Meridian Capital Group Arranges $12 Million in Financing for the Lincoln Park Office Property Located in Orlando, FL

 

Noam Kaminetzky

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $12 million in permanent financing for the Lincoln Park office property located in Orlando, FL.

The 10-year loan, provided by a local lender, features a fixed rate of 4.50%. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky and Vice President, Eric Trombly, who are both based in the company’s Boca Raton, FL office.

Lincoln Park, located at 8511 and 8523 Commodity Circle, are two-story office buildings totaling 132,193 square feet that are situated on 12.7 acres with notable tenant Universal Studios.

 Lincoln Park is traditionally known for its technology company offices and is a desirable space due its close proximity to the Orlando International Airport and major highways, including the Ronald Reagan Turnpike, Highway Interstate 4, Florida State Road 528 and the recently expanded U.S. Route 441.

“The borrower has owned the property for many years and this deal presented a major challenge because the property is occupied by only two tenants, one of which was vacating within the first year of the loan,” explained Mr. Trombly.

“Although several lenders could not overcome this obstacle, Meridian was able to demonstrate the strength of the deal to obtain favorable terms from a local lender where Meridian enjoys a strong relationship,” added Mr. Kaminetzky. “We were able to create a structure that the lender was comfortable with and still achieved the desired results for the borrower

For a complete copy of the company’s news release, please contact:

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

Meridian Capital Group Arranges $66.8 Million in Acquisition Financing for the Purchase of the Fountains at Piedmont Center Located in Atlanta, GA

The Fountains at Piedmont Center, Atlanta, GA

New York, NY – Meridian Capital Group, America’s most active debt broker, arranged $66.8 million of financing for the acquisition of a portfolio of four class-A office buildings known as the Fountains at Piedmont Center and located in Atlanta, GA, on behalf of The Ardent Companies.

The balance sheet financing, provided by ACORE Capital, features a competitive LIBOR-based interest rate with extension options.

This transaction was negotiated by Meridian Senior Vice President, Tal Savariego, and Vice President, Dani Sabesan who are both based in the company’s New York City headquarters.

Ideally located in the heart of Buckhead, one of the top-performing office markets in the Southeast, The Fountains at Piedmont Center is a four-building 550,000 square-foot office complex that recently underwent a $30 million capital improvement program and features large courtyards and open spaces conveying a campus-like feel within a class-A office complex. 

“The Ardent Companies has a strong track record of executing on value-add opportunities and is acquiring the complex at an attractive basis for long-term upside potential,” explained Mr. Savariego. “Meridian arranged for competitive balance sheet financing that provides long-term flexibility for prepayment and extension of the loan, as well as a good news facility for future funding as the investment strategy is executed,” he added.

For a complete copy of the company’s news release, please contact:

Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

www.meridiancapital.com

Volunteers from NAI Realvest Raised $3,000 and Participated in Helping Homeless Families and Veterans Eat Healthy in Central Florida

  Realvest Staff from left,  seated: Robin Richardson, Veronica Malolos  and standing: Jon Walls, Daniel Blackford, Patrick Mahoney, Chris Adams, Dee Figliolia.

KISSIMMEE. FL – NAI Realvest, based in Orlando, recently participated in a unique mission in conjunction with Osceola County Human Services to help homeless families and veterans who seek support services.

Veronica Malolos, broker at NAI Realvest in Osceola County, said a mix of brokers and employees of the firm raised $3,000 for the purchase of 200 new 4-quart crock pots that were distributed at a recent “Family Connect” event held in Kissimmee at Rock Church on West 192.

“The crock pots provide homeless and transitional homeless the ability to cook full healthy meals in hotels or motels for their families while juggling multiple jobs and lack of kitchen implements,” said Malolos.  

Second Harvest also donated 100 boxes of food that was distributed along with the crock pots at the event. 

