Thursday, November 21, 2019

Fifield Cos. Announces Seven Executive-Level Promotions and Hires Senior Associate


Lindsey Senn
CHICAGO, IL – Chicago-based developer Fifield Cos. has announced the promotion of six executives and one associate, as well as the addition of a new senior associate, in response to an outlook of continued growth in top markets such as Chicago, Los Angeles, Dallas, Miami and Washington, DC.

Promotions include senior vice president Lindsey Senn to executive vice president, responsible for the firm’s finance and development team.

At Fifield, Senn, who studied real estate and urban land economics at the Wisconsin School of Business, has played a key role in evaluating investment opportunities and overseeing $600 million of multifamily development in the Chicago market. 

Senn’s recent successes include financing and securing Target as the anchor retail tenant for Logan, a transit-oriented mixed-use development currently under construction in Logan Square, as well as leading the redesign of the recently topped-off 740 North Aberdeen in West Town, transforming plans inherited from the seller into a financially feasible,188-unit multifamily mid-rise.

Steve Fifield
“As one of our most innovative team members, Lindsey has excelled in data-oriented design, complex construction financing, and asset management, where she often exceeds projections,” said Steve Fifield, chairman of Fifield Cos.

 “Since joining Fifield six years ago, she rose to become the youngest vice president in our company’s history and continues to bring her collaborative, visionary approach to problem solving to our workplace every day.”

Other promotions at the firm include:


Jon Schneider
  • Jon Schneider, from vice president to senior vice president on the asset management team, driving the creation and implementation of asset-specific business plan strategies, and the financial performance of Fifield's multifamily assets. Schneider, whose background is in accounting and finance, spent a decade with GEM Realty Capital, where he oversaw a national portfolio of multifamily assets.
Givi Peradze

  • Givi Peradze, from vice president to senior vice president, leading the overall construction management, supervision and coordination of large-scale projects in Chicago. Peradze, who has a background in civil and structural engineering, spent a decade working as a senior project manager for Lendlease and applies more than 20 years of construction experience to his role.
Greg Vance

  • Greg Vance, from vice president to senior vice president, managing the construction, architecture and design of Fifield developments in metro Los Angeles. Vance, who holds a degree in architecture, worked for several top 25 general contractors throughout the country prior to joining Fifield, and is involved in all facets of development, from schematic design through project completion.
Navi Sandhu
  • Navi Sandhu, from assistant vice president to vice president, responsible for underwriting multifamily development projects and handling debt and equity financing. Prior to joining Fifield, Sandhu worked as an analyst on development platforms structured to provide growth capital and on an office investment sales team. She holds an MBA from Northwestern University’s Kellogg School of Management.

Joe Pitsor

  • Joe Pitsor, from senior associate to assistant vice president of finance and development, handling underwriting for multifamily developments and acquisition. Pitsor has been involved in the financing of over $150 million of multifamily investments and oversees the company’s RandyCo division, a Chicago-based neighborhood property rehabilitation program. A licensed CPA, he worked in the real estate advisory practice of PricewaterhouseCoopers prior to joining Fifield.
Margaret Hinz
  • Margaret Hinz, from senior escrow officer to assistant vice president, responsible for the execution of pre-development and construction cash management, as well as building and maintaining relationships with lenders, inspectors, vendors and title companies. Prior to joining Fifield, Hinz was an escrow officer at the Illinois Real Estate Title Center, overseeing construction escrow for the firm.
Kevin Farrell

“Fifield has always been structured in a way to recruit top talent and give them the discretion to grow and succeed,” said Kevin Farrell, president of Fifield Cos.

“The promotion of these seven individuals is a reflection of how instrumental they have been in the exceptional developments we’ve recently completed and that are underway in Chicago and Los Angeles, as well as other markets across the country where we are active.

Justin Westfall
"In adding to our team, we anticipate continuing this trajectory, especially as we explore multifamily opportunities in new markets and consider additional asset classes.”

New to Fifield is Justin Westfall, who joins as a senior associate in the finance and development group. Westfall was previously a vice president in the valuation and advisory services group at Jones Lang LaSalle, and began his real estate career at Cushman & Wakefield as a transaction advisor.

