New England Construction Announces New Leadership Team; Matt Sluter Named President of Construction Management Firm

Matt Sluter

COHASSET, MA, July 24, 2014--–New England Construction announced the formation of a new leadership team to support the firm’s steady growth and ambitious goals moving forward.

 The move also marks a transition to the next generation of family owned leadership for the company.

Matt Sluter, son of founder and chief executive officer David Sluter, has been promoted to president of New England Construction.  He will assume decision-making authority over all aspects of the family-owned construction management firm.

George Malakidis

Matt Sluter has worked in the construction industry since graduating Bucknell University in 2001. His work for other firms moved him out of state for several years, and he returned home and joined New England Construction in 2005.

He began his career with the firm as an Assistant Project Manager and has held a number of different positions, most recently serving as Vice President.  His tireless contributions to every aspect of the company have continued to be recognized.

“Matt’s appointment is recognition of his ability to manage all key functional areas of the business,” said chief executive officer David Sluter.  “On a personal level, I am very proud of my son.  Everything that he’s accomplished he has earned, and his work ethic and leadership abilities are the right fit to guide the company moving forward.”

New England Construction is a reputable real estate and construction management firm that has nearly a 30-year history built on integrity, commitment and excellence.    Founded in 1985, the firm has continually earned their clients’ business by offering hands-on dedicated service that has ultimately resulted in strengthened client relationships, repeat business, and the delivery of high quality projects. The firm has grown from $10 million to $60m in sales annually. 

Wayne Grenon

Matt Sluter, 35, is the youngest of three sons that work for New England Construction. 

Steve Sluter is an estimator who has worked for the company for nine years, and Ethan Sluter joined the company six years ago after working for Peregrine Group, a real estate development company in Rumford, RI.  Ethan supports the real estate development side of the business.

“My brother Steve and I are very happy for Matt as he takes on this new leadership role,” said Ethan Sluter.  “Matt is a very bright man with the intelligence and passion to keep the company moving in the right direction.”

In addition to the elevation of Matt Sluter, the leadership team also added George Malakidis as Director of Operations and Wayne Grenon as Vice President of Finance.

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

Matt Watkins                                             

Watkins Strategies                               

617-571-4582                                      

Mwatkins@watkinsstrategies.com

                   

Thomas D. Wood and Company’s Tampa Office Secures $8,730,000 in Commercial Mortgage Transactions

Doug Rozzell

Tampa, FL – Tampa Office of Thomas D. Wood Company, a Strategic Alliance Mortgage LLC member, secured $8,730,000 in commercial mortgage transactions for properties throughout the state of Florida.  Interest rates continue to stay as low as 4%, contributing to the increase in successful closings.

 Senior Vice President Doug Rozzell, obtained bridge financing in the amount of $3,200,000 for the purchase and renovation of the River City Place Apartments, a 120-unit multi-family property in Jacksonville, Florida. 

The borrower, a fund based outside of the United States, was purchasing a Class C apartment complex that needed significant capital improvement dollars to convert it to a Class B property. 

Rozzell arranged the bridge loan based upon a long-standing relationship with a Florida-based capital source, who will also be funding 60% of the renovation funds to upgrade the apartment complex to a Class B status.

 Rozzell secured financing for University Terrace, a 7,426 square-foot retail plaza in Orlando, Florida, in the amount of $3,850,000.  The borrowers were seeking to refinance an asset that contained a credit tenant as part of the income stream, but had never built on the site it was leasing.  Rozzell secured a loan with a regional bank, providing the borrower a permanent fixed-rate loan with a term of 10 years, based on a 25-year amortization and an interest rate of 4.10%.

Shoppes at Vista Lakes, Orlando, FL

 Rozzell also obtained financing for the 2105 Building, an office building in Winter Park, Florida, in the amount of $780,000, and Shoppes at Vista Lakes, a multi-tenant retail plaza in Orlando, Florida, in the amount of $900,000.

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

Jessica Kinnee,

Director, Marketing & Public Relations,

Thomas D. Wood & Co.,

407 374 0251

Jessica@tdwood.com

SVN Crossroads Management Awarded 356,300 SF of Property Management Contracts in Greater Chicago Area

Kirsten Helma

Schaumburg, IL – Schaumburg-based SVN Crossroads Management, LLC has been awarded the property management contracts for eight separate properties comprising 356,300 square feet of space.

Located throughout the greater Chicago area, the properties consist of medical office, industrial flex, retail and commercial condominiums.

 “The goal for this year was to increase our market share in the Chicago area and this latest group of contracts delivers on that promise,” said Kirsten Helma, chief operating officer for SVN Crossroads, who is approaching her one-year anniversary with the firm.

“It’s been amazing what the team at SVN Crossroads has been able to accomplish in the past year. With more than 500,000 square feet of potential contracts still in the pipeline, we are confident that 2014 will be one of the firm’s strongest years.”

 In the medical office market, SVN Crossroads has agreed to provide property management services for a three-building portfolio at 115-125 Wilke Road in Arlington Heights, Ill., for a total of 123,000 square feet. The firm also has been awarded a 53,000-square-foot property at 1920 Highland Ave. in Lombard, Ill.              

Wayne Caplan

“Medical office properties require a unique management expertise and with our current successes, we look forward to expanding into this growing sector in the near future,” said Helma.

SVN Crossroads also picked up three separate retail centers, including a 66,000-square-foot facility at 2603-2709 W. Grand Ave. in Waukegan, Ill.; a 28,500-square-foot property at 435 Angela Lane in Crystal Lake, Ill.; and a 3,800-square-foot building at 1755 W. North Ave. in Chicago, which includes three commercial condominiums.