Osceola County Human Services helps some 300 families and 50 veterans at the annual Family Connect Event with services ranging from childcare to job training and governmental and veterans benefit services including medical, legal and mental health.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications Inc. 407 644 4142 Lvershelco@aol.com

Berger Commercial Realty Leases More Than 20,000 Square-Feet in South Florida’s Broward and Palm Beach Counties

Judy Dolan

FORT LAUDERDALE, FL - Berger Commercial Realty brokers recently secured 20,580 square-feet in lease transactions on behalf of landlords in Broward and Palm Beach counties.

Harbor Walk

Senior Vice President Steve Hyatt represented Intervest Harbor Walk, LLC in leasing 4,360 square-feet of office space to AJT Media, Inc. at Harbor Walk, located at 1650 S.E. 17th Street in Fort Lauderdale.

Steve Hyatt

Merrill Industrial Center

Senior Vice President Judy Dolan represented Merrill Industrial Center, Inc. in leasing 4,071 square-feet of industrial space to Cleaner Equipment, Corp. at Merrill Industrial Center, located at 3400 S.W. 26th Street.

Sample Executive Center

Senior Vice President Keith Graves and Senior Sales Associate Jonathan Thiel represented Sample Executive Center, LLC in leasing 3,368 square-feet of office space to International Preparatory School, Inc. at Sample Executive Center.

Prospect Park II

Along with Graves and Thiel, Senior Vice President Joseph Byrnes represented AKF3 SF Light Industrial, LLC in leasing 3,186 square-feet of flex space to RCS Aviation, LLC at 3611 to 3375 N.W. 55th Street and 856 square-feet of flex space to Houston Gun Holsters, LLC at 3411 N.W. 55th Street in Prospect Park II.

Executive Airport Business Center

Dolan and Thiel represented TCPH Broward, LLC in leasing 1,629 square-feet of office space to Smartwater CSI, LLC at Executive Airport Business Center, located at 5101 N.W. 21st Ave.

Keith Graves

Woolbright Professional Building

Sales Associate Robert Dabrowski represented Woolbright Properties & Investments, LLC in leasing 1,285 square-feet of office space to ODC Construction, LLC at the Woolbright Professional Building, located at 2240 W. Woolbright Road in Boynton Beach.

Cypress Creek Executive Court

Thiel also represented Rising Tide Development, LLC in leasing 969 square-feet of office space to Blue Ocean Advisory Partners, LLC at Cypress Creek Executive Court, located at 2700 W. Cypress Creek Road in Fort Lauderdale.

Delray Office Plaza

Dabrowski also represented Atlantic Avenue Properties & Investments, LLC in leasing 856 square-feet of office space to Horace Mann at the Delray Office Plaza in Delray Beach.

For more information about Berger Commercial Realty's leasing services, call 954-258-0900.

For a complete copy of the company’s news release, please contact:

954-776-1999

Lexi Robinson, ext. 255, lrobinson@piersongrant.com

Marielle Sologuren, ext. 226, msologuren@piersongrant.com

Rivergate KW Residential Continues Aggressive Growth in Carolinas

Marcie Williams

CHARLOTTE, NC —RIVERGATE KW RESIDENTIAL, a leading multifamily property management company, has enjoyed a banner year of growth throughout the Carolinas. 

The company has added numerous prime apartment properties in the region, bringing its total portfolio of multifamily units under management to more than 6,000 in just two years of operation.

Multifamily owners and developers in some of the most vibrant neighborhoods in North and South Carolina are increasingly turning to RIVERGATE KW RESIDENTIAL to ensure resident satisfaction and maximized results. Some of the company’s recent management acquisitions in the region include:

• ·         Vistas @ 707, a 190-unit community in Charlotte’s Uptown area
• ·         Cedar Flats, a brand-new 82-unit boutique community in Uptown
• ·         Mezzo1, a 100-unit boutique community in Charlotte’s SouthPark neighborhood
• ·         Retreat at the Park, a brand-new 249 unit apartment complex in Burlington, N.C.

