HFF closes sale of and arranges financing for Class A office property in downtown Fort Worth, TX

777 Main, Downtown Fort Worth, TX

DALLAS, TX – HFF announced it has closed the sale of and arranged financing for 777 Main, a 980,000-square-foot, Class A office tower in downtown Fort Worth, Texas.

The Petroleum Club, Fort Worth, TX

                HFF marketed the asset on behalf of the seller, Cousins Properties Incorporated.  

An undisclosed buyer purchased the property.  

HFF’s debt placement team also secured acquisition financing on behalf of the new owner through a global financial services firm. 

HFF brokered the sale of the property to Cousins in September 2013 as part of an acquisition, which also included the Greenway Plaza office complex in Houston, Texas.

                777 Main is a 40-story office tower in the heart of downtown Fort Worth.  The property is near Sundance Square, a 35-block commercial, residential, entertainment and retail district.

Grace Restaurant, Downtown Fort Worth, TX

 Property features include a top-floor restaurant, The Petroleum Club; Grace, a fine dining restaurant; a fitness center and a state-of-the-art conference center in the lobby.  

The building is home to tenants including Jacobs Engineering, FTSI, Hallmark Financial Services, Enduro, XTO and Frost Bank.

Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT).  

The company, based in Atlanta, Georgia, primarily invests in Class-A office assets located in high growth Sun Belt markets, with a focus on Georgia, Texas and North Carolina.  The company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. 

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

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Top Midwest Apartment Brokers Partner to Launch Kiser Institutional Group

  

Lee Kiser (left), principal; Todd Stofflet, managing partner; and Susan Tjarksen, principal and managing broker, have partnered to launch Kiser Institutional Group, a privately-held institutional multifamily brokerage firm headquartered in Chicago.

​CHICAGO, IL – Leading real estate professionals Susan Tjarksen, Todd Stofflet and Lee Kiser have partnered to launch Kiser Institutional Group, a privately-held institutional multifamily brokerage firm headquartered in Chicago’s River North neighborhood.

 Majority woman-owned by Tjarksen, KIG will offer brokerage and development services to institutional multifamily firms.

“We are not simply launching a new company, but a whole new way of doing business,” said Susan Tjarksen, principal and managing broker for KIG.

“With the depth of experience of our principals, the leadership of Todd Stofflet in brokerage efforts, and the utilization of customized market intelligence, we will provide institutional owners a fresh perspective on transactions that will deliver an immediate impact and also resonate for years to come. We don’t want to do deals that just make sense today, but will also make sense five years from now.”

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

Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

Joint Venture Acquires Orion on Orpington Student Housing Complex to Serve University of Central Florida

Donna Preiss

ORLANDO, FL and RALEIGH, NC,  Jan. 8, 2015—Officials of The Preiss Company, the nation’s third largest, privately held student housing owner-operator, today announced that it acquired in a joint venture the 624-bed Orion on Orpington student housing complex near the University of Central Florida (UCF) from Orlando Student Venture, LLC for an undisclosed amount. 

The joint venture is comprised of a private investment group and The Preiss Company who is the sponsor and property manager. 

The Orion on Orpington is located at 12700 Orpington Street, Orlando. Monthly rents begin at $580 for The Orion, which includes a utility allowance.   

“This is our third joint venture with the same private investment group, bringing to nearly $130 million of student housing assets that we have acquired together in the past 18 months, and we look forward to the opportunity to further build on this relationship,” said Donna Preiss, founder and president of The Preiss Company.

University of Central Florida Campus, East Orlando, FL

 “We were attracted to this property because of its well-deserved reputation at UCF and consistently high leasing history.  

"Our goal is to further enhance the student experience and to improve operating margins.

“The Orion is also our second property in Florida, a market that we find attractive with great universities and the need for quality, off-campus student housing.

“ We have strong partners with significant capital to invest nationwide, and we continue to seek out joint venture investments with prudent, risk/reward opportunities.  Acquisition opportunities remain plentiful from older properties that need capital infusion and repositioning to well-performing properties like the Orion. There also are development opportunities available in multiple markets."

Additional information is available at www.OrionOrlando.com

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

Amy Barger

Vice President of Marketing

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

Foxford Starts Construction on Second Custom Quick-Delivery Home at Tarns of the Moor in Bannockburn, IL

  

Peter Brennan

 CHICAGO, IL – Hinsdale, Ill.-based Foxford Communities has announced that it has started construction on a second custom quick-delivery home at Tarns of the Moor, a small enclave of elegant homes on 2- to 4-acre lots in Bannockburn, Ill. 

