$97 million construction loan for hotel developments adjacent to Boston Convention & Exhibition Center secured by HFF

Rendering of planned Seaport Aloft Hotel
Boston, MA

BOSTON, MA – HFF announced today that it has secured a $97 million construction loan for the development of a 330-room Aloft Hotel and a 180-room Element Hotel adjacent to the Boston Convention and Exhibition Center (BCEC) in Boston’s Seaport District.

                Working on behalf of a venture between Ares Management LLC and CV Properties LLC, HFF placed the 42-month construction loan with RBS Citizens and Santander Bank, N.A. 

                The two hotels will be situated on a 3.1-acre site at 371-401 D Street leased from the Massachusetts Convention Center Authority (MCAA) in Boston’s Seaport District. 

The Aloft Hotel will be a 13-story hotel with 325 guestrooms and five one-bedroom suites.  Hotel amenities will include a grab and go gourmet eatery, fitness center, pool, outdoor entertainment area, Aloft’s signature w xyz bar, and 12,000 square feet of function space. 

Anthony Cutone

The Element Hotel will be designed for longer-stay travelers and will feature 180 guestrooms with fully-equipped kitchens, flexible work space and spa-inspired bathrooms.

 The six-story hotel will have studio suites, one-bedroom suites, standard king rooms and eight conference suites.  Hotel amenities will include a pool and fitness center, Restore: Gourmet Pantry, a bike sharing program and meeting space.

                The HFF debt placement team representing the borrower was led by managing director Anthony Cutone and senior real estate analyst Alan Suzuki. 

The Citizens team was led by Kevin Boyle, Chris Robie and John Fahy. 

The Santander team was led by George Brockman, director of commercial real estate, and Pete Olivier, senior commercial real estate banker.   

Alan Suzuki

                “The development of the Aloft and Element Hotels will add more than 500 hotel rooms to the immediate BCEC area, providing a degree of relief to the undersupplied Boston hotel market and allowing the Boston Exhibition and Convention Center to more effectively compete for convention business,” said Cutone.  

“We are excited to be able to play a continuing role in the growth of Boston’s Seaport District.  We have partnered with developers to finance other projects in the area including 100 Northern Avenue and Waterside Place and are very pleased to be able to work on the projects that are changing the face of this part of Boston,” said Gary Magnuson, Head of Commercial Real Estate for RBS Citizens. 

“With so many visitors coming to Boston to enjoy all that the city has to offer, we wish the Aloft and Element hotels success.”

  For more information about Santander, visit www.santanderbank.com or call 877-768-2265.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Marcus & Millichap Arranges Sale of 64-Unit Apartment Building in Davie, FL for $5.75 Million

Evan P. Kristol

DAVIE, FL, June 23, 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 College Square Apartments, a 64-unit apartment complex located in Davie, FL. The asset sold for $5,750,000 equating to $89,844 per unit.

Evan P. Kristol, a senior vice president investments, and Joseph P. Thomas, a vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Boca Raton, FL.  The buyer, a private investor from Hollywood, FL was also secured and represented by Kristol and Thomas.

“College Square Apartments was a rare opportunity to acquire a mid-size, value-add property in an excellent Broward County rental location. 

" This property is ideally located adjacent to the South Florida Educational Center, which is comprised of area schools, colleges and universities.  The buyer expects to increase revenue through renovations and improving operational efficiencies,” says Thomas.

Joseph P. Thomas

“We generated tremendous interest through our marketing campaign and ultimately closed at the full asking price, with multiple backup offers.  

"This was one of a handful of remaining non-institutional assets left in the Davie submarket. The buyer was attracted to the rarity of the deal and the tremendous upside potential,” adds Kristol.

College Square is comprised of six two-story residential buildings with 40 one-bedroom apartments and 24 two-bedroom apartments.  The community also includes a gated swimming pool and sundeck, barbecue grilling areas, a leasing office and laundry facility.

College Square Apartments is located at 6600 SW 39th Street in Davie, FL. 

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

Ryan Nee

 Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Related Midwest’s 500 Lake Shore Drive in Chicago Achieves LEED® Gold Certification

500 Lake Shore Drive, Streeterville Neighborhood
 Chicago, IL

CHICAGO, IL (June 23, 2014) – Developer Related Midwest today announced that 500 Lake Shore Drive, its debut apartment tower in the Chicago market, has earned LEED Gold certification from the U.S. Green Building Council (USGBC) for achievements in sustainable design and construction.

The honor comes one year after the grand opening of the 500-unit ultra-luxury rental building, which is currently 99 percent leased and occupied, and follows in the footsteps of 340 on the Park, Related Midwest’s upscale condominium tower at 340 E. Randolph St. that in 2009 became the first residential tower in the Midwest to earn LEED Silver certification.

Curt Bailey

 Located in Chicago’s Streeterville neighborhood, 500 Lake Shore Drive was awarded LEED Gold certification for meeting strict criteria set forth by USGBC relating to site development, materials selection, energy and water efficiency, and indoor environmental quality. 

