Monday, April 29, 2019

HFF arranges $145 million financing on behalf of Sunroad Enterprises for San Diego, CA apartment development

Rendering of planned Centrum Apartments Phase 6, a 442-unit, Class A apartment project in San Diego, CA

Aldon Cole
SAN DIEGO, CA –– HFF announces it has arranged $145 million in construction financing on behalf of Sunroad Enterprises for the development of Centrum Apartments Phase 6, a 442-unit, Class A apartment project in San Diego, California.

HFF worked on behalf of Sunroad Enterprises to arrange the floating-rate construction loan through PCCP, LLC.

Centrum Apartments Phase 6 will be the final phase of the 232-acre Centrum Master Plan that encompasses some of San Diego’s newest development and numerous employers.  

Due for completion in late 2020, the five-story, Type 3A residential building will be situated over a three-story, Type 1A parking structure with one subterranean level.  

Tim Wright
The property is situated on 4.5 acres directly west of Phase 5 at the corner of Kearny Villa Road and Lightwave Avenue in the Kearny Mesa submarket.  

Planned amenities include a pool and spa area, sky deck with grilling and lounge space, fitness center, club room with indoor/outdoor billiards tables and bar, wine room, business center with conference space and pet grooming center.  

Units will range from studio through three-bedroom layouts averaging 895 square feet.

The HFF debt placement team representing Sunroad was led by senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan.

Bharat Madan

“This sixth and final phase within the Centrum master plan will complete the transformation of this project that has been in the works for nearly 20 years,” Cole said.  

“The Centrum residential market is one of the most highly amenitized in the country.  The area’s short commutes to surrounding employment centers and proximity to retail only serves to enrich residents’ quality of life even further.”

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


CA Lic. #01457351
HFF Senior Managing Director
(858) 552-7690

CA Lic. #00947194
HFF Senior Managing Director
(858) 552-7690

HFF Public Relations Specialist
(713) 852-3403

HFF arranges refinancing for grocery-anchored retail center in New Jersey

The Shoppes at the Livingston Circle, a 95,809-SF, Aldi-anchored retail center in Livingston, NJ

MORRISTOWN, NJ, April 29, 2019 Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged refinancing for The Shoppes at the Livingston Circle, a 95,809-square-foot, Aldi-anchored retail center in Livingston, New Jersey.

Jon Mikula
On behalf of the borrower, Eastman Companies, HFF placed the 12-year, fixed-rate loan with Voya Investment Management.  Loan proceeds will be used to refinance the existing debt.

Developed by the borrower in 1993, The Shoppes at the Livingston Circle has undergone a multi-million-dollar renovation over the past two years, including upgrading the fa├žade and renovating tenant spaces. 

 Currently 80% leased, the center is home to a diverse roster of service-oriented, lifestyle-focused national and local tenants, including anchor Aldi, Olive Garden, Goldfish Swim School, Hand & Stone Massage and Facial Spa, Club Pilates, Fitness 1440 and Cycle Bar.  

The Shoppes at the Livingston Circle is situated on 16.1 acres at 277 Eisenhower Parkway at the intersection of Eisenhower Parkway and Route 10 at the western edge of Essex County.  

Jim Cadranell
This location is within the one of the region’s busiest retail corridors and has easy access to major highways, including the Garden State Parkway, the New Jersey Turnpike and Routes 280, 80, 10, 24 and 78.

Additionally, the center serves an affluent market with 152,831 residents earning an average annual household income of more than $190,000 living within a five-mile radius.

The HFF debt placement team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell and analyst Andrew Zilenziger.

About Eastman Companies

Headquartered in Livingston, New Jersey, Eastman Companies is a full-service real estate development, construction and management company.  The company and its affiliates have been in business for 39 years and are recognized leaders in high-quality real estate developments with properties throughout Northern and Southern New Jersey. 

Andrew Zilenziger
 Comprising Eastman Management Corp. and Eastman Construction Corp., the company presently owns, manages and has developed more than three million square feet of commercial, retail and/or industrial properties throughout New Jersey’s Essex, Morris, Bergen and Burlington counties.  Learn more at


HFF Senior Managing Director
(973) 549-2000

HFF Digital Content/Public Relations Specialist
(713) 852-3420

The Latin Builders Association Supports Senate Bill 1730

Florida Sen. Tom Lee

Sponsored by Sen. Tom Lee, R-Thonotosassa, the bill restricts municipalities from adopting or imposing mandatory affordable housing requirements

MIAMI, FL, April 29, 2018  The Latin Builders Association (LBA), the largest Hispanic construction and real estate association in the United States, calls upon the Florida Legislature to pass Senator Tom Lee’s Senate Bill 1730 which addresses acts related to community development, affordable housing and mortgage lending.