The first quick-delivery home Foxford built at Tarns of the Moor in the fall of 2014 sold within a month of starting construction.

“Buyers might not realize it, but winter is actually a good time to start construction on a new home,” said Peter Brennan, president of Foxford Communities. “A winter construction schedule ensures that the home will be completed by summer, allowing homeowners to settle in before the school year starts.”

Located off of Telegraph Road, just south of Half Day Road, Tarns of the Moor is a charming community made up of 10 2- to 4-acre lots surrounded by mature trees, sparkling streams and picturesque ponds that provide a natural and serene setting.

Five of the lots have already been developed by North Shore luxury builder Orren Pickell. 

Foxford purchased the five remaining lots in 2013 and has already sold two. The three remaining lots are among the only approved home sites for new-construction available in Bannockburn.

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

HSA Commercial and Fiduciary Real Estate Reach Agreement to Build Over 1,000 Luxury Residences in Wauwatosa, WI

Wauwatosa, WI Mayor Kathleen Ehley

 

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CHICAGO, IL – Timothy Blum, executive vice president of Retail Development for HSA Commercial Real Estate, and Craig Raddatz, partner at Fiduciary  Real Estate Development,  jointly announce that the firms have agreed in principal to develop up to 1,050 luxury residences over seven to ten years on land next to The Mayfair Collection shopping center in Wauwatosa, Wisconsin.

 Fiduciary will construct and manage the residential buildings, and the firm is scheduled to break ground in spring 2015 on the first phase totaling approximately 250 apartment units and 50,000 square feet of ground level specialty retail space with tenant occupancy projected for early 2016.

Phase two is scheduled to break ground in 2016 and will also include 250 units and provide a level of amenities that have never been provided in the Milwaukee market.

“It's exciting to see the vision Wauwatosa had for this area 15 years ago became a reality," said Wauwatosa Mayor Kathy Ehley. 

"The continued growth around The Mayfair Collection is a good fit for our city and adds many options for housing, transit, employment and entertainment. 

"We are fortunate to have partners with the caliber of Fiduciary Real Estate and HSA working with us in growing the vitality of Wauwatosa."

The proposed luxury apartment buildings, located just off of Highway 45 at Burleigh Street, will be designed to promote density and walkability within an integrated mixed-use environment.

“We have always shared the vision with the City of Wauwatosa to transform this once lifeless industrial warehouse complex into a vibrant, mixed-use district,” said Tim Blum. “Having best-in-class retailers like Nordstrom Rack and Whole Foods Market at The Mayfair Collection has helped us to advance that goal, but the luxury apartments by Fiduciary will make it a reality.”

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

Mark Thomton, mthomton@taylorjohnson.com, (312) 267-4523

Essex Realty Group Brokers Sale of 411 W. Belden Ave. in Chicago, IL

  

Kate Varde

CHICAGO, IL – Essex Realty Group, Inc. is pleased to announce the sale of 411 W. Belden Ave. in Chicago, Illinois.

411 W. Belden Ave. is a five unit; mixed-use property that sits at the southwest corner of Clark Street and Belden Avenue.        

The property is located within walking distance of the beaches, parks, and recreation along Lake Michigan’s shore. 

Additionally, residents are just steps from the abundant restaurants and shops of the Clark, Lincoln, and Armitage Avenue commercial corridors.

Conveniently located near public transportation, 411 W. Belden Ave. is situated one half-mile from the CTA Fullerton “El” station that services the red, brown, and purples lines.

The sale price was approximately $2,025,000.

Douglas Imber

Doug Imber and Kate Varde represented the seller and Jim Darrow and Jordan Gottlieb represented the buyer in the transaction.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

  

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

Douglas Fisher

Essex Realty Group, Inc.

773.305.4910

dougfisher@essexrealtygroup.com

www.essexrealtygroup.com

Cohen Commercial Realty Brokers New Leases in West Palm Beach, FL and Palm City, FL

Bryan S. Cohen

West Palm Beach, FL — Bryan S. Cohen, Jason Guralnick and Chris McCarthy of Cohen Commercial Realty, Inc., announced the signing of Totally Kidz Learning and Enrichment Center, to lease a 7,978-square-foot freestanding building located at 2711 Exchange Court. Cohen Commercial Realty, Inc., represents the Landlord in thistransaction.

