Tuesday, May 15, 2018

HFF announces $95.5 Million financing for Meridian at Carlyle in Alexandria, VA

Meridian at Carlyle Apartments, 401 Holland Lane,
Carlyle Neighborhood, Alexandria, VA

NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announces $95.5 million in acquisition financing for Meridian at Carlyle, a 16-story, 403-unit apartment building in Alexandria, Virginia.

Cary Abod
The HFF team worked on behalf of a joint venture, which includes Lincoln Property Company (LPC), to place the five-year, floating-rate acquisition loan with MetLife Investment Management.

Meridian at Carlyle is located at 401 Holland Lane in Alexandria’s Carlyle neighborhood.  The property is adjacent to a Whole Foods Market, within walking distance to the King Street Metro station and surrounded by more than two million square feet of retail and restaurants and 5.6 million square feet of office space. 

 Meridian at Carlyle features units averaging 779 square feet, three levels of below-grade parking and amenities, including a resort-style pool, barbecue area, putting green, fitness center, club room with billiards, concierge service and on-site dry cleaning service.
Steven Klein

The HFF debt placement team representing the borrower included managing directors Steven Klein and Cary Abod.

“The soon-to-be ‘Lincoln at Old Town’ represents an opportunity to reposition a high-rise multifamily community in an attractive, transit-oriented location with the ability to create value through execution of interior unit renovations and common area amenity upgrades,” said LPC’s Jarl Bliss, executive vice president Mid-Atlantic. 

 “This property is a great addition to our value-add portfolio, and we have strong performance expectations for both the property and the market in the long-term.”

Founded in Dallas, Texas, in 1965, LPC is a full-service, vertically integrated institutional investment and property services platform with offices in the United States and Europe. 

Jarl Bliss
 Since 1965, Lincoln has acquired and developed approximately $35 billion of residential and commercial property.  LPC currently manages 356 million square feet of commercial property and 190,542 multifamily residential units for over 100 separate clients worldwide. 

For more information, please contact:

HFF Public Relations Specialist
(713) 852-3500

Arbor Realty Trust Funds Nearly $20 Million in Fannie Mae DUS® MAH for Affordable Properties

Granite Ridge Apartments, Stockton, CA

UNIONDALE, NY — Arbor Realty Trust, Inc. (NYSE: ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, announced the recent funding of five loans totaling $19,736,000 under the Fannie Mae DUS® Multifamily Affordable Housing (MAH) product line.

Alexander Kaushansky
Alexander Kaushansky, Vice President, Originations at Arbor Realty Trust, arranged the financing.

“Arbor’s Fannie Mae DUS MAH product offers flexible and competitive terms to borrowers who invest in qualified affordable housing,” Kaushansky said. “With 100% of units at all five properties considered affordable, this transaction is a prime example of our commitment to responding to a nationwide need.”

Apartment Corp., a national privately held real estate investment firm with a portfolio exceeding 20,000 units, was the borrower, using the loans for both refinancing and acquisition purposes.

"Arbor was able to quickly arrange financing tailored to the specific needs of each one of these properties,” said Marc Menowitz, CEO of Apartment Corp. “The maximized loan proceeds and sheer number of products offered enabled us to improve the quality of our expanding national portfolio."

The transactions involved:
  • Pacific Pointe, Stockton, CA — Built in 1971, this 80-unit LIHTC multifamily property received a $3,005,000 refinancing funded under the Fannie Mae DUS MAH product line. Since 2016, the borrower has invested approximately $150,000 in upgrades to the property.
  • Granite Ridge, Stockton, CA — Built in 1974, this 80-unit LIHTC multifamily property received a $3,689,000 refinancing under the Fannie Mae DUS MAH product line. Since 2016, the borrower has invested around $100,000 in upgrades to the property.
Marc Menowitz
Silver Spring Terrace, Hickory, NC — Built in 1973, this 100-unit combination HAP and LIHTC garden-style property received $3,681,000 in acquisition financing under the Fannie Mae MAH Green Rewards program. $250,000 will go towards interior and exterior upgrades to the property. 

  • Yorkshire & Windsor Village, Shreveport, LA — Built in 2000, this 132-unit LIHTC garden-style property received $2,661,000 in acquisition financing under the Fannie Mae DUS MAH product line. In addition to rent restrictions, the property will keep a minimum of 15% of units available to accommodate large families, and a minimum of 25% of units able to serve special needs groups like the elderly and handicapped. $290,000 will go towards interior and exterior upgrades at the property.
  • Sonora Portfolio, Sonora & Jamestown, CA — Built in 1998, this three-property, 220-unit multifamily LIHTC portfolio received $6,700,000 in refinancing under the Fannie Mae DUS MAH Preservation product. Since 2016, the borrower has invested approximately $460,000 in upgrades to the property.

For more information, please contact:

Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900
Uniondale, NY 11553

Contact: Mike Ratliff
Tel: 516.506.4221

Pacific Industrial Acquires Prime 157,204-SF Industrial Property in Affluent Costa Mesa, CA Market

Costa Mesa, CA Industrial Property

Trent Walker
Orange County, CA – Pacific Industrial, one of the most active privately held industrial development and investment firms in Southern California, has completed the strategic acquisition of a 157,204 square-foot, two-building industrial property situated immediately adjacent to John Wayne Airport in Costa Mesa, California for approximately $33 million.
Pacific Industrial closed on this property with one of its key institutional partners, a private equity fund advised by Crow Holdings Capital.
Trent Walker, an Executive Vice President with Voit Real Estate Services, represented Pacific Industrial as the buyer in the off-market acquisition.
Dan Floriani, Co-Founder of Pacific Industrial explains, "This investment is perfectly aligned with our company’s ongoing strategy to acquire irreplaceable assets in exceptionally well located pockets that will attract a wide variety of users.”

Dan Floriani
The property is well positioned for value creation, according to Floriani, who points to its direct frontage on the Orange County airport, easy access to several freeways, and location in a highly affluent pocket of the Orange County Airport submarket as factors that made the asset an ideal target for his firm, and for future tenants.
One of the property’s buildings is home to the U.S. headquarters of RipCurl, a major Australian designer, manufacturer, and retailer of surfing sportswear. The second building was recently vacated by Karma, offering the opportunity for a valuable renovation and repositioning in the market, according to Floriani.

For more information, please contact:

Jordan Kruk/Jenn Quader
Brower Group
(949) 955-7940