 “The growth of our Carolinas portfolio is a testament to the people-first philosophy of our managers and staff,” said Marcie Williams, President of RIVERGATE KW RESIDENTIAL. “We are grateful for their hard work and dedication, and look forward to further expanding our portfolio in the Carolinas and beyond.”

Janette Hendershott

To support the demand for its services, RIVERGATE KW RESIDENTIAL has added multifamily specialist Janette Hendershott as Regional Manager.

Based in Charlotte, Hendershott comes to RIVERGATE KW RESIDENTIAL with 12 years of multifamily industry experience. Hendershott’s experience includes lease-ups, developing teams, construction management, budget analysis, expense control and vendor management.  She earned her NALP certification in 2007 and CAM designation in 2013.

 “I was very attracted to the corporate culture at RIVERGATE KW RESIDENTIAL, which encourages us to explore our creative side and find opportunities that would not be available everywhere,” said Hendershott.

“It is also appealing to have the chance to play a direct role in the evolution of the company. We plan to expand into new submarkets to continue our momentum throughout the Carolinas.”

For a complete copy of the company’s news release, please contact:

Eric Kalis or Ashley Fierman, BoardroomPR

ekalis@boardroompr.com/afierman@boardroompr.com

954-370-8999                                                                            

NAI Realvest’s Robin Webb to Lead CCIM Institute

  

Robin L. Webb

ORLANDO, FL— CCIM Institute, one of the largest commercial real estate networks in the world with chapters in more than 30 global markets, has announced Robin L. Webb, CCIM, was recently inaugurated as 2017 CCIM Institute President and will assume the role January 1.

With more than 35 years of experience as a commercial real estate professional, Webb is managing director and principal of NAI Realvest, one of Orlando’s top ranked commercial real estate brokerage firms with a team of 60 professionals.

  He has been a resident of Central Florida for thirty-seven years, serving as President of the Florida CCIM Chapter and Central Florida Commercial Real Estate Society.  Webb is also currently a member of CFCAR and the Orlando Regional Realtor Association.  

He has a wide range of involvement with CCIM Institute, serving as Treasurer, Florida Chapter President, Regional Vice President, Presidential Liaison, and member of several committees, including Member Services, Designation, Finance, and the Legislative Affairs Subcommittee.

Webb is the only CCIM Institute President elected to have served as President of the Institute’s two affiliates, the CCIM Foundation and CCIM Technologies. He holds the Certified Property Manager designation, among several other industry designations.

Barbara M. Crane

Webb’s inauguration as 2017 CCIM Institute President was held at the prestigious organization’s annual conference attended by more than 400 members and guests in Atlanta Oct 27. The conference also began a celebration of CCIM’s 50th anniversary that takes place throughout 2017. 

A local district of the Florida CCIM Chapter serves the Orlando market with 200 members from Central Florida. 

The other 2017 executive leadership team members include 2017 CCIM Institute President-Elect David P. Wilson, CCIM, executive vice president at Lockard Cos. in Cedar Falls, Iowa; 2017 CCIM Institute First Vice President Barbara M. Crane, CCIM, a commercial real estate broker and consultant in San Antonio, Texas; and 2017 CCIM Institute Treasurer Charles C. Connely IV, CCIM, managing director of the Lewis White Real Estate Center at the University of Missouri-Kansas and president of C.C. Connely & Associates in Kansas City, Mo. 

Learn more about CCIM Institute’s education and designation program at www.ccim.com

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lversehlco@aol.com

Lincoln Property Company Southeast Hires Amanda Morrison as Property Manager

 

Amanda Morrison

 ATLANTA, GA–  Lincoln Property Company Southeast (Lincoln) has hired Amanda Morrison as property manager. Morrison will manage 1.4 million square feet of office space for 12 properties across Norcross and Alpharetta, Georgia, including Royal 400, 800 and 900 North Point, Medlock Oaks, Five Oaks and more.

