Saturday, October 20, 2018

Core5 Industrial Partners Completes first phase of DeSoto 55 Logistics Center and signs its first lease with DSV Solutions in greater Memphis market


DeSoto Logistics Center, Horn Lake, MS
ATLANTA, GA, – Atlanta-based Core5 Industrial Partners announced  the completion of two inventory buildings in their first development in the greater Memphis Market, DeSoto 55 Logistics Center. 



Lisa M. Ward

 DeSoto 55 Logistics Center is a 175-acre Class-A business park, located in Horn Lake, MS along the I-55 Corridor less than 10 miles to Memphis International Airport, and will encompass over 2.5 million square feet once fully developed.  

Dan Wilkinson
The initial phase of the development was completed in October 2018 and included Building A1, a 581,475 SF cross-dock facility, which is expandable to over 1 million square feet and Building B, which is a 300,145 SF rear-load building. 

 In addition to the completion of the first two buildings, Core5 also signed a pre-lease of 200,000 SF in Building B to DSV Solutions.

“Located less than two minutes from I-55 via Church Road (Exit 287), the property provides outstanding access and proximity to a large and abundant non-union labor pool," states Lisa Ward, Senior Vice President and Managing Director for Core5. 

"This is an ideal location for both regional and national distribution given. The pro-business environment of DeSoto County further strengthens the benefits of this location,” 

Allen Wilkinson
DSV Solutions leased 200,000 square feet in Building B and will begin operations in January 2019. 

 DSV Solutions, a wholly-owned subsidiary of DSV A/S based in Denmark, is a publicly-traded global provider of supply chain solutions to a board set of customers across multiple industries.  

DSV is the fifth largest freight forwarder in the world and had significant growth in the United States after their $1.5 billion acquisition of UTi in January 2016. 

 DSV will utilize the entire 200,000 square feet for an existing client’s distribution facility servicing the Eastern United States.  

The Colliers International team of Dan Wilkinson, Allen Wilkinson and Brad Kornegay represented Core5 in the lease transaction and represent Core5 on the entire development.

Brad Kornegay


 CONTACTS:

RITA SKAGGS
RED DART Real Estate Consulting
404.788.3231

Lisa Ward
Core5 Industrial Partners
404-262-5430

lward@c5ip.com



Wicker Park Connection, Luxury Rental Tower on Chicago’s Northwest Side, Surpasses 75 Percent-Leased Milestone

Wicker Park Connection Apartments skyline, Chicago, IL

CHICAGO, IL — Chicago-based Hubbard Street Group and co-developer Centrum Realty and Development  announced Wicker Park Connection, a 15-story, 146-unit rental community, is more than 75 percent leased just four months after welcoming first move-ins.

 Located at 1640 W. Division St., one block west of the Division Blue Line station, the property is being marketed for sale together with an adjacent 60-unit first phase that opened in 2016 and houses a small-format Target store in the ground-level retail space.

“Wicker Park Connection combines the best of both worlds – luxury amenities with neighborhood living – and the faster-than-anticipated pace of leasing underscores the success of that model, even in today’s competitive market,” said John McLinden, managing partner at Hubbard Street Group. 


John McLinden

“We see this not only with the high-end finishes in the units, which include custom, locally sourced elements that add to the authenticity of the design, but also the lower-level commercial space that has drawn interest from some strong brands including a small-format Target.”

Wicker Park Connection offers a mix of studio, one-, two- and three-bedroom units ranging in size from 463 square feet to 1,245 square feet, with rents starting at $1,650. 

Residences at the adjacent 60-unit first-phase building, Centrum Wicker Park, are nearly fully leased. Together, the buildings feature more than 20,000 square feet of lower-level retail space anchored by the Target store.

“Being local to Chicago, we have an intimate knowledge of the city and its neighborhoods, and in the case of Wicker Park, wanted the industries that were once a fixture in the area – for example, lumber and steel – to be integrated into our design in a meaningful way,” said Jaclyn Moser, partner of Harken Interiors.