SB 1730 restricts the ability of a local government to adopt and enforce inclusionary housing ordinances or regulations that abrogates private property rights, stifles the housing market, hurting the industry and costing jobs. It specifically modifies the definition of a “mortgage loan” to ensure that unlicensed lending for residential transactions is eradicated in the State.

Eric Montes de Oca

We strongly support this forward thinking piece of legislation,” said Eric Montes de Oca, LBA President. “A major consequence of unlicensed lending is money laundering. We are opposed to money launderers favoring the ease by which they clean their unlawful gains with real estate transactions through unlicensed lenders,” he added

Mr. Bernie Navarro, former president of the LBA, emphasizes on the need to tackle this problem during this Legislative session: “Unlicensed Lending hurts consumers while decimating the real estate industry with the high amount of fraudulent loans being transacted in Florida. Money laundering is like a cancer that metathesizes. One of the symptoms of this disease has been runaway property value that has worsened our affordable housing crisis in the State,” he said.

Bernie Navarro
A recent bulletin issued by the North American Title Insurance Company (NATIC,) one of the largest title insurance companies in the country, demonstrates the need to eradicate unlicensed lending due to the increase in borrower fraud perpetrated through hard money loan transactions. Unlicensed lenders transact most hard money loans. 

Therefore, NATIC has implemented additional underwriting requirements for these high-risk transactions. NATIC considers the failure to comply with these mandatory-underwriting requirements to be gross negligence.

For over 48 years, the Latin Builders Association has embodied the interests of South Florida’s vibrant construction and real estate industry, while pursuing sustainable development for a prosperous future. Supporting SB 1730, allows borrowers obtaining residential mortgage for business purposes (not primarily for personal, family, or household use) greater consumer protections.

About The Latin Builders Association

Established in 1971, The Latin Builders Association is by far the largest Hispanic construction association in the United States. 

A nonprofit organization, which includes a vast array of individuals and companies related to the South Florida construction industry. The LBA has over 750 member companies representing every aspect of South Florida’s vibrant construction industry. 

With much success, the LBA has expanded opportunities to other industries, not just in the field of construction. For more information visit:


Christine Herrera

At Ware Malcomb, Oak Brook, IL: Grant Brandenburg Promoted to Director, Regional Operations; Troy Flick Named Studio Manager, Design

Grant Brandenburg

Oak Brook, IL (April 29, 2019) – Ware Malcomb, an award-winning international design firm, today announced two Midwest promotions:

Grant Brandenburg has been promoted to Director, Regional Operations and Troy Flick has been promoted to Studio Manager, Design. Both are based out of the firm’s Oak Brook, Ill. office. 

Ware Malcomb recently moved into a new, larger office location at 1315 22nd Street, Suite 410 in Oak Brook, Ill., accommodating the growth of the firm’s employee and client base in the Chicago and Midwest markets. Ware Malcomb also maintains a second office located at 600 W. Jackson Blvd in Chicago.

Grant Brandenburg, Director, Regional Operations  

Brandenburg has been a strong asset to Ware Malcomb’s Oak Brook and Chicago offices. He joined the firm as a Project Manager in 2013 and was promoted to Studio Manager in 2015. 

Troy Flick
  Brandenburg has experience in all facets of architecture and has worked on a wide variety of projects including office, industrial, hospitality, retail, medical office, and aviation.

Brandenburg’s versatile skills have allowed him to build a strong operations structure for the Midwest offices. In his new role, his operations management responsibilities include Ware Malcomb offices in Oak Brook, Chicago, Toronto and Atlanta.

“Grant not only brings extensive architectural design expertise to the Ware Malcomb team, his strong business acumen has also been an asset to the firm,” said Cameron Trefry, Principal of Ware Malcomb’s Chicago and Oak Brook offices.

 “His ability to find efficiencies in almost every step of our workflow has made him a strong contributor to the growth of our regional operations.” 

Cameron Trefry

A licensed architect in Illinois, Massachusetts, Kentucky, Iowa, Wisconsin, Ohio and Indiana, Brandenburg holds a Bachelor of Science degree with honors in Architectural Studies and a Master of Architecture degree, both from University of Illinois at Urbana/Champaign.

He is an active member of the International Council of Shopping Centers (ICSC) and is also certified by the National Council of Architectural Registration Boards (NCARB) and a Certified Development, Design and Construction Professional (CDP).