He has an MBA in finance and real estate from Northwestern University’s Kellogg School of Management and a bachelor’s degree in finance from Indiana University.

Randy Fiefield

About Fifield Cos.:

Fifield Cos. is one of the nation’s premier developers of luxury mid- and high-rise rental apartments. Established in 1977, Fifield has earned a reputation for creating superb living environments in some of the country’s most renowned locations, including Chicago, Dallas, Austin, southeast Florida, Los Angeles, Las Vegas and Honolulu.

Fifield has completed more than 70 projects in the United States worth more than $7 billion.


CONTACTS:

 Traci Failla, tfailla@taylorjohnson.com, (312) 267-4516 
Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511


Wednesday, November 20, 2019

JLL arranges post-acquisition financing for 1120 G Street NW in Washington, DC


1120 G Street Apartments, Washington, DC

WASHINGTON, DC – JLL announced today that it has arranged post-acquisition financing for 1120 G Street, a 134,964-square-foot, 10-story office building located in Washington, D.C.

JLL worked on behalf of the borrower, a fund managed by Credit Suisse Asset Management Global Real Estate, to secure the loan with Cigna Investment Management.  JLL also handled the sale of the property to the fund last month. 

Martin Lamb
1120 G Street is situated on a prominent corner lot adjacent to Metro Center in the heart of the East End submarket, which is presently, downtown Washington, D.C.’s largest and strongest performing submarket. 

This location is within three blocks of both the White House and all six Metrorail lines and within a short walk of the high-end retail, restaurants and entertainment options of CityCenterDC, Gallery Place, Chinatown and Penn Quarter. 1120 G Street offers 13,000-square-foot floorplates and is 75% leased to 13 tenants.

“We are very happy to acquire the first asset for our new global value-add fund located in the very heart of Washington D.C., only steps from the White House and Pennsylvania Avenue,” commented Martin Lamb, Head of Global Real Estate Americas & UK at Credit Suisse Asset Management. 

Dan McIntyre
“Our business plan will upgrade the building and add amenities such as a coffee shop, gym, bicycle storage and a conference center. 1120 G will meet occupier requirements by offering centrally located, well-amenitized office space and direct access to multiple metro lines at competitive rental rates.”

The JLL Capital Markets team representing the borrower was led by Dan McIntyre, Jay Graham and Kevin Byrd.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Kevin Byrd
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.  Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.


About JLL:

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. .  


Contact: 

Kristen Murphy, 
JLL Director, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com

 jll.com



Oprah Waits for Price Cut on Jeff Bridges Home, then Buys it for $6.85 Million

The Bridges’ 3,517-square-foot, two-bedroom, three-bath Spanish Revival-style home was built in 1919 by architect James Craig

Photo credit: Elevated Horizon courtesy of Coldwell Banker






SANTA BARBARA, CA -- According to TopTenRealEstateDeals.com, when you’re worth almost $3 billion and can easily say, “been there, done that, have that,” . . . . what do you do with the rest of the money after the usual investments?

Oprah Winfrey 
For more than a decade, the super wealthy have been parking it in real estate. In fact, they’re buying up a lot of the planet in the form of islands, vast ranches, resorts and glamorous homes.
Jeff Bridges
Yes, Oprah Winfrey owns at least six homes currently after selling her Chicago and Atlanta homes.

 Lately, her focus has been on the Montecito neighborhood of Santa Barbara, where with the purchase of actor-friend Jeff Bridges’ home, totals three including The Promised Land as she named her 40-acre main home and grounds - now worth about $90 million.

Susan Geston and Jeff Bridges
She purchased the Bridges home after waiting for the price to be reduced from the original $7.495 million and ended up buying it for $6.85 million - the exact price Bridges and his wife, Susan Geston, paid for it five years ago.

Oprah also owns homes in Maui, Hawaii, Orcas Island, Washington and a ski chalet in Telluride, Colorado.

 Gwyneth Paltrow

The Bridges’ 3,517-square-foot, two-bedroom, three-bath Spanish Revival-style home was originally built in 1919 by architect James Osborn Craig sited on four acres of gardens. 