Chris Sommers and Jaclyn Moser
Harken Interiors partner Chris Sommers added, “The end result strikes that balance between standing out and blending in. Residents won’t necessarily pick up on the historic undertones incorporated through elements like the lobby art – instead, they’re meant to be discovered organically, similar to how residents would explore the surrounding neighborhood.”

Running between the development’s first and second phases is a public walkway called The Connection that, when completed, will link Milwaukee Avenue and Division Street. 

Aaron Galvin

Luxury Living Chicago Realty is serving as the exclusive marketing and leasing brokerage for the development.

“Leasing velocity has exceeded expectations with renters attracted to Wicker Park Connection not only because of the high level of finishes showcased in the apartments, but also the amenities, which are unprecedented in this area,” said Aaron Galvin, founder and CEO of Luxury Living Chicago Realty.

 “In the neighborhood rental market, it’s rare for a building to have a pool – let alone a rooftop pool with sweeping skyline views. It’s one of many differentiators that have contributed to the success of the development.”

For more information or to schedule a showing, call (312) 663-8390.


 CONTACTS:

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

HFF announces $25 million financing for The Line Lofts in Hollywood, CA

The Line Lofts, 1737 North Las Palmas Avenue, Hollywood, CA

LOS ANGELES, CA –– HFF announces $25 million in financing for The Line Lofts, a newly completed, architecturally inspired community in Los Angeles’ iconic Hollywood neighborhood comprising 82 residential lofts and flats and a robust collection of hospitality-inspired amenity spaces designed to act as an extension of each residence.

Zoltan Pali
 The HFF team worked on behalf of the borrower, Wilshire Skyline, to arrange the 10-year, 4.45 percent fixed-rate loan through a correspondent life insurance company. 

The non-recourse loan replaced existing construction financing and includes a $5 million future earn-out component at stabilization. 

 The loan is among the first of its type to close through a new debt program that allows borrowers to close on long-term loans and lock in lower interest rates prior to being fully stabilized if the development can support strong underwriting and high appraisals. 

 The property, which celebrated its grand opening on Memorial Day weekend, achieved 75 percent occupancy within its first four months.

 The Line Lofts (www.thelinelofts.com) is located at 1737 N. Las Palmas Avenue just northeast of the high-profile intersection of Hollywood Boulevard and N. Highland Avenue. 

Mark Wintner
Designed by award-winning architect Zoltan Pali of SPF:architects, the six-story, Class A property blends modern architectural elements with energy-efficient, open floor plans ranging from 415 to 1,477 square feet featuring luxury kitchens and baths; double-pane architectural windows, which optimize natural light and views of the city and the Hollywood Hills; wood-grain plank flooring; and atrium-style outdoor balconies.  

Common areas include The Sky Lounge, a penthouse-level lounge providing unobstructed views of the city; The Retreat, an indoor/outdoor recreation center with a kitchen and lofted library, which opens to the outdoor pool and spa deck; The Wellness Spot, a lobby-level gym; and ground-floor retail. 

 The property, which has a WalkScore® of 97, offers a menu of various concierge services and offers immediate access to some of Los Angeles’ top retail, dining, nightlife and recreation destinations as well as two metro stations and U.S. Highway 101.

 The HFF debt placement team representing the borrower consisted of managing director Mark Wintner.

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

 Founded by Eugen and Raphy Nissel in 1973 and incorporated in 1989, Wilshire Skyline is a service-forward real estate management and development company committed to quality in all things with all people — residents, vendors and staff alike.


 CONTACTS:

MARK WINTNER
CA Lic. #01338778
HFF Managing Director
(310) 407-2100

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3500

ERICA FEHER
The Line Lofts Public Relations
(310) 586-7180

CONTACTS:
.

Arbor Funds $1.6 million Fannie Mae Small Loan in Hutchinson, KS

Eugene Yanovsky


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, recently funded a Fannie Mae DUS® Small Loan in Hutchinson, KS.

