Sunday, May 12, 2019

Beatles Guitarist George Harrison's Son, Musician Dhani Harrison, Selling His Venice Beach, CA Home for $4 Million


Dhani Harrison's Home, Venice Beach, CA
Photo by The Agency

VENICE BEACH, CA --  According to TopTenRealEstateDeals.comCalifornia hot spot Venice Beach has drawn celebrities, surfers, bohemians and sun worshipers since the beginning of the 20th century.

Beatles guitarist George Harrison
Starting out as a sedate seaside-resort town, today it’s a whirlwind of activity attracting those who enjoy having the party atmosphere always available around the corner.

Dhani Harrison
son of Beatles guitarist George Harrison and wife, Olivia
A recent addition to the Venice market is the sophisticated home of Dhani Harrison, the son of Beatles guitarist George Harrison, priced at $3.99 million.

Abbott Kinney
Never a dull moment in Venice with its wide beach, surfing and exploring the Ocean Front Walk with its two-and-a-half-mile promenade filled with a buffet of vendors, art and quirky performers.

Muscle Beach Venice was largely responsible for the booming interest in weight training beginning in the 1950s and the Vic Tanny gym chain began in Venice.

Paul Hicks
 Beach sports gained huge popularity on Venice Beach from handball courts, volleyball, paddle tennis, a bike trail and a skate-dancing pavillion. After a day at the beach there is an array of upscale restaurants, bars, art galleries and shops for every taste, interest and pocketbook.

Originally called the Venice of America due to the drainage canals dug in the 1920s by the town’s original developer, tobacco-baron Abbott Kinney, a wide-range of plush residences line them today, as was Kenney’s original goal. Many are used as year-round homes and others as vacation getaways.

Musician Dhani Harrison has recently decided to sell his glamorous canal home that enjoys the sunrise from the rear balcony, the sunset from the west, 360-degree views from the rooftop terrace and water views from the canal-side terrace and decks.

Nicholas Sandler

Measuring in at 2,826 square feet, the two-bedroom, three-bath home has an open floor plan with soaring ceilings. Second-level glass walls and open first-floor ceilings bathe the interior with sunlight as does the large skylight above the wide spiral stair.

Updated in crisp contemporary style, the home offers multiple choices for entertaining on all three levels and has recently appeared in Architectural Digest.


Dhani, the only child of George and Olivia Harrison, has been writing and singing professionally since 2001. He has completed a number of albums and since 2013 has been composing film scores with his writing partner Paul Hicks.

They have written the scores for Netflix’s Dogs and HBO’s four-part documentary series The Case Against Adnan Syed.He has recently decided to sell his Venice home, priced at $3.99 million.

 Co-listing agents are Nicholas Sandler and Bennett Hirsch of The Agency, Beverly Hills.


CONTACT:

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

Twitter:  @toptenrealestat
facebook.com/toptenrealestat  


ATTOM Data Solutions Finds Seriously Underwater U.S. Properties Increase from a Year ago


 
Todd Teta

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its Q1 2019 U.S. Home Equity & Underwater Report, which shows that at the end of the first quarter of 2019, more than 5.2 million (5,223,524) U.S. properties were seriously underwater (where the combined balance of loans secured by the property was at least 25 percent higher than the property’s estimated market value), up by more than 17,000 properties from a year ago.

The 5.2 million seriously underwater properties at the end of Q1 2019 represented 9.1 percent of all U.S. properties with a mortgage, up from 8.8 percent in the previous quarter but down from 9.5 percent in Q1 2018.

“With home prices increasing at a slower pace in 2018, than in previous years, the potential for people to climb out from mortgages that are underwater or advance into equity-rich territory, tends to be reduced,” said Todd Teta, chief product officer at ATTOM Data Solutions.

 “However, only one in 11 mortgages are seriously underwater today, compared to nearly one in three during the depths of the recession.

"Although, if the latest trend continues, it will raise another clear signal of a market slowdown, which will be good for buyers, but not so good for sellers. But if the pattern of the past few years takes hold – with levels of underwater and equity rich mortgages turning around - it will mean the market remains strong for sellers, with fewer needing to get out from under financial distress.”

