HFF arranges sale of $31.6 million loan secured by Southfield, MI multi-housing properties

Wickliffe Kirby

DALLAS, TX – HFF announced today that it has arranged the sale of a senior mortgage loan secured by three multifamily properties located in Southfield and Oak Park, Michigan. 

Providence Green, Providence Tower and Providence Place contain a total of 1,312 units built between 1965 and 1968. 

HFF marketed the $31.6 million loan on behalf of a major financial institution. 

The loan was originated by the lender in 2006 to fund the acquisition of the three collateral properties and an additional property that was later sold by the borrower. 

The loan had an original funding balance of $41.3 million before it was later reduced from the sale of the fourth property.  The loan is set to mature in May 2014.

William O'Donnell

As of August 2013, Providence Green (723 units), Providence Tower (242 units) and Providence Place (347 units) had a combined occupancy of 65 percent.  The properties are located near the intersection of West 9 Mile Road and Greenfield Road approximately 10 miles northeast of the Detroit CBD.

               The HFF team representing the seller was led by managing director Daniel O’Donnell and associate director Wickliffe Kirby.

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

HFF arranges $5.4 million financing for single-tenant industrial facility in Carteret, NJ

700 Blaire Road, Carteret, NJ

Jon Mikula

FLORHAM PARK, NJ – HFF announced today that it has arranged $5.4 million in financing for 700 Blair Road, a 234,325-square-foot, single-tenant, light industrial building in Carteret, New Jersey.

HFF worked on behalf of the borrower, The Hampshire Companies, to secure the seven-year, fixed-rate financing through Nationwide Real Estate Investments.  HFF previously sold the property to The Hampshire Companies in August 2013.

700 Blair Road is fully leased to, and functions as the corporate headquarters for Berjé Inc., a global leader and distributor of essential oils and aromatic chemicals with more than 60 years of experience supplying the flavor, fragrance, pharmaceutical and allied trades.

 The recently renovated property is situated on 12.41 acres close to Interstate 95/NJ Turnpike, Newark Liberty International Airport and Port Elizabeth/Newark.

The HFF team representing the borrower was led by senior managing director Jon Mikula and director Michael Klein.

Michael Klein

“The property’s recent upgrades, proximity to an extensive transportation infrastructure, and long term lease made this an attractive deal for Nationwide,” said Klein.  “As a result HFF was able to secure a very attractive rate and full-term, interest-only loan that best met Hampshire’s needs.”

The Hampshire Companies is a full-service, private real estate firm with equity in assets valued at more than $2.5 billion, based in Morristown, New Jersey.

 The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.

  

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.hampshireco.com.

EDGEHome System installation

SAN DIEGO, CA and ORANGE COUNTY, CA (Jan. 27 2014) – Green Edge Technologies, creators of EDGEhome, has announced an agreement with Irvine, Calif.-based TRI Pointe Homes to offer EDGEhome, the most advanced home intelligence system available, in four of the builder’s new communities in Southern California.

Scott Steele

 “This is a very exciting endeavor for our firm and a milestone for the EDGEhome product,” said Scott Steele, CEO and founder of Green Edge Technologies.

 “This agreement with TRI Pointe Homes will allow its homebuyers to be the first to experience the power of EDGEhome’s user-friendly, cost efficient and green home intelligence system.”

 Designed by a team of highly experienced former Motorola executives, designers, and engineers, EDGEhome provides consumers with real-time energy monitoring and control of every point of electricity usage in the home through a modern and intuitive user interface. 

The system is comprised of wireless devices, a tablet, and mobile applications that allow homeowners to conveniently monitor and control electrical usage and lighting throughout their home. The wireless devices are installed in every junction box and behind every switch and outlet in a home, providing ubiquitous coverage.

 To learn more about this revolutionary system and how to put it into your next development, visit www.edgehome.com or visit the EDGEhome booth (S1862) at the upcoming International Builders Show in Las Vegas on February 4 – 6.

   

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

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

Emerson International negotiates new long-term lease agreement in Maitland Center Parkway office building

2600 Maitland Center Parkway, Maitland, FL

Altamonte Springs, Fla. --- Emerson International recently negotiated a new long-term lease agreement with Excel Mortgage Servicing, Inc. at 2600 Maitland Center Parkway.

Kenneth Koch, director of leasing at Emerson International, said Excel Mortgage Servicing leased 3,464 square feet of office space at the Maitland Center building.

Koch negotiated the lease agreement representing Emerson International, the landlord.  David Lundberg, managing partner of Commercial Equity Partners represented the tenant, Excel Mortgage.

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

Arbor Appoints Patrick Boyle as Vice President

 

Patrick Boyle

UNIONDALE, NY (Jan. 27, 2014) – Arbor Commercial Mortgage, LLC (“Arbor”) today announced the appointment of Patrick Boyle as Vice President.

 Mr. Boyle is responsible for originating multifamily loans nationwide utilizing Arbor’s entire product line, including FHA, Fannie Mae, CMBS, Bridge, Mezzanine and Preferred Equity.

He is based in the company’s Bel Air, MD, office and reports to Ken Fazio, Senior Vice President, National Production Manager.

Mr. Boyle brings more than 13 years of commercial real estate financial services to Arbor. Most recently, he served as Vice President of a private Washington, DC-based lender specializing in commercial real estate financings nationwide.

Mr. Boyle began his career with J.P. Morgan’s Investment Banking Division in New York, where he focused on leveraged buyouts in the retail and manufacturing sectors.  During the past 12 years in the industry, Mr. Boyle has closed more than $2 billion in financings.

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

Christopher Ostrowski

costrowski@arbor.com