Sandhill Properties, Hutchinson, KS
Sandhill Properties, a 48-unit, garden-style multifamily property, received $1.6M in acquisition funding through the Fannie Mae Small Loan program. 

The loan provides a 12-year fixed rate term and a 30-year amortization schedule.

Eugene Yanovskiy of Arbor’s New York City office originated the loan. “The aggressive Fannie Mae Small Loan program allowed us to get the borrower the best 12-year quote available,” said Yanovskiy.

Munzir Khan
 “And with the support of exceptional talent and teamwork at Arbor, including Underwriter Munzir Khan, we were able to execute a quick close necessary due to the timing constraint of the acquisition.”

Sandhill Properties provides beautiful, spacious units conveniently located in a quiet, peaceful community. Amenities afforded to tenants include a swimming pool, basketball court, and carports.




CONTACTS:

Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900
Uniondale, NY 11553
800.ARBOR.10

Bina Handa
Tel: 516.506.4229

HFF announces $341 million in construction financing and joint venture equity for development of The St. Regis Residences, Boston in Seaport District

BOSTON, MA –– Holliday Fenoglio Fowler, L.P. (HFF) announces $341 million in construction financing and joint venture equity for the development of The St. Regis Residences, Boston, an iconic, luxury waterfront condominium tower located on one of the last remaining developable waterfront parcels in downtown Boston.


The St. Regis Residences          Rendering by  Elkus Manfredi



The HFF team worked as an exclusive advisor to the developer, Cronin Development, to secure $306.5 million in construction financing from JPMorgan Chase Bank, N.A. 

 Additionally, HFF advised Cronin Development in structuring a joint venture equity partnership for $34.5 million with a private equity partner, the JCM Opportunity Fund I, LLC, a subsidiary holding of Joyal Capital Management led by Gary F. Joyal, CEO and managing partner.


Riaz Cassum
With 114 units spread over 22 stories, The St. Regis Residences, Boston features a twisting and angular contemporary design evoking billowing sails in a nod to its nautical location. 

Every single residence in this architecturally significant building offers sweeping views of Boston or Boston Harbor as well as extensive access to outdoor space.

The Residences will also include underground parking, a two-story signature restaurant, five-star amenities and customized services for owners.

The HFF debt and equity advisory team representing the borrower included senior managing director Riaz Cassum, senior director Brett Paulsrud and associate Andrew Gray.

Brett Paulsrud
“The Seaport will now have its first and only truly luxury residential building in the St. Regis Residences thanks to the vision of Jon Cronin and his team,” Cassum said.

“This has been a very exciting project to be a part of,” Paulsrud added.  “With its unique design and location, The St. Regis Residences, Boston will be unlike any residential development ever built in the City, serving as an iconic landmark on the Boston skyline.”

 Founded in 1995, Boston-based Cronin Development is driven by a sustained dedication to world-class design with a community-oriented outlook.

Andrew Gray
With two decades of development success under the leadership of Principal Jon Cronin, the company remains entrepreneurial, disciplined, and steadfast in its mission to develop leading human experiences in residential, commercial and retail environments.

 For more information, visit www.cronindevelopment.com.

 The St. Regis Residences, Boston are not owned, developed or sold by Marriott International, Inc. or its affiliates ("Marriott"). 150 Seaport LLC uses the St. Regis marks under a license from Marriott, which has not confirmed the accuracy of any of the statements or representations made about the project.

Joe Cronin
With nearly thirty years of experience, Joyal Capital Management, LLC represents high-net-worth individuals and family-owned businesses on mergers and acquisitions, financing, private equity, estate planning and family office services. 

The JCM Opportunity Fund I, LLC, JCM’s private equity subsidiary, focuses on QSR franchise and strategic real estate investments.

CONTACTS:

RIAZ CASSUM
HFF Senior Managing Director
(617) 338-0990

BRETT PAULSRUD
HFF Senior Director
(617) 338-0990

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990