In addition to receiving credits for exceptional construction waste management and use of recycled and regionally produced materials, the smoke-free building was recognized for a variety of environmentally friendly features, including everything from energy-efficient glazing and lighting to green rooftops that help absorb heat and reduce runoff.

 “We’ve embraced LEED development from day one with pioneering projects like 340 on the Park, the city’s first LEED Silver certified residential tower. 500 Lake Shore Drive reflects our ongoing commitment to sustainable design and development in Chicago,” said Related Midwest President Curt Bailey. 

“Today, more renters than ever are looking for a home that reflects their eco-friendly lifestyle without sacrificing any of the services and amenities that have come to define luxury living in downtown Chicago, and as this certification shows, 500 Lake Shore Drive lives up to their high expectations.”

  

For more information, visit www.500LakeShore.com, call

(312) 850-0500, or visit the building’s on-site leasing center.

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

CBRE Orlando Offers 212-Unit Hidden River Grande Apartments in University/Temple Terrace Submarket of Tampa, FL

Hidden River Grande Apartments
University/Temple Terrace, Tampa, FL

CBRE is pleased to present the Hidden River Grande, a 212-unit gated community ideally located on the Hillsborough River in the University/Temple Terrace submarket of Tampa. 

This unique waterfront location is just minutes from major demand drivers including the University of South Florida and Busch Gardens Amusement Park, and presents investors with a strong value add opportunity at a desirable pricing well below replacement cost.

  INVESTMENT SUMMARY

Offering Price	To be determined by market
Year Built/Renovated	1973/2012
Number of Units	212
Average Unit Size	882
Total RSF	187,048
Current Occupancy	91%

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

Luke Wickham

First Vice President

+1 407 839 3130

luke.wickham@cbre.com

Hughes Marino Complete New Orange County, CA Office with Creative Space Done ‘Right’

Jason Hughes

Irvine, CA, (June 23, 2014)-  Having worked with thousands of companies in locating and creating the right space for their clients’ businesses, Hughes Marino, a commercial real estate brokerage and advisory firm exclusively representing tenants and buyers, has now announced the completion of its own creative office space concept in Irvine.

  With a fresh take on creative office space, Hughes Marino’s new Orange County office creates the right balance with traditional private offices that are set within a highly unusual environment, according to Jason Hughes, CEO of Hughes Marino.

“There has been an enormous amount of hype surrounding open office space for the past few years,” explains Hughes. “Some claim that the borderless workspaces often favored by tech companies are destined to become the wave of the future.”

Hughes notes that his clients’ needs, and those of his own firm, are more complex than simply doing the new thing because it’s the new thing.

“While the open office concept may seem ‘cool,’ there must be a balance of public and private space in order to achieve maximum productivity,” he explains. “A great deal of research has shown that in many open-space offices, employees are unable to concentrate.  Further, many put on headphones that stop interaction completely so that they can focus on their work.”

Hughes notes that with this knowledge base, built on years of walking every type of office space in California and talking to owners of thousands of office spaces, his company took a different approach in crafting its new space in Irvine.

Hughes Marino’s space features private offices along the exterior of the space.  In the interior space, the setting feels more like a home than a traditional office.

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

Jenn Quader or Amanda Alenick

Brower, Miller & Cole

(949) 955-7940

aalenick@browermillercole.com

www.hughesmarino.com

Berger Commercial Realty Arranges Lease for New Youfit Health Club to Open at Lauderdale Marketplace in Lauderdale Lakes, FL

Joseph Byrnes

FORT LAUDERDALE, FL (June 23, 2014)- Berger Commercial Realty Vice President Joseph Byrnes recently represented  Lauderdale Marketplace Investments in five new retail leases at its office and retail complex in Lauderdale Lakes, including a 10-year, 14,285-square-foot lease to Youfit Health Clubs, a rapidly expanding chain of health centers nationwide.

 The St. Petersburg, Fla.-headquartered company will offer low-cost, month-to-month memberships at its newest facility, located at 3708 W. Oakland Park Blvd. 

In addition to several other South Florida locations, Youfit also has facilities across the state and in Georgia, Arizona and California.

 Other leases included:

2,900 square-feet of space at 3674 and 3676 W. Oakland Park Blvd. to Chinaman Photo;

1,737 square-feet of space at 3784 W. Oakland Park Blvd. to Moon 64, Inc.;

1,400 square-feet of space at 3762  W. Oakland Park Blvd. to TriStar Marketing Associates, LLC;

and 1,200 square-feet of space at 3684 W. Oakland Park Blvd. to  World Famous, Inc.

For more information about leasing and custom build-outs at Lauderdale Marketplace, contact Berger Commercial Realty at 954-358-0900.

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

Marielle Sologuren

Pierson Grant Public Relations

msologuren@piersongrant.com

(954) 776-1999, ext. 226