“Amanda brings a lot of talent and knowledge from her time at Parkway Realty and has superior skills in accounting, budget preparation, construction management and tenant relations,” said Shane Froman, vice president of property management for Lincoln. 

“Her impressive background and industry experience will serve us well as we continue to deliver great service to tenants, value for our clients and provide opportunities for growth in the future.”

Prior to joining Lincoln, Morrison was a property manager at Parkway Realty where she was responsible for 1 million square feet of Class A office space including three office towers containing retail tenants and a master association. Previously, she was with Cushman Wakefield and Nightingale Realty.

Morrison received a Master of Business Administration from Baker University with a focus on marketing, accounting and international business. Morrison serves on the board of the Building Owners and Managers Association.

For a complete copy of the company’s news release, please contact:

Savannah Durban

The Wilbert Group

404-343-0870

sdurban@thewilbertgroup.com

HFF closes sale of central California grocery-anchored retail center and arranges acquisition financing for Highpoint Capital Group, LLC

Hallmark Town Center, Madera, CA

SAN FRANCISCO, CA, Nov. 9, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for Hallmark Town Center, an 85,066-square-foot, grocery-anchored shopping center in the central California community of Madera, California.

Bryan Ley

HFF marketed the property on behalf of the seller, Weingarten Realty Investors.  Highpoint Capital Group, LLC (Highpoint), a private real estate investment firm based in Los Angeles purchased the shopping center.

 The firm is one of the most active buyers of multi-tenant retail properties (both anchored and un-anchored) priced between $5 and $25 million in the coastal and western states.

  HFF also worked on Highpoint’s behalf to place a 10-year, fixed-rate CMBS loan with a banking and financial services holding company.

 Anchored by Food 4 Less, Hallmark Town Center comprises two multi-tenant buildings and an outparcel pad.  The 96-percent-leased center is also home to national and regional tenants, including Thrive Fitness, Taco Bell, Furniture Town, Supercuts, Little Caesars, Blooming Fashion and Deli Delicious. 

Situated on 8.39 acres at 2330-2360 West Cleveland Avenue, Hallmark Town Center is at the southwest corner of West Cleveland Avenue and North Schnoor Street, which have combined traffic counts of approximately 39,427 vehicles per day.  The center is located in the primary retail hub of Madera, a town located midway between San Francisco and Los Angeles.

The HFF investment sales team was led by managing director Bryan Ley and associate Justin Kundrak in HFF’s Los Angeles office.

The HFF debt placement team was led by managing director Peter Smyslowski and director John Churchward in HFF’s San Francisco office.

Justin Kundrak

“Hallmark Town Center represented a market-leading transaction and was a great execution for the buyer and seller,” Ley said.  “This top-producing, grocery-anchored center saw strong interest from investors in this growing secondary market of Central California. 

“The dual-track approach by HFF drew aggressive pricing on the deal while marrying the most competitive debt available in the capital markets with the right buyer.”

“HFF delivered strong finance solutions that generated attractive returns for the sponsorship,” Churchward added.

  

Jeffrey Seltzer, President of Highpoint Capital Group, noted, “We are very excited about the acquisition of Hallmark Town Center as we are aggressively looking to purchase retail centers across the United States, with a specific emphasis on secondary markets like the California Central Valley.”

For a complete copy of the company’s news release, please contact:

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | hfflp.com

ohennessey@hfflp.com

www.weingarten.com

 www.highpointcapital.net

.

HFF expands its self storage investment sales team with hiring of Tom Doyle as a director in its Tampa, FL office

Tom Doyle

TAMPA, FL. Nov/ 9, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has hired Tom Doyle as a director in its Tampa office to focus on self storage investment sales transactions in the Southeastern and Southwestern United States. 