Troy Flick, Studio Manager, Design

In his new role, Flick manages the Midwest design operations of Ware Malcomb and is responsible for the design of select architectural projects.

 He brings 14 years of architectural design knowledge and expertise to the Ware Malcomb team. Previously working for four years in Ware Malcomb’s Design studio, Flick re-joined Ware Malcomb in 2015 as a Project Designer and has since led the design on a number of notable firm architectural projects throughout North America.

 His experience includes master planning, overall design implementation and client management. Throughout his career, he has worked on a variety of corporate office, industrial, distribution, healthcare, auto and retail projects. 

Jinger Tapia

“Troy’s keen eye for design and commitment to the team make him a valuable member of our Design studio,” said Jinger Tapia, Principal, Design at Ware Malcomb. “He upholds our mission of creating great design through our client’s vision. We look forward to Troy’s continued success and leadership at Ware Malcomb.”

Flick holds a Bachelor of Science in Architecture and Environmental Design from Kent State University. He is a licensed architect in Illinois and a member of the American Institute of Architects, a LEED Accredited Professional, and NCARB certified.


Rachel Reenders
VP Public Relations
KCOMM for Ware Malcomb

Kelly Teenor, Director, Marketing, 949.660.9128,

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128,

Illustrated Properties Strengthens Luxury-Focused Team with Addition of Lori McAlear

Lori McAlear

PALM BEACH, FL, April 29, 2019 – Illustrated Properties has bolstered its team of top luxury real estate producers with the addition of industry veteran Lori McAlear. She is based in the company’s corporate headquarters in Palm Beach Gardens.

McAlear brings more than 20 years of experience to Illustrated. She was most recently with BWG Realty.

Mike Pappas
Her background also includes marketing and management, having served as vice president for the third largest international advertising agency, J. Walter Thompson, and senior vice president for a $5 billion private corporation.

A graduate of Northern Michigan University with a Bachelor of Science degree in Marketing/Management, McAlear also owned her own advertising agency in West Palm Beach, giving her the experience needed to reach homebuyers through various channels. McAlear is an active member of the Realtors Association of the Palm Beaches.

“Lori McAlear embodies what Illustrated is about,” Illustrated CEO Mike Pappas said. “She brings not only her ability to connect with clients, but a deep knowledge of the luxury Palm Beach market. Coupled with her marketing background, there is no doubt she will help our team reach the next level.”


Eric Kalis or Jasmin Curtiss
C 305-794-5123

CBRE Finds U.S. Hotels Enjoy Profit Growth, But It Is Becoming Harder To Achieve

J. Mark Woodworth
Atlanta, GA,  April 29, 2019 – While U.S. hoteliers enjoyed a ninth consecutive year of increasing profits in 2018, it is becoming increasingly difficult for managers to accomplish this task. 

 According to the recently released 2019 edition of Trends® in the Hotel Industry by CBRE Hotels Americas Research, total operating revenue increased by 2.6 percent in 2018 for the average hotel in its survey sample. 

Managers were able to limit the growth in operating expenses to 2.8 percent, thus allowing for a 2.3 percent increase in gross operating profits (GOP) at the Trends® properties. 

The 2.8 percent growth in expenses is less than the long-run average of 4.0 percent over the past 40 years.  However, it is greater than the 1.8 percent average annual growth rate achieved the past two years.

John B. Corgel

“With revenue growth forecast to slow down in the foreseeable future, owners and operators are beginning to wonder how much more juice is left to squeeze out of their operations,” said R. Mark Woodworth, senior managing director of CBRE Hotels Americas Research. 

“2018 marked the first year since 2009 that expense growth exceeded revenue growth, thus resulting in a slight decline in the GOP margin. 

" This is indicative of the struggle managers are having sustaining the effective cost controls that have been in place since the great recession.” 

 In 2018, 59.2 percent of the properties in the Trends® survey sample achieved revenue gains, but only 54.3 percent realized GOP growth.

“Historically, at this point in the business cycle, we see ADR growth that really drives profits,” said John B. (Jack) Corgel, Ph.D., professor of real estate at the Cornell University School of Hotel Administration and senior advisor to CBRE Hotels Americas Research. 

“With ADR growth limited to 3.0 percent or less since 2016, we have seen a concurrent deceleration in the efficiency of the flow of top-line dollars to the bottom line.”

Trends® in the Hotel Industry is the firm’s annual survey of operating statements from thousands of hotels across the nation.  The 2018 operating data collected for the 2019 survey was compiled in accordance with the 11th edition of the Uniform System of Accounts for the Lodging Industry.


Chris Daly
Daly Gray Public Relations
703 435 6293