Meticulously cared for and having undergone restorations and updates, it still has its original windows, doors, hardwood floors and five fireplaces. The kitchen and bathrooms were remodeled to bring them into the 21st century. 
Ellen DeGeneres

The kitchen, with its new cabinetry and quartz countertops, adjoins a large family room. High ceilings, expansive windows and French doors illuminate the home with every room opening to lush gardens. 

The master suite features an open-beamed ceiling, large bay window, French doors and fireplace. If Oprah continues to buy her neighbor’s properties, it won’t be long before they can rename Montecito as Oprah Village.


Portia de Rossi
Montecito is a sought-after neighborhood at the western tip of Santa Barbara with commanding views over the Pacific Ocean. Always lush with large trees and thick with greenery, the neighborhood has recovered from the 2018 Thomas Fire that destroyed many of the area’s homes.

Though Oprah’s and Jeff’s homes remained safe with little damage to the grounds, Gwyneth Paltrow’s home sustained damage and Ellen DeGeneres and wife, Portia de Rossi, had to evacuate.

Sally Hanseth

Jeff Bridges and Susan Geston have been downsizing their homes with the sale of their 20-acre, Tuscan-style vineyard estate two years ago for $15.925 million and their current smaller Montecito home to neighbor Oprah for $6.85 million.
They have also sold some land parcels in Malibu this year. Sally Hanseth of Coldwell Banker Residential Brokerage, Montecito, handled the sale for both seller and buyer.

CONTACT:
Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504

Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Tuesday, November 19, 2019

JLL secures $32 million refinancing for The Hampshire Companies


Veterans Square Town Center530-560 New York Avenue, Lyndhurst, NJ

MORRISTOWN, NJ – JLL announced it has arranged a $32 million refinancing for Veterans Square Town Center, a fully leased, 136,928-square-foot, grocery-anchored retail center in the Northern New Jersey community of Lyndhurst.

JLL worked on behalf of the borrower, The Hampshire Companies, to secure the 10-year, fixed-rate, non-recourse loan through PGIM Real Estate Finance. Loan proceeds will be used to refinance an existing loan previously arranged by predecessor HFF, which was acquired by JLL on July 1, 2019.

 Originally constructed in 2000, Veterans Square Town Center was expanded from its original 113,178-square-foot size in 2013. 

Jon Mikula
The property is fully occupied by 13 tenants, including the ShopRite anchor along with HomeGoods, PetSmart, Supercuts, DaVita Kidney Care, GNC, Diamond Exchange and World Martial Arts Academy. 

Located at 530-560 New York Avenue in the center of Lyndhurst, the property is in the Meadowlands Retail submarket within the greater Northern New Jersey market. 

It is also in Bergen County, the most populous county in New Jersey. The shopping center’s surrounding area has strong demographics, with approximately 183,000 residents across roughly 70,000 households living within a three-mile radius.

The JLL Capital Markets team representing the developers was led by Senior Managing Director Jon Mikula, Managing Director Michael Klein and Analyst Connor Van Cleef.

Michael Klein 
“While retail has been a challenge with the rise of e-commerce, necessity retail, especially grocery-anchored, continues to flourish and be in demand for institutional lenders,” Mikula said. “PGIM Real Estate Finance appreciated the strength of the Shop-Rite operator and the borrower’s deep experience in the retail space.”

“PGIM Real Estate Finance quickly recognized the exceptional demographics, long term tenancy and the incredible draw that ShopRite has on the center,” Klein added. “As a result, they provided the borrower with very attractive loan terms and rate and were fantastic to work with throughout the process.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (facebook.com/hampshirere), Twitter (@hampshireco), and LinkedIn (linkedin.com/company/the-hampshire-companies).