Mr. Doyle joins HFF from SkyView Advisors, a self storage brokerage firm, where he was a senior vice president.  In this role, he provided clients with a range of advisory services, including acquisition and disposition strategies, asset valuation, joint venture structures, debt and equity strategies and third party management audits.

 Prior to SkyView, Mr. Doyle was a senior vice president at Brown Gibbons Lang, where he initiated the self storage group for the regional investment bank. Prior to his career in self storage real estate,

Mr. Doyle played professional baseball at the AAA level for the Phillies, Padres, Reds, Rockies and Mariners over a 14-year span, and was a special assignment coach with the Yankees and the Rays. 

He is a member of the Florida Self Storage Association Board of Directors, and Georgia, North Carolina, Tennessee and Alabama Self Storage Associations. 

“Self storage has emerged over the last few years as a popular investment class and we are thrilled that Tom has joined our team to offer HFF’s valued self storage clients a key contact in the Southeastern and Southwestern United States,” said Matt Mitchell, senior managing director and co-head of HFF’s Tampa office.

 “Tom is a respected leader in the self storage space and has developed a reputation for integrity and professionalism, knowledge of the market and dedication to this clients through his long-term relationships.” 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Director, Marketing

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Baker Development Breaks Ground for ELEVATE Lincoln Park, IL – The First Luxury Apartment Building on Lincoln Avenue

Michele Smith

CHICAGO, IL (Nov. 8, 2016) – After demolishing the old Lincoln Centre complex on Lincoln Avenue in Lincoln Park earlier this year, Baker Development Corporation announced it will now begin construction on ELEVATE Lincoln Park – a mixed-use 191-unit luxury apartment building in the heart of Lincoln Park.

A groundbreaking ceremony was held on November 1 to commemorate the significance of the project as the first luxury apartment building and Transit Oriented Development (TOD) on Lincoln Avenue, and to celebrate the positive impact it will have on the local community.

“We worked closely with Lincoln Park Alderman, Michele Smith, and the Wrightwood Neighbors Association to design a vibrant development that would transform the neighborhood,” said Dan Slack of Baker Development Corporation as he addressed the crowd at the groundbreaking.

“There hasn’t been a new apartment building constructed in Lincoln Park like ELEVATE in decades. ELEVATE will join The Lincoln Common project – at the old Children's Memorial Hospital site just a few blocks south – as a catalyst for restoring this sleepy stretch of Lincoln Avenue to its original glory,”  Slack said.

For a complete copy of the company’s news release, please contact:

Kelly Shumaker at Taylor Johnson at (312) 267-4519 or kshumaker@taylorjohnson.com

Cohen Commercial Realty Brokers Jupiter, FL Medical Office Condo

Bryan Cohen

Jupiter, FL — Bryan Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the sale of 601 University Boulevard, Unit 201. This 1,938-square-foot medical office condo is located at 601 University Boulevard just west of Military Trail in Jupiter. Cohen Commercial represented the seller in this transaction.

For a complete copy of the company’s news release, please contact:

Jamie Crocker

jamiecrocker@cohencommercial.com

NAI Realvest Team Negotiates Lease Agreement with Manatee County Farm Bureau for its New Location in Ellenton, FL

Kimberly Manson

Ellenton, Fla. --- NAI Realvest recently negotiated a new, long-term sublease agreement for 1,595 rentable square feet in a retail center at 2025 60th Ave. just East of I-75 and North of US 301 in Ellenton.  

Jeff Tanner

Kim Manson, director of retail and investment sales at NAI Realvest and Jeff Tanner, senior VP of investment sales and leasing, brokered the transaction on behalf of Tampa-based Soaring Wings Ellenton, LLC, the Sublessor and Manatee County Farm Bureau Inc., Sublessee.  

Manatee County Farm Bureau Inc., based in Bradenton, will be moving its office to this new location within the next few months.

