Multi Housing Advisors Brokers $13.8 Million Sale of Suburban Nashville, TN Apartments

Brett Kingman

NASHVILLE, TN — Multi Housing Advisors (MHA) has arranged the $13.8 million sale of Green Leaf at Hermitage, a 261-unit apartment community in Hermitage, Tennessee.

Brett Kingman, a director in MHA’s Atlanta office, represented the sellers, affiliates of Danville, California-based Green Leaf Partners, in the transaction. The buyer, an affiliate of Old Tappan, New Jersey-based Spyglass Capital Partners, did not use a broker.

 “Green Leaf at Hermitage is a unique value-add opportunity in a growing suburb of Nashville,” Kingman said. “As the overall Nashville economy continues to thrive, we continue to see increased investor demand for well-located assets due to improving market fundamentals.”

 Green Leaf at Hermitage was built in 1973 and includes one-, two- and three-bedroom layouts. Amenities include a fitness center, playground, swimming pool, business center, laundry facilities and a picnic area.

 The buyer plans to upgrade the interiors and exterior of the property.

clients and has become known for its effective multi-office platform, excellent transaction history and rapid growth.

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

Stephen Ursery

The Wilbert Group

404-549-7150 (O)

 404-405-2354 (C)

sursery@thewilbertgroup.com

www.usmha.com.

$20.5 Million Nursing Home Sale Arranged by IPA in Butler County, PA

Mark Myers

BUTLER, PA – Institutional Property Advisors (IPA), a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Sunnyview Nursing and Rehabilitation Center, a 240-bed nursing home in Butler, Pa., the seat of Butler County. The sales price is $20,500,000.

            IPA senior director Joshua Jandris and IPA executive director Mark Myers, along with IPA associate Charles Hilding and Matthew Gorman, a vice president investments in Marcus & Millichap’s Philadelphia office, represented the seller, Butler County, Pa. The buyer is a private Northeast-based healthcare property investment firm.

            “Our 45-day marketing period produced nine bidders for the property and we closed 45 days after the signing of the advance pricing agreement,” says Jandris. “The sales price included the purchase of the facility and the accounts receivables.”

            “This sale is an example of our effectiveness at providing owners with the opportunity to choose among many solid offers, assisting sellers throughout the bidder vetting process and finding the buyer who best meets all of the seller’s objectives,” adds Myers. 

Joshua Jandris

            Built in 1963 on more than seven acres, the property is located at 107 Sunnyview Circle in Butler, Pa., minutes from downtown.

            The sale of the Sunnyview Nursing and Rehabilitation Center is Jandris, Myers, Hilding and Gorman’s fifth Pennsylvania county nursing home transaction, and the 14th county home closing they have arranged in the last four years.

 In March 2014, the team brokered the sale of Friendship Ridge, a 605-bed skilled nursing facility in Beaver, Pa. for $33.5 million.

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

Gina Relva

Public Relations Manager

(925) 953-1716

$91 Million Best Florida Self-Storage Portfolio Sale Arranged by Marcus & Millichap

Michael A. Mele

TAMPA FL, June 6, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of an eight-property, more than 7,000-unit, 854,831-rentable-square-foot portfolio of Best Florida Storage locations in Broward County, Fla.

Four of the properties are located in Fort Lauderdale, one is in Lauderhill, one is in Oakland Park, two are in Pompano Beach and one has an annex in Deerfield Beach. The $91,000,000 sales price equates to $106 per square foot.

            Michael Mele, a first vice president investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

            “The Best Florida Storage portfolio is an outstanding mix of stabilized assets with strong cash flow, lease-up properties with new construction components, and newly renovated space,” says Mele.

“The previous owner assembled this portfolio of prime locations with exacting focus over a decade of ownership, selectively pruning under-performing assets along the way. The properties have been so masterfully aggregated that it takes no more than 30 minutes to travel between the two farthest facilities.”

            The properties are:

·         Best Storage One, 115,528 total rentable square feet, 1,074 units, Fort Lauderdale

 ·         Best Storage Two, 56,107 total rentable square feet, 740 units, Fort Lauderdale

 ·         Best Storage Three, 104,474 rentable square feet, 1,070 units, Fort Lauderdale

 ·         Best Storage Five, 87,137 rentable square, 1,041 units, Lauderhill

 ·         Best Storage Six, 52,113 rentable square feet, 346 units, Pompano Beach

 ·         Best Storage Seven, 88,694 rentable square feet, 519 units, Oakland Park

 ·         Best Storage Eleven, 220,000 rentable square feet, 1,169 units, Pompano Beach and Deerfield Beach

 ·         Best Storage Twelve, 100,450 rentable square feet, 1,199 units, Fort Lauderdale

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

Gina Relva

Public Relations Manager

(925) 953-1716

HFF secures joint venture equity for high-rise mixed-use property acquisition in San Diego’s Broadway Corridor

625 Broadway, Downtown San Diego, CA

SAN DIEGO, CA – HFF announced it has secured joint venture equity for the acquisition of 625 Broadway, a 222,301-square-foot, mixed-use property in the Broadway Corridor of downtown San Diego.

