HFF arranges $24.6 million refinancing for 250 Summer Street in Boston’s Seaport District

250 Summer Street, Seaport District, Boston, MA

BOSTON, MA – HFF announced  it has arranged a $24.6 million refinancing for 250 Summer Street, a 104,709-square-foot office building in Boston’s Seaport District.

HFF worked on behalf of the borrower, a partnership between Synergy Investments and Independencia Asset Management to secure the long-term, fixed-rate loan through Eastern Bank.  

Loan proceeds refinanced an acquisition loan on the property from HSBC Bank USA, which HFF arranged in 2012.   

250 Summer Street is located across the Fort Point Channel from Boston’s Financial District and South Station.  Originally built in 1903, the property has eight stories of office space that is 100 percent leased to tenants including Morrison Mahoney LLP.

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

Greg Labine

“Synergy did a tremendous job in executing their business plan for this asset,” said LaBine.  “Synergy completed significant upgrades to the building and tenant spaces and leased up the remainder of the building. 

"  As such, it was now time to employ an asset/liability management strategy that took advantage of the favorable long-term rate environment.  Eastern was attracted to the strength of the asset’s location, the durability of the cash flow and the track record of the sponsorship.”

Synergy Investments is a Boston-based real estate investment and development firm focused on the acquisition and operation of office, retail and residential assets, and their associated debt.

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 closes $29 million sale of leasehold interest in Secaucus, NJ

Michael Nachamkin

FLORHAM PARK, NJ – HFF announced it has closed the $29 million sale of the leasehold interest at 1 Emerson Lane, a 340,000-square-foot light industrial property in Secaucus, New Jersey. 

               HFF marketed the property exclusively on behalf of the seller, Trinity Place Holdings, Inc. (“Trinity”). 

               1 Emerson Lane (also known as 1 Syms Way) is situated on an 18.64-acre site in the Meadowlands submarket less than five minutes from the New Jersey Turnpike; Routes 1, 3, and 9; and Interstate 495.  

Originally constructed in 1978 and expanded in 1996, the property also includes 35,712 square feet of two-story office space.  The building was sold vacant.

               The HFF investment sales team representing Trinity was led by managing director Michael Nachamkin along with associate director Steve Simonelli.

Steve Simonelli

Trinity currently has significant real estate holdings in three states, and a variety of consumer-sector intellectual property rights.  

Trinity’s assets include real estate holdings in such strong markets as Westbury, New York; Paramus, New Jersey; West Palm Beach, Florida; and “Trinity Place,” one of lower Manhattan’s premier development sites.

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

$80 million refinancing secured by HFF for Hoboken, NJ luxury multi-housing community

North Independence at The Shipyard Apartments
Hoboken, NJ

FLORHAM PARK, NJ – HFF announced it has secured an $80 million refinancing for North Independence at The Shipyard, a 185-unit luxury multi-housing community in Hoboken, New Jersey.

               Working on behalf of Ironstate Development, HFF placed the 12-year, fixed-rate loan with a life insurance company.  Loan proceeds were used to pay off an existing mortgage.

               North Independence at The Shipyard is located at One Independence Court along the Hudson River in Hoboken, between the Lincoln Tunnel and Holland Tunnel providing access to midtown Manhattan and all the major New Jersey highways. 

Thomas Didio

The property is situated within the Shipyard neighborhood, which consists of five multi-housing communities that share amenities, retail shops, a one-acre park, ferry stop and marina on the Hudson River. 

  North Independence has one-, two- and three-bedroom units averaging 1,174 square feet each.  The 95 percent leased property shares amenities including a fitness center, outdoor pools, residents lounge, indoor and outdoor child play areas and garage parking. 

               The HFF debt placement team representing the borrower was led by senior managing director Thomas Didio and associate director Samuel Seiden.

“HFF was happy to assist Ironstate Development with this refinancing.  We are pleased we were able to secure a favorable interest rate for such a quality borrower and property,” stated Didio.

               Ironstate Development is a Hoboken, New Jersey-based development firm that is currently engaged in the development of more than $1 billion of residential, hotel and mixed-use properties in New Jersey and New York.

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 secures $16.6 million construction loan for development of Aloft Raleigh in Raleigh, NC

Rendering of planned Aloft Raleigh, 2100 Hillsborough Street
Downtown Raleigh, NC

WASHINGTON, D.C. – HFF announced it has secured a $16.6 million construction loan for the development of the 135-room Aloft Raleigh in Raleigh, North Carolina.