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 lversehlco@aol.com

KIG Brokers $86 Million Portfolio Sale in Downtown Chicago

901 West Jackson, Chicago, IL

Susan Tjarksen

 CHICAGO, IL (Nov. 8, 2016) — KIG, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, today announced it has brokered an $86 million portfolio sale of six vintage office buildings and three land sites in downtown Chicago.

Real estate investment firm R2 Companies purchased the properties, located throughout the West Loop, Greektown, River North and Printers Row, from Chicago-based Loft Development Corp., which was represented by KIG Principal and Managing Broker Susan Tjarksen.

                  

“For a transaction of this scale, it was crucial for KIG to find a buyer that was not only familiar with these neighborhoods, but also had the connections and experience necessary to maximize the value of the underlying real estate through adaptive reuse and multifamily developments,” said Tjarksen.

 “R2 was selected because of their successful track record of developing, renovating and repositioning commercial real estate assets, including numerous loft office buildings and land sites, throughout Chicago and the Midwest.”

Matt Garrison

 Built between 1883 and 1904, the properties are collectively 90.8 percent occupied, with an average of 3.9 years remaining on existing leases.

“These properties are located in some of Chicago’s hottest neighborhoods for office, retail and residential development, which made them especially attractive from an investment standpoint because we were able to expand our footprint in a single transaction,” said Matt Garrison, managing principal of R2. 

“With the help of KIG, we were able to see the potential in each asset and value that could be realized through additional investment.”

For a complete copy of the company’s news release, please contact:

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

www.kigcre.com.

ATTOM Data Solutions Reports Distressed Home Sales Drop to Nine-Year-Low in Q3 2016

 IRVINE, CA — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac  released its Q3 2016 U.S. Home Sales Report, which shows that distressed sales — including bank-owned (REO) sales, sales of homes actively in foreclosure, and short sales — accounted for 12.9 percent of all U.S. single family home and condo sales in Q3 2016, down from 15.0 percent in the previous quarter and down from 15.9 percent in Q3 2015 to the lowest share of distressed home sales since Q3 2007, when distressed sales accounted for 12.3 percent of all home sales.

“Distressed inventory for sale is virtually non-existent in many of the nation’s hottest housing markets, and when a distressed property is listed for sale in those markets it often sells quickly and at little or no discount,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“The scarcity of discounted distressed inventory is chasing away cash buyers and other bargain hunters, but it’s certainly good news for home sellers, who nationwide realized the biggest home price gains since purchase in nine years.

“We are seeing the average seller home price gain since purchase start to wane in some of the highest-priced markets where appreciation is beginning to cool, indicating those markets are past their prime as sellers’ markets,” Blomquist continued.

“Meanwhile there are still a number of buyers’ markets across the country where a high level of lingering distress and relatively weak demand from owner-occupant buyers provides investors with plenty of bargain-buying opportunities.”

For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann

949-502-8300 ext 139

Jennifer.vonpohlmann@attomdata.com

http://www.attomdata.com/

ATTOM Data Solutions Shows Post-recession resurgence in creative financing for low-value homes

IRVINE, CA -- Following the subprime lending collapse in late 2008, there was a void in financing for low-credit borrowers with little or no down payments. 

Loans backed by FHA stepped in to fill some of that void, with FHA purchase loans jumping from just 3.3 percent of all purchase loan originations in Q4 2006 to 27.2 percent in Q4 2008.

But FHA loans weren’t alone in their resurgence following the fallout of subprime lending. A lesser-known (although long-used) financing instrument called a contract for deed (see definition in full article; link below) gained traction in the years following the collapse of subprime lenders, particularly for low-value homes in Rust Belt cities like Detroit, Flint, Youngstown and Indianapolis.

New contract-for-deed data collected by ATTOM Data Solutions shows the trend as illustrated in the infographic below. Here’s a link to the infographic, and here’s a link to the full article on this topic.

For a complete copy of the company’s news release, please contact: Jennifer von Pohlmann

Sr. Public Relations Manager jennifer.vonpohlmann@attomdata.com