               HFF worked on behalf of Hammer Ventures to arrange the joint venture equity to acquire the building.

625 Broadway, or the 6th and Broadway Building, was the first high-rise built in downtown San Diego. 

The project includes 186,636 square feet of office space, 35,665 square feet of fully leased, “high street” ground floor retail and a 376-space parking structure. 

625 Broadway is situated at the 6th and Broadway gateway to the Gaslamp Quarter close to the 5th Avenue Trolley Station, Westfield Horton Plaza, Petco Park, San Diego Convention Center and the downtown business district. 

The HFF team representing the borrower was led by associate director Bryan Clark.

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

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF arranges $6 million financing for 3-building industrial/flex park in San Diego, CA

Zach Koucos

SAN DIEGO, CA – HFF announced it has arranged $6 million in financing for Morena Business Center, a three-building, 62,814-square-foot flex industrial park in San Diego, California.

               Working exclusively on behalf of SR Commercial, HFF placed the fixed-rate, non-recourse loan with RGA Reinsurance Company.  Loan proceeds were used towards acquiring the property, and funding capital improvements. 

               Morena Business Center consists of 2620, 2640, and 2645 Financial Court, and is located just east of Interstate 5 in the Morena submarket of central San Diego. 

The 6.26-acre site features three buildings that offer diverse suites with excellent divisibility and flexibility.  Key tenants include Destination Concepts, American Geotechnical, Solar West Electric, and Envision.  

               The HFF team representing the borrower was led by director Zach Koucos and senior managing director Aldon Cole.

Aldon Cole

“We were pleased with the competitive quotes and quick, efficient process we received through HFF’s efforts.  This is a clear indication that lenders are bullish on high-quality multi-tenant assets located in desirable markets. 

“It was also great to find partners in HFF and RGA who appreciated the long-term value potential of this property,” said Adam Robinson of SR Commercial.

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

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF secures $6.5 million financing for independent living community in suburban Phoenix, AZ

Discovery Point, Mesa, AZ

PORTLAND, OR – HFF announced today that it has secured $6.5 million in financing for Discovery Point, a 183-unit, independent living community in Mesa, Arizona.

               HFF worked on behalf of the borrower, Campbell-Hogue & Associates, Inc., to secure the seven-year, fixed-rate loan through a national lender that will securitize the loan.

               Discovery Point is a full-service, seniors independent living facility located at 6210 East Arbor Avenue in Mesa, Arizona approximately 28 miles east of downtown Phoenix.

 Completed in 1995, the three-story property is 94.54 percent leased and includes 183 units averaging 600 square feet each. 

Casey Davidson

Services include meal preparation, home maintenance, personal and group transportation, resident wellness programs and housekeeping.  Amenities consist of lounges on each floor, a library, heated swimming pool, activities and billiards room, outdoor gazebo and barbecue area.  The property is managed by Guardian Management.

The HFF team was led by managing director Casey Davidson.

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

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF advises on $39.4 million equity and debt capitalization for Washington, D.C. multi-housing community

J. Brenden Flood

WASHINGTON, D.C. – HFF announced it has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714-unit high-rise and garden-style multi-family housing community in southwest Washington, D.C.

                HFF, working on behalf of the borrower, CIH Ventures, Inc., which took assignment of the tenants’ rights through the District’s Tenant Opportunity to Purchase Act, placed a $27.6 million, 10-year loan with M&T Bank (Fannie Mae) along with $8.5 million in equity through The Zitelman Group, $1.8 million from CIH principals, and $1.5 million from a CIH private syndicate.

                Wingate Apartments is located at 4660 Martin Luther King Jr. Ave SW, minutes from I-295, Nationals Stadium and National Harbor. The property is about 15 minutes from Washington, D.C.’s central business district. 

The fully gated-community is comprised of the Vista at Wingate, 385 units situated in three 10-story high-rise buildings, and the Gardens at Wingate (previously known as Enclave Park Apartments), 329 units configured in garden-style apartments.

Cary Abod

 The Wingate sits on more than 21 acres of land on a bluff overlooking the Potomac River.  With recent extensive and comprehensive renovations, the property has been totally refurbished.

 It offers a mix of units that range from studios to five-bedroom apartments.  Community amenities include 24-hour security, two swimming pools, a community room, numerous laundry facilities and tot lots.