The company was referred to the Waukegan property by Wayne Caplan of SVN Chicago Commercial, the Crystal Lake property by Joel Miller of SVN Landmark Commercial Real Estate and the Chicago property by Brad Teitelbaum of Colliers International.

 In north suburban Libertyville, SVN Crossroads was awarded a contract for an 82,000-square-foot industrial flex building at 14000 Rockland Road. Crossroads was referred by Vince D’Amico of SVN Chicago Commercial. 

 “This diverse mix of property types speaks to the broad capabilities of SVN Crossroads and our ability to deliver efficient and cost-effective operations to multiple asset classes,” said Helma. 

Leasing activity    

Olivia Czyzynski

Crossroads Development Partners, the development arm of SVN Crossroads, has announced five lease transactions.

At the Medcoa Professional Building, located at 990-1000 Grand Canyon Parkway in Hoffman Estates, Ill., Crossroads has completed three lease renewals, one renewal and expansion and one new lease, totaling approximately 10,000 square feet of transactions.

Crossroads worked with Olivia Czyzynski of Sperry Van Ness, John Gussman of Century 21 Affiliated and Bob Markay of Gladstone Consulting to complete these transactions.

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

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

Emily Johnson, ejohnson@taylorjohnson.com, 312-267-4522

New Haven Apartment Building Sells for $2.8 Million; Northeast Private Client Group Represents Buyer and Seller

Edward Jordan

BRIDGEPORT, CT – Investment sales broker Northeast Private Client Group has announced the sale of 154 Fountain Street, a 54-unit apartment building in the Westville submarket of New Haven, CT. 

Edward Jordan, JD, CCIM, the firm’s managing director, represented the seller and Bradley Balletto, the firm’s regional manager for Connecticut, represented the buyer in the $2,800,000 transaction, which closed on June 30. 

“The success of this transaction is the direct result of our relationship approach to investment sales,” said Mr. Jordan.  “With our regional brokerage platform, we were able to create tremendous competition for this asset among highly qualified buyers from Boston to New York.”

The Fountain Street property comprises 54 studio units and features ample off-street parking and on-site laundry facilities all within walking distance to Westville Village. 

Bradley Balletto

The seller, Lighthouse Group of New Haven, purchased the property in 2005 and repositioned the property during its ownership to capture strong apartment demand from young professionals eager to live in the Westville area. 

The buyer, Netz USA LLC, purchased the Fountain Street property for a price that equates to nearly $52,000 per unit, which represents a capitalization rate of 7.9% on the current net operating income.  

The transaction was made contingent on the assumption of the existing FNMA mortgage by the buyer.

 “High occupancy and growing rents in New Haven are driving strong demand for multifamily properties,” said Mr. Balletto.  “In today’s uncertain financial conditions, income-producing real estate is still the best vehicle for generating and preserving wealth.”

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

Randy Savicky

Strategy+Communications

randy@strategypluscommunications.com

203.226.6156

HFF secures construction loan and joint venture equity for luxury Class AAA Uptown Dallas, TX mixed-use development

Bill Fishel

DALLAS, TX – HFF announced today that it has arranged a construction loan and joint venture equity investment for the development of McKinney & Olive, a $225 million luxury, Class AAA, 530,000-square-foot, mixed-use project currently under construction in Uptown Dallas. 

                HFF worked exclusively on behalf of the borrower/developer, Crescent Real Estate Equities in arranging the 10-year, fixed-rate construction financing through New York Life Insurance Company.  J.P. Morgan Asset Management, acting on behalf of institutional investors it advises, provided the joint venture equity for the development.

                Designed by the world-renowned architectural firm, Pelli Clarke Pelli, McKinney & Olive will be a one-of-a-kind, 20-story tower with 480,000 square feet of office space, 50,000 square feet of premier lower-floor retail space and outdoor public space of nearly one acre that will set the project apart from other buildings in the area. 

Prestigious law firms Gardere Wynne Sewell LLP and Sidley Austin have both pre-leased a portion of the office space.  Gardere has signed on for 109,000 square feet and Sidley has leased 75,000 square feet. 

Mark Gibson

                The project sits on a 3.1-acre site at McKinney Avenue and Olive Street in Uptown Dallas with walkability to amenities such as the new Klyde Warren Park, Dallas Arts District and American Airlines Center. 

The project also has easy access to DART bus and light rail stations and the McKinney Avenue Trolley.  Upon completion in summer 2016, McKinney & Olive will be the tallest structure in Uptown Dallas and will redefine the Dallas skyline.

                According to HFF, the property will represent the newest sophistication of upper-tier office space in Uptown Dallas and is truly a “best in class” property in every respect.

                The HFF capital placement team representing the borrower was led by associate director Bill Fishel along with executive managing director Mark Gibson and senior managing director Trey Morsbach.

Crescent Real Estate Holdings LLC, headquartered in Fort Worth, Texas, is a fully-integrated real estate company owned by Goff Capital and Barclays Capital.  Through its subsidiaries, Crescent owns, manages and develops premier, Class A office buildings.  Crescent also holds investments in resort residential developments in locations such as Scottsdale, Vail Valley, and Lake Tahoe; a luxury hotel, The Ritz-Carlton, Dallas; and the wellness lifestyle leader, Canyon Ranch®.

Trey Morsbach

J.P. Morgan Asset Management – Global Real Assets has more than $74 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of March 31, 2014. 

  With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.

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