Palm City, FL — Bryan S. Cohen, and Jason Guralnick of Cohen Commercial Realty, Inc., announced the signing of One Love Collaboration, to lease a 1,200-square-foot space at Old Palm City Publix Shopping Center located on the NW

corner of Martin Hwy. and Mapp Rd. Cohen Commercial Realty, Inc., represents the Tenant in this transaction.

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

Jamie Crocker

jamiecrocker@cohencommercial.com

561.471.0212 phone

561.471.5905 fax

Hold-Thyssen Negotiates 10-Year Lease Renewal with Chatham’s Place Restaurant at Phillips Place on Dr. Phillips Blvd. In Orlando, FL and closes new lease with mortgage company

Darby Hold

ORLANDO, FL--- Hold-Thyssen, a real estate services firm headquartered in Winter Park, recently negotiated a 10 year lease renewal with Chatham’s Place restaurant at Phillips Place, 7575 Dr. Philips Blvd. in Southwest Orlando. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc., brokered the lease transaction representing the landlord, Financial Way Realty, Inc., based in Cincinnati, Ohio.

The tenant, a renowned Orlando restaurant for over 25 years, renewed its lease of suites consisting of 2,660 square feet. 

“Chatham’s Place has a commitment to established clientele and that was the basis of their decision to remain in the Dr. Phillips area,” Hold said

Todd Haber

At the same time, Hold negotiated a new three year lease for 1,317 square feet with Security National Mortgage Company, a Utah based firm with over 80 branch offices in the U.S., establishing its second office in Central Florida.  

Todd Haber with Cresa Orlando represented the tenant.

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place.

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide. 

  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

Larry Vershel or Beth Payan, Larry Vershel Communications

407-644-4142 lvershelco@aol.com

Avalon Park Appoints Denise Stadler Chief Operating Officer at Encore Senior Living Facility and Memory Care Center in Orlando, FL

Denis Stadler

ORLANDO, FL--- Avalon Park has appointed veteran health care manager Denise Stadler, RN, CCM, chief operating officer and executive director of Encore Senior Living Facility and Memory Care Center in downtown Avalon Park.

Beat Kahli

Beat Kähli, founder and owner who heads the Avalon Park development team, said Stadler has more than 20 years of experience in progressive health care management, including executive positions with Brookdale Senior Living Facility in Orlando and AIG in Maitland.

Stadler is a graduate of the Akron General Medical School of Nursing at the University of Akron.

She will manage a staff of 70 professionals at Encore to serve residents in 90 assisted living units.

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

Larry Vershel or Beth Payan, Larry Vershel Communications

407-644-4142 lvershelco@aol.com

HFF closes sale of Hilton Garden Inn in Austin, TX

Hilton Garden Inn Austin NW/Arboretum, 11617 Research Boulevard, Austin, TX

Daniel Peek

 DALLAS, TX – HFF announced it has closed the sale of the Hilton Garden Inn Austin NW/Arboretum, a 138-key hotel located in Austin, Texas, which Forbes magazine named the “2014 Fastest Growing City in America”.

HFF exclusively marketed the property on behalf of the seller.  Moody National Companies purchased the offering for an undisclosed amount free and clear of existing debt.

                The property is located at 11617 Research Boulevard near US 183’s intersection with Loop 1 (MoPac Expressway) in the North/Northwest Austin submarket where major employers including Google, Apple, IBM, Dell, National Instruments, HP, Xerox, Oracle and Cisco have offices. 

The Arboretum, an upscale shopping area, is less than two miles south of the hotel, and The Domain, Austin’s largest mixed-use development, is three miles southeast of the hotel.

John Bourret

 Completed in 2002 and renovated in 2014, the five-story hotel features 87 king rooms and 43 double rooms averaging 350 square feet, eight of which are handicap accessible, as well as four king suites and four double suites averaging 600 square feet. 

Amenities include a breakfast grill, lounge, indoor pool and whirlpool, a 24-hour business center, two outdoor patio areas, a fitness center and 1,242 square feet of meeting and event space that can accommodate events with up to 80 attendees. 

                The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Dan Peek, managing director John Bourret and real estate analysts Austin Brooks and John Callahan.

                Established in 1996, Moody National Companies is a full-service commercial real estate firm focused on identifying and developing investment opportunities that offer long-term asset preservation as well as stable and predictable cash flows.  Headquartered in Houston, Texas, their team of dedicated real estate professionals applies financial expertise to offer clients comprehensive solutions for all real estate needs.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes sale of one of San Antonio’s largest office properties

Highpoint Towers, 8401 and 851 Datapoint Drive, San Antonio, TX

Kelsey A. Roop

AUSTIN, TX – HFF announced it has closed the sale of Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the south Texas Medical Center in San Antonio, Texas.

