Wednesday, June 26, 2013

Sale of grocery-anchored retail center in Memphis, TN closed by HFF

Summer Center, 4270 Summer Ave., Downtown Memphis, TN

ATLANTA, GA – HFF announced today that it has closed the sale of Summer Center, a 148,685-square-foot grocery-anchored retail center in Memphis, Tennessee.

Jim Hamilton
                HFF marketed the property on behalf of the seller, Weingarten Realty Investors.  BDB Realty purchased the asset for an undisclosed amount.  

Summer Center is located at 4270 Summer Avenue near the intersection of Waring Road east of downtown Memphis in close proximity to the University of Memphis, Southwest Tennessee Community College, St. Jude’s Children’s Research Hospital and numerous corporate headquarters for companies such as FedEx, AutoZone, ServiceMaster, International Paper and Methodist LeBonheur Healthcare.

Richard Reid
 Renovated in 2008, the property is 95 percent leased and anchored by Kroger and Ross Dress for Less.

                The HFF team representing the seller was led by managing directors Jim Hamilton and Richard Reid.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF closes $34 million sale of multi-housing community in White Plains, NY

Jose Cruz
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of 25 Martine Avenue, a 12-story, 124-unit multi-housing community in White Plains, New York.

                HFF marketed the property on behalf of the seller, a joint venture between Korman Communities and an institutional partner.  The DSF Group purchased the community for $34 million free and clear of existing debt.

Andrew Scandalios
                25 Martine Avenue, situated in downtown White Plains, is located adjacent to The Galleria at White Plains, close to The Bronx River Parkway and Interstate 287, and directly across from the Metro-North White Plains train station providing access to Manhattan. 

Kevin O'Hearn
Renovated in 2004, the property features studio, one- and two-bedroom units averaging 727 square feet each.  Community amenities include a fitness center, residents lounge, internet cafĂ© and a 159-space parking garage.

According to Jose Cruz, “DSF has been very active in the Northeast during the last several years.  This was DSF’s first acquisition in the New York area and they did a great job of working through the transaction and closed on time.” 

                The HFF team representing the sellers was led by senior managing directors Jose Cruz and Andrew Scandalios, managing directors Kevin O’Hearn and Jeffrey Julien and associate director Stephen Simonelli.

Jeffrey Julien
Celebrating 100 years of real estate management and investment experience, Korman Communities seeks acquisition opportunities for its premier AKA and AVE brands. 

Korman Communities specializes in AAA quality properties in major urban markets across the United States and in London. 

Stephen A. Simonelli
The primary growth markets for Korman Communities include New York City metro (including northern New Jersey and southern Connecticut), Philadelphia metro, Washington metro (including District of Columbia, northern Virginia, and southern Maryland), Boston, Los Angeles, San Francisco, and London.

With more than $1.5 billion invested in four million square feet since 2000, the DSF Group has quietly become one of the most successful private real estate investment firms in the country.
For a complete copy of the company’s news release, please contact:

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

HFF arranges $191 million construction financing for mixed-use project in Boston’s Fenway Triangle neighborhood

The Van Ness, 1325 Boylston St., Fenway Triangle Neighborhood, Boston, MA

BOSTON, MA – HFF announced today that it has arranged construction financing for The Van Ness, a 762,000-square-foot mixed-use project located in Boston’s Fenway Triangle neighborhood.

Greg LaBine

HFF worked on behalf of the borrower, a joint venture between Samuels & Associates and institutional clients advised by J.P. Morgan Asset Management, to secure the long-term, fixed-rate financing through Northwestern Mutual. 

The Van Ness is located at 1325 Boylston Street within walking distance of the Longwood Medical Area near Kenmore Square, Boston’s Back Bay neighborhood and the Town of Brookline.

 The project will include 172 residential units situated above a three-story, 169,000-square-foot Target department store.  The property will also include 31,000 square feet of ground-floor retail, an 11-story, 233,000-square-foot, Class A office tower and 506 parking spaces. 

The HFF team representing the borrower was led by director Greg LaBine.

Kenmore Square, Boston, MA
“With The Van Ness, Samuels will continue their vision for the Fenway neighborhood to be a premier live/work/play destination in Boston,” said LaBine.  

“The combination of high-quality residences, first-class office space and superior shopping anchored by Target make this a welcome addition to Fenway.”

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |

Broward County, FL Multifamily Brings $10.5 Million

Oakland Hills Apartments, 5501 SW 11th St., Margate, FL

MARGATE, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Oakland Hills Apartments, a 189-unit villa-style apartment community in Margate, Fla. The $10,500,000 sales price equates to $55,556 per unit.

Still Hunter III
Still Hunter III and Evan P. Kristol, both senior vice presidents investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, an agency lender working through an industry-leading loan servicing company.  The buyer is a local private investor.

“The seller obtained the property through foreclosure,” says Hunter. “The $88 per rentable square foot sales price is approximately 30 percent less than the previous mortgage amount.”

