HFF secures $16.35 million in financing for two manufactured home communities north of Los Angeles, CA

Ojai Oaks Village, Ojai, CA

SAN DIEGO, CA – HFF announced today that it has arranged $16.35  million in life insurance company financing for La Maria, a 158-unit, senior (55+) manufactured home community in Santa Maria, California and Ojai Oaks Village, a 125-unit, all age manufactured home community in Ojai, California.

La Maria community, Santa Maria, CA

                HFF worked exclusively on behalf of Wynne Corporation to secure acquisition financing for La Maria, and a refinance of Ojai Oaks Village, in two separate transactions.

 HFF placed the $8.05 million, 10-year, fixed-rate loan for La Maria with Aegon USA Realty Advisors, LLC.  A separate $8.3 million, 10-year, fixed-rate loan for Ojai Oaks Village was placed with Lincoln Financial Group.  HFF will also service the two loans.  

                La Maria is located on a 20-acre site at 1701 South Thornburg Street in Santa Maria, about 150 miles northwest of Los Angeles in Santa Barbara County. 

Zach Koucos

  Community amenities include a clubhouse, swimming pool, spa, laundry facilities and RV storage.  The clubhouse and pool were recently renovated, and the community is 98.1 percent occupied. 

Situated on 14.7 acres, Ojai Oaks Village is located at 950 Woodland Avenue about 25 miles east of Santa Barbara in Ventura County. 

The 96 percent occupied community is designed with the look of a single-family housing subdivision and some of the highest quality manufactured homes in the area.  Amenities include a large clubhouse, swimming pool, spa, laundry facilities.

                The HFF team representing the borrower was led by director Zach Koucos.

“We were very pleased to capture historically low interest rates well below four percent, fixed for 10 years, on both of these quality manufactured home communities,” Koucos said.

                Wynne Corporation is a Southern California-based owner and operator of manufactured home communities and other income properties, with more than five decades of experience.

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

Kristen M. Murphy

Associate Director

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

www.puremultifamily.com. 

HFF closes sale of and arranges financing for Neuhaus Tower in McAllen, TX

Neuhaus Tower, McAllen, TX

HOUSTON, TX – HFF announced today the sale of Neuhaus Tower, a 17-story, 242,693-square-foot office tower in McAllen, Texas.

Dan Miller

                HFF represented the seller, an affiliate of Brookfield Asset Management, Inc.  Cielo Realty Partners purchased the property for an undisclosed amount free and clear of existing debt.  HFF also arranged acquisition financing on behalf of the buyer.

The tower is located at 200 South 10th Street in McAllen’s central business district.  Built in 1982, the Class A property is leased to multiple tenants and is anchored by JPMorgan Chase Bank.  Situated on 9.09 acres, the property is the tallest office building in the Rio Grande Valley.

Trent Agnew

                The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Trent Agnew. 

HFF’s debt placement team was led by associate director Corby Chaffin.

Cielo Realty Partners was formed in 2010 by Bobby Dillard and Rob Gandy with a focus on commercial real estate development and acquisitions.

Corby Chaffin

  Cielo’s acquisition strategy focuses on opportunistic investments in assets that have the potential to be repositioned so that value can be created in the project. 

  Since inception, Cielo and its subsidiaries have acquired more than $75 million in real estate assets including multiple retail centers, office buildings and infill land across Texas.  The principals of Cielo have collectively developed and acquired more than four million square feet of commercial real estate, with a total project cost of more than $500 million.

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

Kristen M. Murphy

Associate Director

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

www.puremultifamily.com. 

HFF arranges $45.98 million financing for two suburban multi-housing communities in Texas

Vistas at Hackberry Creek, Irving, TX

DALLAS, TX – HFF announced today that it has arranged $45.98 million in financing for the Vistas at Hackberry Creek, a 560-unit, garden-style multi-housing community in Irving, Texas and Deer Park Apartments, a 216-unit, garden-style multi-housing community in Deer Park, Texas.

Deer Park Apartments, Deer Park, TX

HFF worked on behalf of the Pure Multi-Family REIT LP to secure acquisition financing for the assets in two separate transactions. 

HFF placed the $29.5 million, 15-year, fixed-rate loan for Vistas at Hackberry Creek with Aegon USA Realty Advisors, LLC.  A separate $16.48 million, 10-year, fixed-rate loan for Deer Park Apartments was secured through  Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program.

 The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

John Brownlee

Vistas at Hackberry Creek is located at 2527 West Royal Lane near the intersection of John W. Carpenter Freeway and President George Bush Turnpike northwest of downtown Dallas. 

The property was renovated in 2007 and is 95.5 percent leased.  Community amenities include a swimming pool, whirlpool, fitness center, clubhouse and business center.

Deer Park Apartments is located at 401 West Pasadena Boulevard near the Sam Houston Tollway and Pasadena Freeway southeast of downtown Houston. 

Completed in 2000, the property is situated on 12.23 acres and is 94 percent leased.  Community amenities include a resort-style swimming pool, 24-hour fitness center, clubhouse, business center and covered parking.

The HFF team representing the borrower was led by senior managing director John Brownlee.

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

Kristen M. Murphy

Associate Director

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

www.puremultifamily.com. 

HFF arranges $53.7 million construction loan for two-building office campus in suburban Pittsburgh, PA

Rendering of planned Ansys Corporate Campus
 in Southpointe Office Park
 metro Pittsburgh, PA

PITTSBURGH, PA – HFF announced today that it has arranged a $53.7 million construction loan for a to-be-built, two-building Class A office campus totaling 336,000 square feet in Southpointe Office Park located 15-miles southwest of downtown  Pittsburgh, Pennsylvania.

