HFF arranges $13 million in construction and mezzanine financing for Fountain Residential student housing project at Oregon State University

 DALLAS, TX – HFF announced today that it has arranged a construction and mezzanine loan totaling $13 million for 7th Street Station (top left rendering), a 308-bed/82-unit student housing development at Oregon State University in Corvallis, Oregon.

HFF worked exclusively on behalf of the borrower, Fountain Residential Partners, to secure the construction loan through American Bank of Texas.  Nationwide Real Estate Investments provided the mezzanine loan. 

Due for completion in September 2012,  7th Street Station will feature 10 two-bedroom/two-bath and 72 four-bedroom/four-bath units averaging 1,321 square feet each.

 Located at the southwest corner of 7th Street and SW Western, the property is three blocks east of the Oregon State University campus in Corvallis.  7th Street Station will be the first purpose-built, off-campus student housing project developed in the Oregon State market, which has average multifamily occupancies of 99 percent. 

The HFF team representing Fountain Residential Partners was led by associate director Adam Herrin (middle right photo) and director Tom Wilson (lower left photo). 

According to HFF, this project represents a unique opportunity to develop a student housing community at a university with substantial enrollment growth and high barriers to entry. Oregon State University boasts a current enrollment of 24,977, with an increase of 5.1% this year. The investor appetite for this project once completed will be significant.

Fountain Residential Partners is a Dallas-based multifamily real estate development and asset management company specializing in student housing. 

  The team is led by Brent Little, Jon Clayton and Trevor Tollett who have extensive experience in developing student housing communities across the country. Earlier this year Fountain Residential commenced construction of The Vue on University Apartments one block from Texas Christian University in Fort Worth, Texas.

Contacts:

ADAM F. HERRIN                                THOMAS F. WILSON                 

HFF Associate Director                        HFF Director                                    

(214) 265-0880                                      (503) 224-0444                               

aherrin@hfflp.com                                  twilson@hfflp.com

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com                                      

HFF closes $20.4 million sale of Shops at Sea Island on St. Simons Island, GA

  

  ATLANTA, GA – HFF announced today that it has closed the sale of The Shops at Sea Island (above centered  photo), a 95,729-square-foot, grocery-anchored retail center on St. Simons Island, Georgia.

HFF exclusively represented Varner Properties in the sale of the property to an undisclosed buyer for $20.4 million.

The Shops at Sea Island is located at 600 Sea Island Road along the primary thoroughfare into Sea Island. 

Completed in 1995, the property is fully leased to tenants including Harris Teeter, Bank of America, Chico’s, GNC, Jos. A. Bank, Talbots and The UPS Store.

“The Shops at Sea Island is the dominant retail development that serves Sea Island and St. Simons Island, and it is anchored by the number one grocer on the islands,” said Hamilton.

The HFF investment sales team representing Varner Properties was led by managing directors Jim Hamilton (middle right photo) and Richard Reid (lower left photo).

Contacts:

JIM R. HAMILTON                                    RICHARD M. REID                           

HFF Managing Director                           HFF Managing Director                  

(404) 942-2212                                         (404) 942-2209                               

jhamilton@hfflp.com                                  rreid@hfflp.com                             

KRISTEN M. MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com                                     

HFF secures $42 million financing for Phase IV of Homecoming at Terra Vista in Rancho Cucamonga, CA

IRVINE, CA – HFF announced today that it has secured a $42 million financing for the fourth phase of Homecoming at Terra Vista (top left photo), an 868-unit multi-housing community within the master planned community of Terra Vista in Rancho Cucamonga, California.

Working exclusively on behalf of Lewis Operating Corp., HFF placed the nine-year, fixed-rate loan with Prudential Mortgage Capital Company. 

The property was previously unencumbered with debt.  HFF also arranged prior financing for Phases I, II and III of the property through Freddie Mac. This is the third transaction HFF has arranged for Lewis Operating Corp with Prudential in 2011. 

Completed in 2010, the fourth phase of Homecoming at Terra Vista consists of 241 units that are 95.8 percent leased.  The first phase of the property began construction in 2005.  

The HFF team representing Lewis Operating Corp. was led by Don Curtis (middle right photo) and Charles Halladay (lower left photo)

.Lewis Operating Corp. is a member of the Lewis Group of Companies.  Founded in 1955, the Upland, California-based Lewis Group of Companies is one of the nation’s largest privately-held real estate organizations engaged in the acquisition, ownership, development and management of residential and commercial real estate throughout California and Nevada. 

The Lewis Group of Companies has developed more than 65,000 single family homes and apartments and more than 14 million square feet of retail, office and industrial space.

 For more information about Lewis Operating Corp. and the Lewis Group of Companies visit http://www.lewisop.com/.

Contacts:

 DONALD J. CURTIS                                      KRISTEN M. MURPHY

 HFF Senior Managing Director                     HFF Associate Director, Marketing

(949) 253-8800                                                (713) 852-3500

dcurtis@hfflp.com                                            krmurphy@hfflp.com                                      

Three of Four Major Investor Groups Increased Commercial/Multifamily Mortgage Investments During The Third Quarter, MBA Reports

 Washington, DC (Dec. 14, 2011) - The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the third quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA). 

 The $2.4 trillion in commercial/multifamily mortgage debt outstanding was just $533 million lower than the second quarter 2011 figure. Multifamily mortgage debt outstanding rose to $806 billion, an increase of $4.1 billion or 0.5 percent from the second quarter.

 "Three of the four leading investor groups increased their holdings of commercial and multifamily mortgages during the third quarter," said Jamie Woodwell (top right photo) MBA's Vice President of Commercial Real Estate Research.

 "Life insurance companies, banks, and Fannie Mae/Freddie Mac/FHA each increased their investments in commercial/multifamily mortgages during the period.