               Working exclusively on behalf of a partnership between The Bernstein Companies, TME Investments and Michael Sandman, HFF placed the five-year construction loan with First Tennessee Bank.                

The Aloft Raleigh will be located at 2100 Hillsborough Street directly adjacent to North Carolina State University and two miles from downtown Raleigh.

  Upon completion in the Fall of 2015, the Aloft will feature a fitness center, swimming pool, outdoor deck and the Aloft’s signature Lobby and WXYZ Bar, Re:Mix (lounge), Re:Fuel (packaged and fresh foods) and In-Touch (business center). 

The HFF team representing the borrower was led by managing director Mark Remington. 

“The Aloft Raleigh will be one of the only branded lodging facilities with direct access to the University, allowing the hotel to capture market share from inferior competitors from travelers who demand convenience, accessibility and modern amenities at competitive nightly rates,” said Remington.

The Bernstein Companies, founded in 1933, has successfully owned, managed, developed and invested in all types of commercial and residential real estate throughout Washington, D.C. and the Mid-Atlantic 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

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

$34.5 million refinancing of Prana Apartment Homes in Boulder County, CO secured by HFF

Josh Simon

 DENVER, CO – HFF announced  it has secured a $34.5 million refinancing for Prana Apartment Homes, a 254-unit multi-housing property in Lafayette, Colorado. 

               Working exclusively on behalf of the borrower, LLJ Stratford Prana, LLC, HFF placed the 10-year, 4.74 percent, fixed-rate loan with Fannie Mae through HFF’s correspondent relationship with M&T Realty Capital Corporation. 

The forward rate lock refinance replaced a significantly higher rate HUD loan, which was closed to prepayment until May 2014. 

  The new Fannie Mae loan provided the borrower with a lower overall interest rate and five years of interest-only amortization, as well as some cash-out proceeds above the existing loan balance.  

               Prana Apartment Homes is situated on an 11.1-acre site at 550 Viridian Drive adjacent to the Exempla Good Samaritan Medical Center and Kaiser’s Rock Creek Medical Offices in southeastern Boulder County.  

Eric Tupler

The property is a short drive from downtown Denver and downtown Boulder and is close to US-36 and Northwest Parkway.  Competed in 2010, Prana Apartment Homes has 11 residential buildings with one-, two- and three-bedroom units averaging 990 square feet each. 

  Each unit also features a full-size single car garage.  The 96.4 percent leased property offers residents a clubhouse with cyber café, 24-hour health club, Junior Olympic swimming pool, heated pet washing station, and entertainment areas with billiards and foosball. 

               The HFF team representing the borrower was led by director Josh Simon, senior managing director Eric Tupler and real estate analyst Chad Murray.

               “The borrower executed their business plan to perfection with this refinance,” said Simon, “They bought the property in December 2012 at a great price with the plan to put more accretive financing in place once the assumable HUD loan opened to prepayment.  Not only did they lower their borrowing costs with this refinance, but they were able to return some of their equity as part of this financing.”

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 closes $19.95 million sale of Class A distribution center in California’s Inland Empire

Anthony Brent

IRVINE, CA – HFF announced it has closed the $19.95 million sale of Rialto Distribution Center, a 247,226-square-foot, Class A distribution center in Rialto, California.

HFF marketed the property on behalf of Thackeray Partners.  Industrial Property Trust Inc. (“IPT”) purchased the unencumbered asset for $19.95 million.

Rialto Distribution Center is located at 181 South Larch Avenue just north of Interstate 10 in Rialto.  Completed in 2009, the facility is 100 percent leased to Bissell, Inc.

The HFF team representing the seller was led by senior managing directors Anthony Brent and Brett Tremaine and managing director Ryan Martin. 

Formed in 2005, Thackeray Partners invests in real estate through a series of private equity funds. 

  Since inception, Thackeray has closed or committed to transactions totaling more than $2 billion, representing equity placements of approximately $600 million. 

Ryan Martin

Total investment activity includes 146 separate transactions representing more than 14,000 apartment units, almost 10.6 million square feet of industrial space and just under 4.4 million square feet of retail space.

IPT is focused on acquiring and operating high-quality distribution warehouses that are leased to corporate customers.  

IPT's core strategy is to build a national platform of high-quality industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs.  

IPT has operated and elected to be treated as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the taxable year that ended on December 31, 2013, and IPT intends to continue to operate in accordance with the requirements for qualification as a REIT.

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