For a complete copy of the company’s news release, please contact:
Jasmin Curtiss
PR Coordinator, BoardroomPR

O 954-370-8999