CONTACTS:

Christine Stricker
949.748.8428

Data and Report Licensing:
949.502.8313


Chatham Lodging Announces Monthly Dividend

 
WEST PALM BEACH, FL — Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 137 hotels wholly or through joint ventures, announced that its board of trustees has declared a monthly common share dividend of $0.11 for May 2019.

 The common dividend is payable June 28, 2019, to shareholders of record on May 31, 2019.


CONTACT:

PATRICK DALY
OFFICE MANAGER
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-300-8289




Arbor Funds $6.4 Million Freddie Mac SBL Deal in Marietta, GA


Robert Mendeles
                                
 UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac Small Balance Loan (SBL) in Marietta, GA.

Balfour Marietta, a 98-unit multifamily property, received $6.4M in refinance funding through the transaction. The hybrid loan provides a five year, fixed-rate term.

Balfour Marietta Apartments, Marietta, GA
Robert Mendeles of Arbor’s Englewood Cliffs office originated the loan.

“This borrower has closed in excess of 20 loans with Arbor across the full spectrum of our product lines," said Mendeles.  "Balfour Marietta represents a refinance of a previous bridge loan the customer used to purchase the property and upgrade the units.

“The borrower is a very active buyer in the Marietta market and the bridge to permanent execution is the perfect financing solution.

Contact:

 Bina Handa
Tel: 516.506.4229

HFF secures $192 million financing for Bryant Street development in Washington, D.C.


Rendering of Phase I of Bryant Street, a planned mixed-use, transit-oriented development in northeast Washington, DC

WASHINGTON, DC – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured joint venture equity and construction financing totaling $191.8 million for the development of Phase I of Bryant Street, a mixed-use, transit-oriented development in northeast Washington, D.C.

John Begert
HFF worked on behalf of the developer, MRP Realty, to arrange a $59.8 million joint venture equity partnership with FRP Development Corp.

Working on behalf of the new partners, HFF also secured $132 million in construction financing through a national bank.

Bryant Street is being developed near the intersection of Rhode Island Avenue and Fourth Street adjacent to the Rhode Island Metro Station (Red Line) and the Metropolitan Branch Trail, a multiuse pedestrian/cycling path that is used by more than 1,200 commuting cyclists daily. 

 The project is situated within the high-barrier-to-entry neighborhood of Edgewood between the established and rapidly growing neighborhoods of Eckington and Brookland.

Stephen Conley
  In addition to the neighborhood restaurants, breweries and other local nightlife, Bryant Street is easily accessible to Ivy City, Union Market, a newly opened Trader Joe’s and hotspots such Red Hen and Big Bear CafĂ©. 

Phase I of the development will feature three mid-rise buildings comprising 487 multi-housing units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail. 

At full build out, the 13-acre, LEED-certified project will feature 1,500 residential units, 250,000 square feet of retail, 1.5 acres of green space and up to 2,000 below-grade parking spaces for residents and visitors.  Construction commenced in February and Phase I is due for completion in spring 2021.

Walter Coker
The HFF debt and equity placement team was led by Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod.

“Edgewood and the surrounding communities near Bryant Street have a rich history and we hope we can build on the great offerings that already exist,” MRP Principal John Begert said.  “We are very excited to have the financing in place to bring this multi-modal neighborhood to life.”

About MRP Realty

Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in Washington, D.C., Maryland, Virginia, Pennsylvania and New York City. 

Brian Crivella
 MRP provides to its institutional capital partners a full array of real estate services, including acquisition/disposition, development/construction management, property management, asset management and financial reporting services. 

Since the company’s inception, MRP has deployed over $4.6 billion in total capitalization.  

MRP’s combined development assets total more than 25 million square feet, with an additional 10 million square feet under management.

  For more information, please visit www.mrprealty.com.

About FRP Development Corp.

Along with its sister company, Florida Rock Properties, Inc. (FRP) is a Maryland-based, full-service development company specializing in commercial, mixed-use and industrial real estate. 

John Owendoff
Incorporated in May of 1989, the company is a wholly-owned subsidiary of FRP Holdings, Inc., a Florida-based company, publicly traded on the NASDAQ Stock Exchange under the symbol “FRPH.” 