                HFF marketed the asset on behalf of the seller, DNA Partners.  The property was purchased for an undisclosed amount. 

                Highpoint Towers is situated on a 13.06-acre site in San Antonio at 8401 and 8515 Datapoint Drive, which is accessible from three major highways:  Interstate 10, Loop 410 and Loop 1604.  

The assets are located in the northwest office submarket adjacent to the South Texas Medical Center, a 900-plus-acre campus with five medically-related institutions, 12 hospitals and one higher education institution. 

The project boasts 360-degree views of the San Antonio skyline and Hill Country atop the highest point in San Antonio.  The new ownership plans extensive renovations to the project, including upgrading the lobbies, exterior aesthetics, elevators and bathrooms.

                The HFF investment sales team representing the seller was led by managing director John Taylor, associate director Kelsey Roop and real estate analysts Patrick McCord and Ryan McBride.

John Taylor

“We are excited that, by selling the last office property in DNA Partner’s portfolio, it will provide them the opportunity to focus on continuing to grow an already well-established ‘pure’ retail portfolio,” Taylor said. 

  “In addition, this is a great opportunity for a new strong office operator to enter the San Antonio market and create significant new value on one of the largest office properties in the market.”   

DNA Partners acquires and manages commercial properties in select markets with strong demographics and economic drivers.  Since its inception in 2002, DNA has purchased more than 1.3 million square feet.  

DNA’s criterion includes high growth markets, below-market rents or expansion potential, strong sales, significant linear frontage for maximum visibility and reasonable potential for capital appreciation through management and leasing opportunities. 

Learn more at www.dnapartners.com.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures $76.6 million financing for Class A office tower in downtown San Jose, CA

Ten Almaden, 10 Almaden Boulevard, Downtown San Jose, CA

Bruce Ganong

SAN FRANCISCO, CA – HFF announced it arranged $76.6 million in financing for Ten Almaden, a 309,255-square-foot, transit-oriented, Class A office building in downtown San Jose, California.

                Working on behalf of KBS Capital Advisors for KBS REIT III, HFF placed the three-year, floating-rate loan with Bank of America.  Loan proceeds were used to acquire the property from Equity Office Properties in a sale also arranged by HFF.

                Completed in 1988 and renovated in 2010, Ten Almaden is a 17-story, LEED Certified Gold office tower that is 89 percent leased to tenants including Citibank, Comcast, Robert Half International, Rosetta Marketing Group and Turner Construction Company. 

The property features a three-story atrium and lobby, fitness center with outdoor pool, sauna and showers, a six-level parking structure and café.  

Situated on a 1.64-acre site at 10 Almaden Boulevard, the property is within walking distance to the San Jose Diridon Transit Station served by Caltrain, Amtrak, ACE commuter rail, VTA light rail and bus lines connecting downtown San Jose to San Francisco and the Peninsula. 

Kevin MacKenzie

The property is also convenient to Interstates 280, 680, 880, Highways 87 and 17 and US 101 as well as being a five-minute drive from San Jose’s Norman S. Mineta International Airport.

The HFF debt placement team representing the borrower was led by senior managing directors Bruce Ganong and Kevin MacKenzie and director Jordan Angel.

KBS Capital Advisors is KBS REIT III’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. 

Since its inception, KBS and its affiliated companies have completed transactional activity of more than $31 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.

 For information, visit www.kbs.com.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF arranges $32 million non-recourse financing for development of best-in-class boutique hotel at 225 Bowery in Bowery Neighborhood of Manhattan, NY

Jay Marshall

NEW YORK, NY - HFF announced it has arranged $32 million in non-recourse financing for the development of a 200-key, best-in-class, boutique hotel in Manhattan’s Bowery neighborhood, which will be operated by a top-tier brand name operator.

HFF worked on behalf of the borrower, a joint venture between Omnia Group and Northwind Group, to secure the loan through a global asset management company.

The site is located at 223-225 Bowery, south of Houston between Prince and Spring Streets.  Due for completion in 2015/2016, the hotel will include an expansive rooftop amenity space along with restaurant and music space with entrances from both Bowery and Freeman Alley.

The HFF team representing the borrower was led by senior managing director Jay Marshall, associate director Christopher Peck and real estate analyst Sam Nidenberg

“It is a privilege to have played a role in a truly transformative development that will positively change the landscape of the Bowery neighborhood,” Marshall said.