“The CMBS market, which was sidelined during the quarter by US and European sovereign debt struggles and other capital markets disruptions, saw $7.4 billion more in loans pay-off and pay-down than was added.

"The net effect was no appreciable change in the amount of commercial/multifamily mortgage debt outstanding."

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

Matt Robinson, (202) 557-2727,  mrobinson@mortgagebankers.org: http://www.mortgagebankers.org/

HFF arranges $40.8 million in construction and mezzanine financing for Circle Ninth Street in Durham, NC

DALLAS, TX – HFF announced today that it has arranged a construction and mezzanine loan totaling $40.8  million for the development of Circle Ninth Street (top left rendering), a to-be-built, 303-unit, Class A multi-housing community in Durham, North Carolina.

HFF worked exclusively on behalf of the borrower, Crescent Resources, LLC, to secure a $32.7 million construction loan through US Bank.  Pearlmark Real Estate Partners, LLC provided an $8.1 million mezzanine loan.  The initial term of each of the loans is three years. 

Inclusive of Circle Ninth Street, HFF has arranged financing for three construction projects on behalf of the borrower in 2011 for a total of $115.3 million.

Circle Ninth Street will be located on a 6.1-acre site at the northeast corner of Main and Ninth Streets within walking distance to Duke University and close to the Research Triangle. 

Set to deliver the first units in fall of 2012, the property will include several four-story buildings with various architectural styles surrounding a structured parking garage. 

The arrangement of the four-story buildings will provide several private outdoor amenity areas, including a central lawn, community park, pool and fitness courtyard, and a dog park.

The courtyards will be interconnected and the streetscape areas have been designed for urban, walkable connections. Resident amenities will include a lounge, wireless cafe, gaming room, demonstration kitchen, group study library, business center, screening room and fitness center. 

The HFF team representing Crescent Resources, LLC was led by director Travis Anderson (middle right photo) and senior managing director Tim Jordan (middle left photo).

Crescent Resources, LLC is a real estate development company with interests throughout the southeastern United States.  Based in Charlotte and established in 1969, Crescent Resources is known for its single-family, multifamily and resort residential communities.  Crescent also owns and manages business and industrial parks and shopping centers. 

Visit http://www.crescent-resources.com/ for more information.

Contacts:

TIM JORDAN                                   TRAVIS ANDERSON                    

HFF Sr. Managing Director             HFF Director                                      

(214) 265-0880                                 (214) 265-0880                                

tjordan@hfflp.com                             tanderson@hfflp.com 

                   

KRISTEN MURPHY

HFF Associate Director, Marketing

(713) 852-3500

krmurphy@hfflp.com

PCCP, LLC Provides $38.72 Million Senior Loan to Recapitalize Burr Ridge Village Center in Southwestern Chicago Suburb

NEW YORK, NY, Dec. 14, 2011 - PCCP, LLC announced today it has provided a $38.72 million senior loan to finance the note purchase and provide funds for completion and leasing costs for Burr Ridge Village Center (top left photo), a mixed-used property located at 1000 Village Center Drive in Burr Ridge IL, a southwestern Chicago suburb. The owner of the property is an entity managed by Founders Properties.

Burr Ridge Village Center consists of 196 residential condominiums (62 of which have not yet been sold), 37,000 square feet of office condominiums, and 195,441 square feet of retail space which was completed in November 2007 and is leased to major tenants such as Banana Republic, Victoria’s Secret, Kohler Spa, Bath and Body Works, and Aeropostale.

“The loan proceeds PCCP has provided will recapitalize the original construction loan and provide capital for the completion costs associated with leasing of the retail portion and finishing construction of the residential condominiums. The owner will now be able to offer the retail and residential condominiums at market rates,” said Barrie Bloom (middle right photo), vice president with PCCP, LLC.

 “This investment gives PCCP the opportunity to originate a loan at an attractive basis on a unique retail and residential condominium property. The asset is also supported by strong retail tenants and a healthy residential condominium sales market in an affluent Chicago submarket.”

Burr Ridge Village Center is one block south of Interstate 55 and is approximately 22 miles southwest of downtown Chicago. It is surrounded by the affluent communities of Hinsdale, Indian Head Park, Western Springs, Willowbrook, and Willow Springs.

The population within a five-mile radius of the property is approximately 190,000. Adjacent to Burr Ridge Village Center is one of the most successful Lifetime Fitness facilities, which has more than one million visitors per year.

 Learn more about PCCP and Founders Properties  at www.pccpllc.com and

www.foundersproperties.com.

Media contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949-278-6224

           

Lincoln Arranges Sale of Former OUC Headquarters in Downtown Orlando, FL

  

ORLANDO, FL (Dec.14, 2011) –Lincoln Property Company has successfully brokered the sale of the former Orlando Utilities Commission (OUC) headquarters (lower left photo) in downtown Orlando. In a deal that officially closed Nov. 30, GDC Properties, LLC purchased the eight-story property for $2.8 million with plans to convert the 44-year-old building into a loft style hotel.

 Lincoln Property Company, exclusively representing the seller (OUC), put the property under contract, assisted through due diligence and closed on the building within a three month timeframe. The property had been marketed for a number of years with Lincoln taking over the assignment about five months ago. 

Joe Rossi (top right photo), senior vice president of investment services at Lincoln, handled the sale and was the only broker involved on either side in the negotiations.

 “OUC is pleased to have a buyer who will preserve the exterior shell of the building and make a significant capital investment in the neighborhood,” said Mr. Rossi, “especially since this will provide an outstanding amenity for OUC’s new headquarters building next door.”

For more information on the Southeast Region of Lincoln Property Company, please visit http://www.lpc.com/ or http://www.lpcsoutheast.com./

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wnspr.com