For more information, please visit www.frpdev.com.




Cary Abod














CONTACTS:

WALTER COKER
DC Lic. #SP98361589
HFF Managing Director
(202) 533-2500
Daniel McIntyre
wcoker@hfflp.com

BRIAN CRIVELLA
DC Lic. #SP98368957
HFF Senior Director
(202) 533-2500

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403


BKM Capital Partners Closes Second Institutional Fund with $382 Million in Equity Commitments; More than $1 Billion in Buying Power



Brian Malliet

ORANGE COUNTY, CA BKM Capital Partners, an institutional fund manager with a niche focus on value-add, light multi-tenant industrial investments, has announced the final close of its second institutional fund, BKM Industrial Value Fund II, L.P., with $382 million in equity commitments.

 In addition to $289.4 million of equity commitments to the fund and parallel vehicles, BKM has invested a further $54.1 million of Fund II LP co-investment capital and has up to an additional $38 million of committed non-discretionary LP co-investment capital to deploy into this strategy. Together, this equates to more than $1 billion in buying power.

Building on the success of the firm’s debut fund, which garnered $130 million in commitments (consisting of $105 million in fund commitments and $25 million in deployed co-investment capital) and is already fully deployed, BKM’s Fund II will invest in undervalued light multi-tenant industrial assets in strong growth markets throughout the Western U.S. 

Nima Taghavi, Co-Founder & Executive Chairman of BKM Capital Partners, explains “Closing our fundraising period marks a meaningful milestone for our firm.


Nima Taghavi

"We have made significant investments since founding BKM to build out an operating platform with both asset management and property management businesses. 

"As a testament to our platform and to us as fiduciaries, we have evolved from a first-time fund manager with two institutional investors to our second fund and now having more than 20 institutional investors.”

BKM’s Fund II garnered investments from a mix of institutional investment sources, including U.S. endowments and pensions funds, family offices, and insurance companies.
The fund, which had a first close in December 2017, is already being deployed into large business park portfolios throughout the Western U.S., including major acquisitions in California and Arizona, among others.

“BKM’s ability to more than double our fund investments in less than 24 months speaks to the depth of our expertise in this product type,” says Brian Malliet, Co-Founder and CEO of BKM Capital Partners.
“We recognized the opportunity in light multi-tenant industrial early on and understood that this very specific property type was poised to grow faster than other industrial product. 
"Today, fueled by healthy demand and tight supply, light multi-tenant industrial is on track to be one of the best-performing commercial real estate segments in 2019.”
Powered by demand drivers including ongoing e-commerce growth, changing consumer preferences, and a resurgence of small businesses in need of space, light multi-tenant industrial has also emerged as a key investment target for institutions.
“Today’s institutions are seeking investments that are strategically positioned to perform well for the long term,” Malliet says. “By honing our first-hand expertise in the acquisition, improvement, and operation of these assets, we now have a proven investment platform through which these institutions can achieve strong long-term growth while earning consistent risk-adjusted returns.”

“We are one of the only operators in the market with the experience and financial strength needed to acquire and profitably operate large portfolios of multi-tenant industrial product,” says Malliet. “In this endeavor, our track record speaks for itself.”
BKM is one of the largest owners of multi-tenant industrial portfolios in the Western U.S., with portfolio acquisitions totaling more than $500 million and encompassing more than 3.4 million square feet in the past year alone. 
The firm owns and operates properties in six states, including California, Colorado, Nevada, Washington, Oregon, and Arizona.
“Although we are excited about the continued interest in our investment strategy and our team’s ability to execute on that strategy, we remain focused and disciplined on investments that provide our investors with an adequate “margin of safety” in order to protect the downside,” according to Taghavi.

While many real estate companies may find it difficult to identify properties that fit their investment criteria, we have a competitive advantage in our markets based on our position as the most active buyer within this product type. This track record will fuel our growth for years to come,” says Taghavi.
            BKM Capital Partners currently manages over 6.9 million square feet totaling more than $1 billion in assets under management.
 Additional information is available at www.bkmcapitalpartners.com

Contacts:

Alex Caswell / Lexi Astfalk
Brower Group
(949) 438-6262