                The HFF team representing the borrower was led by director J. Brenden Flood, managing director Cary Abod, senior managing directors Alan Davis and Dave Nachison and associate director Bret Thompson.

Since its inception 40 years ago, CIH Ventures, Inc. has developed an extensive expertise in all aspects of residential real estate acquisition, development, financing, management, and long term investment in the Washington DC metropolitan area. Today CIH focuses on meeting the needs of the market and using detailed operational and physical management to produce a “product without compromise” for sustainable workforce housing in the area.

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

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

HFF secures $37 million construction/perm loan for Class A multi-housing development in Meadowlands area of Northern New Jersey

John Mikula

FLORHAM PARK, NJ – HFF announced it has secured a $37 million construction/perm loan for the development of Station at Lyndhurst, a 192-unit, to-be-built, Class A multi-housing community in Lyndhurst, New Jersey.

                Working on behalf of JG Petrucci, HFF placed the long term loan with Webster Bank.  The loan is structured to complete the construction of the project and provide long-term permanent financing. 

Station at Lyndhurst is currently under construction with an estimated completion date of November 1, 2014.  Upon completion, the property will feature 192 units situated within one building atop a structured parking garage. 

Station at Lyndhurst is located at 240 Chubb Avenue in the Meadowlands region of Northern New Jersey less than five miles from the Lincoln Tunnel entrance for direct access to Midtown Manhattan. 

“Given the continued demand for Class A multi-family, lenders have become very creative on structure in order to differentiate themselves while still competing on pricing.

“In this case Webster Bank provided an excellent execution to help our client lock in long-term debt in a low interest rate environment before a single unit was rented,” stated HFF’s Jon Mikula.

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

tel (main) 617-338-0990 | (direct) 617-848-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

www.jgpetrucci.com.

Taylor & Mathis Signs Playa Management to 5,983 SF Lease in Sawgrass International Corporate Park in Sunrise, FL

Donna Korn

Sunrise, FL June 6, 2014 - Playa Resorts Management USA, LLC will move from Regus Business Center to offices at International Place I in Sawgrass.

The resort management firm, a division of Playa Hotels & Resorts, signed a 5,983 square foot lease for their new office which they will occupy in November. 

Donna Korn and Jennifer Gemma negotiated the lease on behalf of the owner, The Brookdale Group, with Rick Hansen of EWM of Esslinger-Wooten-Maxwell, Inc. representing the tenant.

We’re always pleased when a tenant like Playa Management outgrows their ‘executive suite’ style offices to forge ahead with their long-term goals,” stated Korn. 

“Regus Business Center is a real amenity to the office park fostering businesses as they grow.”  Headquartered in Fairfax, VA, Playa Hotels & Resorts B.V. is a leading owner, operator and developer of all-inclusive beach resorts.  

The international resort and leisure company is recognized for its expertise in resort investment and management. 

The Sawgrass office will be the headquarters for Playa's sales and marketing team led by Kevin Froemming, Executive Vice President and Chief Marketing Officer, Playa Management, LLC.

International Place I, Sunrise, FL

Taylor & Mathis took over the leasing of the building a year and a half ago on behalf of The Brookdale Group.  International Place I is located within Sawgrass International Corporate Park, South Florida’s largest office park.

 Strategically bound by I-595, I-75 and Sunrise Boulevard, the state-of-the-art business park features a variety of business space from high-tech manufacturing and R&D to executive office suites and mid-rise Class A office projects.  Taylor & Mathis, the exclusive leasing agent for the properties, leases and manages a 436,853 square foot office portfolio at the park comprised of Corporate Centre I, II & III, International Place I and Sawgrass Plaza.

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

tyoungman@assetmarketingonline.com

HC Real Estate Capital Arranges $4.7 Million in Acquisition Financing for Shopping Center In St. Petersburg, FL

  

 St. Petersburg, FL – Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $4,700,000 in acquisition financing for a shopping center located in St. Petersburg, FL.  HC Real Estate Capital worked with the borrower to secure a 10-year loan with a local lender at a competitive interest rate.

Central Plaza is a 74,600 square foot retail shopping center that is 92% leased. The shopping center is anchored by Goodwill, Citi Trends, Payless Shoe Source, and Family Dollar. The property is located in an infill location within a densely populated, urban trade area that is approximately two miles west of downtown St. Petersburg and situated adjacent to a Wal-Mart supercenter.

Chris Caveglia, Principal at HC Real Estate Capital states, “The borrower was able to lock in low, long-term acquisition financing for this shopping center.”

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks.

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

Chris Caveglia

HC Real Estate Capital, LLC

660 Linton Blvd. Ste 200 EX5

Delray Beach, FL 33444

Direct: 561-266-3273

Mobile: 561-376-3176

ccaveglia@hcrecapital.com

www.HCREcapital.com