“The sales price, combined with 100 percent occupancy, provides the new investor with a future upside that is usually difficult to attain,” adds Kristol.

Evan P. Kristol
Located at 5501 SW 11th St. in Margate, Fla., the 119,232-square foot, 1989-built property is situated just east of Interstate 441/State Route 7 at the edge of a residential neighborhood between McNab Road and Atlantic Boulevard, and just west of Florida’s Turnpike.

Oakland Hills Apartments consists of 28 one-story buildings arranged on 18.7 acres around a large, private lake. The unit mix is composed of 155 one-bedroom/one-bath units, 23 two-bedroom/one-bath apartment, nine two-bedroom/two-bath units and two three-bedroom apartments.

Amenities include a gated lakefront swimming pool with sundeck, two laundry centers, open parking, private patios, ample storage, efficient floor plans with utility rooms and washer/dryer connections, additional boat and recreational vehicle storage, landscaped courtyards and plentiful green space.

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

Ben Johnson
Marketing Director
(925) 953-1736

MBA Statement on Introduction of Corker-Warner Housing Finance Legislation

Debra W. Still
WASHINGTON, DC – Executives from the Mortgage Bankers Association (MBA) issued the following statements today following the introduction of housing finance legislation by Senators Bob Corker (R-TN) and Mark Warner (D-VA).

Statement of David H. Stevens, MBA’s President and CEO:

“The introduction of this bipartisan bill represents an important step in redefining the government role in housing finance and is a positive framework on which to begin this crucial debate.  Senators Warner and Corker are to be commended for taking a thoughtful and comprehensive approach to drafting a bill to restructure the secondary mortgage market in a way that provides sufficient liquidity to the market so that lenders can offer a full range of sustainable mortgage credit to qualified borrowers through all market conditions.    

David H. Stevens
“We realize that this bill is a starting point for the debate, and we are eager to work with the leadership of the Senate Banking Committee, the authors, and other committee members to improve the bill in a way that creates a vibrant secondary market capable that works for lenders of all sizes and business models so they can support both the owner-occupied and the multifamily rental housing markets."

Sen. Bob Corker (R-TN)
Statement of Debra W. Still, CMB, MBA’s Chairman:

“Fannie Mae and Freddie Mac have been in conservatorship for almost five years now, and it is important that policymakers begin defining a long-term plan for the future role of the federal government in the mortgage market.  The Corker-Warner bill is a significant milestone and should get policymakers headed in that direction.

Sen. Mark Warner
“We are pleased to see a number of synergies between this bill and MBA members’ thinking on the future secondary market, and we believe the Corker-Warner approach is consistent with the broad objectives of the secondary market transition concepts that MBA has recently announced.”

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

(202) 557-2924

Greystone Provides $30 Million in HUD Financing for Multifamily Properties in Texas and Tennessee

Hickory Point at Brentwood Apartments, Nashville, TN

Betsy Vartanian

New York, NY – June 26, 2013 – Greystone, a leading national provider of multifamily and healthcare mortgage loans, announced today that it has originated in excess of $30 million of FHA insured loans for two multifamily properties located in Texas and Tennessee.

Donny Rosenberg, a managing director in Greystone’s multifamily lending group, led the efforts to close the loans.

 Greystone’s extensive experience with the U.S. Department of Housing and Urban Development ensured that both properties received loans at ideal terms and rates.

Hunters Crossing Apartments, Longview, TX
The first property, Hickory Point at Brentwood, received $22.5 million of FHA-insured loan proceeds pursuant to Section 223(a)(7) of the National Housing Act. 223(a)(7) financing is available only to loans that are currently HUD insured, allowing borrowers to lower their debt service costs with minimal out of pocket cost. 

  The 298-unit multifamily complex is located in Nashville, Tennessee.

 Greystone provided another $7.9 million loan through HUD’s Section 223(f) program to the borrower of Hunters Crossing, a 192-unit apartment community located in Longview, Texas. With an impending maturity and a much higher rate, the borrower was able to pay off the entire existing mortgage and lower the debt service costs substantially over the new term.

 Robert Peek, Chief Executive Officer at Amesbury Companies, the borrower, commented: “The Greystone team could not have been more insightful, responsive and sensitive to our needs. We would highly recommend them to anyone looking for exceptional service and unparalleled persistence in their agency lending relationships.”

 “Both the borrower and the Fort Worth HUD office pulled together to close this transaction on a tight time frame, avoiding additional costs or losses to the borrower or to the existing lender,” said Rosenberg. 

Betsy Vartanian, Head of Greystone’s FHA business, added: “Providing good capital to good borrowers, secured by good properties in a difficult credit environment is a fulfillment of one of the primary missions of HUD and Greystone, and we’re happy to have done our part.” 

 Greystone’s multifamily and healthcare mortgage lending group consists of over 200 individuals located in offices throughout the United States. For more information on Greystone’s financing solutions please visit

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

Loretta Mock/Jessica Kleinman
646 395 6300