Mark Popovich

              HFF worked exclusively on behalf of the borrower, Quattro Investment Group, to secure the three-year construction loan through Wesbanco Bank with First Commonwealth Bank and First National Bank as participants. 

                Due for completion in October 2014, the project will consist of an 186,000-square-foot, LEED certified, five-story building that is a build-to-suit for the world headquarters of Ansys (NASDAQ: ANSS) plus a 150,000-square-foot speculative office building. 

The properties are situated on a 21 acre site within Southpointe Office/Industrial Park, an 830-acre mixed-use development about 15 miles southwest of the Pittsburgh central business district and 12 miles southeast of the Pittsburgh International Airport in Southpointe. 

                The HFF team representing Quattro Investment Group was led by senior managing director Mark Popovich and managing director Matt Kafka.

The managing partner of Quattro is Jim Scalo, president of Burns & Scalo Real Estate Services. 

James Scalo

Mr. Scalo states that, “this is an incredible development in a very tight office market.  Based on the activity in the market, we anticipate that the speculative office building will be leased before construction is completed.”

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

Kristen M. Murphy

Associate Director

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

Charles Dunn Completes Sale of 75-Unit Multifamily Property for $14 Million in Hollywood, CA

  

Sycamore Apartments, 1134 North. Sycamore Ave.
Hollywood, CA

LOS ANGELES, CA, July 15, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $14 million sale of Sycamore Apartments, a 75-unit multifamily property located near the cross street of Santa Monica at 1134 N. Sycamore Ave. in Hollywoo

Hamid Soroudi

Hamid Soroudi, senior managing director, of Charles Dunn Company represented the buyer, Sycamore Fields, LLC from Los Angeles. The seller was   1134 N. Sycamore Partners, L.P.  The property sold at a cap rate of 4.2 percent. 

Sycamore Apartments was 97 percent occupied at the close of escrow and includes 63 one-bedroom/one-bathroom units and 12 single units with monthly rents ranging from $907 to $1,255.

“This asset is located in a high demand area for rental property,” said Soroudi. “The buyer plans to add value to the property by repositioning and renovating the property and increasing rental rates.”

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

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

National Retail Properties Inc. Increases Common Dividend

  

 Orlando, FL July 15, 2013 - The Board of Directors of National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, declared a quarterly dividend of 40.5 cents per share payable August 15, 2013 to common shareholders of record on July 31, 2013.

The dividend represents an annualized rate of $1.62 per share and marks the twenty-fourth consecutive year National Retail Properties has paid increased annual dividends per share.

 National Retail Properties is one of only four publicly traded REITs and 102 publicly traded companies in America to have increased annual dividends for 24 or more consecutive years.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2013, the company owned 1,636 Investment Properties in 47 states with a gross leasable area of approximately 19.3 million square feet.

For more information on the company, visit www.nnnreit.com.

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

Kevin B. Habicht

Chief Financial Officer

(407) 265-7348

Rate Of Bank Repossessions Increases 8% In South Florida Area In Q2 2013

MIAMI, FL -- Bank repossessions increased eight percent on a year-over-year basis to nearly 9,500 properties in South Florida - the epicenter of Florida's high-rise condo crash - in the second quarter of 2013 compared to the same April through June period of 2012 in the tri-county region of Miami-Dade, Broward, and Palm Beach, according to a new report from CondoVultures.com.

Peter Zalewski

The South Florida region has now experience more than 210,000 lenders repossessions - or court-ordered foreclosure sales - since the real estate crash began in 2007, according to an analysis based on Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

"Despite an increase in the second quarter of 2013, foreclosure repossessions - which follow a lengthy judicial process in Florida - are occurring at a slightly slower pace in South Florida in the first half of 2013 compared to the same January through June period of 2012," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"The current pace of bank repossessions in South Florida, however, could be poised to jump in future quarters following new Florida legislation aimed at accelerating the foreclosure process.

“ The unknown is whether the existing National Mortgage Settlement Agreement - implemented in February 2012 to incentivize lenders to work with borrowers in default to reach resolution - will be canceled out by the new Florida foreclosure legislation."

  

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

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St.,

Suite 209B,

Downtown Miami, Florida, 33137.

800-750-0517.

Guthrie Development Acquires Note on Industrial Facility in Brea, CA; Forecloses on Owner

  

           1295 Lambert Road, Brea, CA

BREA, CA, July 15, 2013 – Guthrie Development, a full-service commercial real estate company, has acquired the note on a two building, 61,155-square-foot warehouse and manufacturing facility located at 1295 W. Lambert Road in Brea, Calif. for $3.4 million.  Guthrie subsequently foreclosed on the property, taking control of the asset.

Rob Guthrie

            This deal marks the first acquisition for the firm in a few years. The firm has developed 1.9 million square feet in Orange County.  Guthrie Development is looking to acquire existing industrial properties and developable land.

            “In this highly competitive investment market, we have resources and ability to pay all cash and to close quickly on deals that are the right fit for our firm,” said Rob Guthrie, CEO and Founder, Guthrie Development.

 “Although prices have risen dramatically recently, industrial properties in Southern California continue to outperform other product types.  We will continue to be actively looking to acquire industrial properties and land in Southern California.”

            Guthrie went on to say that its plan is to significantly upgrade 1295 W. Lambert and sell it to an owner/user.

            Guthrie Real Estate was represented by Jones Lang LaSalle in the acquisition of the note.  The lender, Union Bank, represented itself.

            1295 W. Lambert is ideally located in North Orange County nearby the SR 91 and SR 57 freeways, providing convenient access to neighboring Southern California communities and a diverse labor pool.  The property features 12 grade level door and 2.5 acres of excess land for outdoor storage.

  

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

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com