Sunday, August 27, 2017

29th Street Capital Acquires Wooded Isle Apartments in Hyde Park, IL; Community is Firm’s 6th Chicago-Area Acquisition

Wooded Isle Apartments, Hyde Park, IL

Dan Howard
Chicago, IL – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Wooded Isle Apartments – its sixth property in the greater Chicago area. 

The 75-unit multifamily community, located eight miles south of downtown Chicago in Hyde Park, features studios, one- and two-bedroom units.

29SC has allocated approximately $1 million for capital improvements. Interior upgrades will include granite countertops and stainless steel appliances as well as improved flooring, cabinetry and hardware. Exterior renovations will focus on roof repairs, lighting, fresh paint, signage, landscaping and community-wide WiFi.

“We are confident in the strength of the Chicago market and are excited to have found a value-add opportunity at such a great location,” said Dan Howard, 29th Street Capital’s Vice President of Acquisitions in Chicagoland. “Wooded Isle is well-located relative to many daily conveniences, transportation options and employment opportunities.”

For more information on this news release, please contact:

Terri Thornton
Partner, Thornton Communications

Aloft Hotels Brings Its Contemporary Style and Vibrant Social Scene to San Juan

Rendering of Planned Aloft Hotel at Convention Center District
in Miramar, San Juan, Puerto Rico

Frederico Stubbe Jr.
 San Juan, Puerto Rico – PRISA Group, the developers of The District San Juan, Puerto Rico’s premier entertainment destination, unveiled the flag for its lifestyle-focused hotel at the Convention Center District in Miramar.

 Federico Stubbe, Jr., CEO of PRISA Group, announced that Aloft Hotels will make its Caribbean debut as part of the new $125 million-dollar entertainment project, injecting the local scene with a new sense of style, innovation, and energy.

According to Stubbe, “Aloft Hotels is the perfect match for The District. Its modern, cutting-edge design and vibrant social atmosphere cater to a new generation of travelers, young in age and young at heart, who appreciate style and a buzzing social scene – all at competitive rates. 

"The Aloft guest and experience fit perfectly with the fun and festive atmosphere we envision for The District.”

Stubbe indicated that Aloft Hotels in Puerto Rico introduces an urban-inspired gathering place and hot spot that will complete the offering of The District, making it an ideal destination for travelers as well as locals. “It will be the perfect place for individuals who value self-expression, bold design and connectivity.”

Bridget Higgins
“We are excited to be joining The District, bringing Aloft Hotels’ eclectic, social vibe to locals and guests alike,” said Bridget Higgins, Senior Director, Aloft Hotels. “From the W XYZ bar to our Live at Aloft Hotels music program, Aloft San Juan offers a standout hotel option with unparalleled experiences for those looking to enhance their experience in this beautiful Caribbean destination.”

The hotel, which has already broken ground and is expected to open the second half of 2019, will feature 175 loft-like guestrooms over seven stories with a variety of open spaces that are alive with activity and integrating the latest, innovative technology.

 For more information, please contact:

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553

Franklin Street Arranges $3 Million Sale of Newly-Constructed Panera Bread in Tennessee

John Tennant
ATLANTA, GA – Franklin Street has arranged the $3,028,571 sale of a newly-constructed Panera Bread, a national chain of bakery-cafĂ© fast-casual restaurants, located at 639 S. Cumberland Street in Lebanon, Tennessee.

John Tennant, Bryan Belk and Oliver Oldacre of Franklin Street’s Atlanta office represented the seller, Oldacre McDonald of Nashville, Tennessee, in the marketing of the 3,486-square-foot restaurant. The buyer was Quality Properties, GP of Johnson City, Tennessee, who plans to hold the property for long-term investment.

“The sale of this property signifies that even with higher interest rates, we are still seeing aggressive CAP rates for high quality, net-leased properties where investors are looking for stabilized returns,” said Oldacre, investment sales associate at Franklin Street.

 “The buyer was very interested in the development from the onset due to involvement in purchasing multiple properties of similar quality through an existing 1031 exchange. We are excited to have executed the sale so quickly.”

 For more information, please contact:

Britni Johnson • The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
M: 912-580-7241
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Draper and Kramer Commercial Finance Division Closes $250 Million in FHA/HUD Loans During First Half of 2017


Lee Oller
                                                 CHICAGO, IL -– Chicago-based Draper and Kramer, Inc.,  one of the leading privately held, full-service real estate firms in the United States, announced its commercial finance division closed 17 Federal Housing Administration/Department of Housing and Urban Development loans totaling more than $250 million during the first half of 2017.  

Draper and Kramer’s experience as an FHA-approved lender dates back to 1937, when it was awarded one of the first FHA licenses by former President Franklin D. Roosevelt. 

Over the past 10 years, the division has closed over $1 billion dollars in loans for the new construction, substantial rehabilitation, acquisition and refinancing of multifamily apartments, senior living communities, including assisted living and skilled nursing facilities. 

In 2016, the company was a top FHA/HUD producer in the Midwest.

The 17 loans represent a cross-section of FHA financing programs as well as markets across the U.S., including Colorado, Wisconsin and Illinois.

“The first half of 2017 has been very dynamic, with our clients financing over 3,200 multifamily units,” said Lee Oller, senior vice president with Draper and Kramer and chief underwriter for the company’s commercial finance group. “We’ve already surpassed 2016’s total loan volume, and we look forward to closing out 2017 as one of our firm’s best years ever.”

For more information, please contact:

Sarah Lyons, (312) 267-4520
Abe Tekippe, (312) 267-4528