Christopher Peck

Omnia Group was founded in 1998 by David Paz, to acquire, develop and reposition value add real estate projects in the Manhattan market.  

Omnia’s team has more than 60 years of combined experience in New York City real estate.  

Their capabilities span all facets of the real estate investment life cycle including deal sourcing and structuring, due diligence, finance, development, construction, management, leasing and dispositions.

Since inception, Omnia has completed more than 19 projects representing 413,000 square feet of residential units with a combined asset value of nearly $250 million.

                Northwind Group was founded in 2009 by Ran Eliasaf, as a boutique real estate asset management and development platform.  It is based in Manhattan and focuses on value-added residential and commercial projects.  Northwind Group invests on its own balance sheet and in joint venture with a selected number of partners.

 Learn more at www.northwind-group.com.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes $48.3 million sale of retail power center in Poughkeepsie, NY

The Shoppes at South Hills, 1895 South Road (Route 9), Poughkeepsie, NY

Jose Cruz

FLORHAM PARK, NJ – HFF announced it has closed the $48.3 million sale of The Shoppes at South Hills, a 516,769-square-foot grocery-anchored retail power center in south Poughkeepsie, New York.

                HFF marketed the property on behalf of the seller.  DLC Management Corporation purchased the asset free and clear of existing debt.

                The Shoppes at South Hills sits on approximately 72.6 acres at 1895 South Road (Route 9), which has an average vehicle count of 40,000 per day.

  The center is at the intersection of South and Vasser Roads in a suburban area of south Poughkeepsie, which sits on the Hudson River and is approximately 80 miles south of Albany and 83 miles north of New York City.

 The site is the former South Hills Mall, which was partially demolished and redeveloped between 2007 and 2008 into a power center that is 86 percent leased to Shop Rite, Christmas Tree Shops, Ashley Furniture Home Store, Hobby Lobby, Burlington Coat Factory, Kmart, Bob’s Discount Furniture, Chuck E. Cheese’s and Weight Watchers.

Kevin O'Hearn

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios.

                “With this transaction, DLC has acquired one of the leading power centers in the Hudson Valley,” Cruz said.

DLC Management Corporation (DLC) is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, new developments, redevelopments, leasing, and management.  

Headquartered in New York with regional offices in Atlanta, Bethesda, and Chicago, SH DLC owns and/or operates 116 assets totaling 19.6MM square feet. For additional information, please visit www.dlcmgmt.com.

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

Olivia Hennessey

Public Relations Coordinator

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

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

George Smith Partners Secures $36 Million in Financing for Renovation of Waterfront Multifamily Community and Marina in Marina Del Rey, CA

Villa Del Mar Apartment Homes, Marina Del Rey waterfront, California

Steve Bram

LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged a $36 million bridge-to-perm loan for client Far West Management for the renovation of its property, Villa Del Mar Apartment Homes, a Marina Del Rey-waterfront, 196-unit, four-building multifamily complex with 209 boat slips, located on a leasehold, according to George Smith  Principal and Managing Director Steve Bram and Senior Vice President David Pascale. 

The unique, non-recourse, $36 million bridge-to-perm loan will provide 100 percent of the project’s renovation costs, reserves, financing costs and all soft costs for the renovation of the 40-plus-year old property. This renovation was required as part of the ground lease extension with the County of Los Angeles.

“Far West Management was seeking a loan that would allow the company to renovate the Villa Del Mar property, while also minimizing refinancing risk for their investors at the completion of the renovation process,” explained Bram.

David Pascale

He continues, “We ultimately secured a financing structure that provided our client with a 24-month bridge loan, which, upon completion of the property renovation and stabilization, will automatically convert to an eight-year permanent fixed-rate loan.”

According to Bram, the lender locked the rate on both the two-year bridge loan and the permanent loan at signing of the application. 

“By locking in the interest rate of the bridge and permanent loan at signing, our client was able to minimize the risk for its private investors by ensuring that a potential rise in interest rates will not affect their returns or risk of refinancing,” Bram said.

Bram noted that the financing also includes multiple loan fundings during the renovation process to minimalize the interest cost of unfunded renovation monies. 

"The loan allows Far West to vacate and renovate the buildings one at a time. Once a building is complete, Far West Management will lease that building at new premium rents, and subsequently take the next building off-line for its renovation. This process will allow the client to continue to generate cash flow from existing rents throughout the renovation."

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

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com