Contacts: 

Jon Mikula, 
JLL Senior Managing Director
Phone: +1 973 549 2000

 Kimberly Steele, JLL Digital Content/PR Specialist
Phone: +1 713 852-3420
Email:  Kimberly.Steele@am.jll.com

New Silver Funds a $2.6 Million Refinance in Connecticut


Alex Shvayetsky
HARTFORD, CT (PRWEB) --
New Silver (https://newsilver.com/), the data-driven hard money lender for the real estate economy, has successfully completed a $2.6 million refinance of a 50 unit commercial apartment complex in New Britain, CT. 
New Silver is an established lender providing tech-focused financial solutions to real estate investors. 
This commercial loan represents a foray into a slightly different space for New Silver, which typically works with residential properties and fix and flip projects.
“While residential properties are typically our forte, the team at New Silver is excited to be venturing into the small-balance commercial space, funding loans of up to $5 million," said Alex Shvayetsky, partner, New Silver.
 "Our plan going forward is to approach the commercial property sector and offer borrowers the same benefits that our residential market borrowers have come to depend on.” 
New Silver offers fast closing and terms up to 24 months for real estate entrepreneurs, and have a variety of loan products available, including ground-up construction, fix and flip loans, fix and rent loans and cash-out refinance loans. 
These services are available to borrowers located in Connecticut, Massachusetts, Rhode Island, New York, Florida and New Jersey. Catering to both single and multi-family residential properties as well as small balance commercial properties, New Silver can help entrepreneurs fund their next real estate project quickly.

Corey Kosiensky 
New Silver has a track record of working with clients like Property Manage CT, whose Principal Corey Kosiensky shared this testimonial:
“As a seasoned investor, I have worked with dozens of lenders. I have done a few deals with New Silver in the past year. They truly have programs for everything. 
"I have done a buy fix and flip in Southington, CT. I buy and hold a second beach home in Clinton, CT. A commercial property to buy and rent in Meriden, CT. A 7 figure cash-out refinance of a 50 unit complex to bridge rehabbing and partnership buyouts. 
"The process is high tech in regards to being able to go online to get POF letters and work through underwriting electronically. The customer service is great with Alex and Guy constantly communicating and pushing the deals along. 
"My net worth has gone up over $1.5 million on deals that I have done."

CONTACT:

Kathy Berardi
678.644.4122
kathy@berardimedia.com


Monday, November 18, 2019

Avanath acquires two affordable communities totaling 578 units for nearly $100 million in Washington, DC and Orlando, FL


John Williams

Alexandria, VA and Orlando, FL — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has purchased two affordable apartment communities with a combined total of 578 units in Alexandria, Virginia – a city in the Washington D.C. Metro area – and Orlando, Florida.

 The assets were acquired for a combined total of $99.175 million, according to John Williams, President and CIO of Avanath Capital Management.

“Both the Washington D.C. Metro and Orlando markets align well with Avanath’s investment strategy of targeting markets with strong economic, job, and population growth where home affordability is becoming increasing more difficult and market-rate rents continue to rise,” says Williams. 

Daryl J. Carter

Alexandria Station Apartments in Alexandria, Virginia

Avanath Capital Management has acquired Alexandria Station, a 290-unit affordable apartment community in Alexandria, Virginia, for $52.675 million.
Built in 1965 and renovated in 1998 and 2010, Alexandria Station is a 97% occupied affordable family community comprising 25 three-story structures.
The property marks Avanath’s eighth investment in the D.C. Metro area, including Virginia and Maryland. 
Alexandria Station is located at 318 Whiting Street in Alexandria, VA.

Brooke Commons in Orlando, Florida:

University of Central Florida, main campus, Orlando, FL

Avanath Capital Management also purchased Brooke Commons, a 288-unit mixed income community in Orlando, Florida for $46.5 million.

Built in 2000, Brooke Commons is a 99% occupied family community comprising 36 two-story buildings. 5% of the units at the property serve residents that make 55% of AMI, 50% of the units serve residents who make 60% of AMI, and 45% of the units serve residents who make 60-80% of AMI.
            
The asset is located three miles from the University of Central Florida, one of the largest universities in the U.S., according to Williams.

Avanath now owns a total of five properties in the Orlando metro market totaling 1,352 units, including Academy at Waterford Lakes, which is approximately four miles from the property. Avanath owns a total of 10 properties totaling 1,605 units across Florida.

Founded by Daryl J. Carter, the Avanath management team averages 25 years of experience and has successfully guided investment funds in defining growth opportunities and delivering attractive returns. 

Contact:

Lisa James
(949) 438-6262