HFF arranges $80 million financing for development of luxury residential tower in Midtown Miami, FL

                                   

Jennifer L. Keller 

NEW YORK, NY – HFF announced it has arranged $80 million in financing for the development of Midtown 5, a 24-story, 400-unit luxury residential tower in Midtown Miami. 

HFF worked on behalf of the borrower, a joint venture between an institutional investor, Magellan Development Group and Midtown Development, to secure the construction financing through TD Bank and Mercantil Commercebank.  

Midtown 5 will be situated at 3301 NE 1st Avenue, approximately four miles west of Miami Beach and surrounded by the highly sought-after neighborhoods of Wynwood, Edgewater and the Design District. 

Designed by Chicago-based Loewenberg Architects, the LEED Silver project is slated for completion in the fall of 2016.

 In addition to the 365,000 square feet of residential space, Midtown 5 will also include 21,500 square feet of ground floor retail, 2,600 square feet of office space and a 450-space parking garage. 

Mike Tepedino

Residential units will offer one-, two- and three-bedroom floor plans averaging 1,058 square feet.  

The 51,000 square feet of community amenities will include a 24-hour door person, several outdoor lounges with grilling stations, swimming pool and cabanas, spa, state-of-the-art fitness center with steam room and sauna, game room, dog run, bike room, extensive business center and interior gallery.

The HFF debt placement team was led by senior managing director Mike Tepedino, managing director Elliott Throne, director Jennifer Keller and associate director Scott Wadler.

“The project is being developed, leased and managed by Chicago-based Magellan Development Group, a firm that has developed 4,950 residential units including the Lakeshore East community, a 28-acre master planned development in downtown Chicago,” said Tepedino.

Since its inception in 1996, Magellan has evolved as one of the most prolific and highly respected developers of large-scale mixed-use properties in Chicago.

Elliott Throne

  Magellan’s expertise spans the interrelated fields of real estate design, development, development consultation, architecture, leasing, sales and marketing.  This strong combination enables Magellan to manage the entire development process from conception to completion.

Magellan’s principal project, the award-winning, 28-acre Lakeshore East, is halfway completed and already home to thousands. 

 When completed, the ‘village in the heart of the city’ will include 4,950 residences, 2.5 million square feet of gross commercial space, 1,500 hotel rooms and a planned elementary school surrounding a magnificent six-acre botanical park.

 For more information please visit magellandevelopment.com or email jtaylor@magellandevelopment.com.

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

$12 million permanent financing for 285-unit apartment community in Orange Park, FL arranged by HFF

Zach Koucos

SAN DIEGO, CA – HFF announced it has arranged $12 million in permanent financing for Bluff House, a 285-unit apartment community in Orange Park, Florida.

                Working exclusively on behalf of Pacifica Companies, HFF placed the five-year, fixed-rate loan with BankUnited.  Loan proceeds will refinance existing debt on the property.

                Bluff House is situated on 18.32 acres at 2020 Wells Road in Orange Park along the St. Johns River, approximately 18 miles southwest of downtown Jacksonville. 

In addition to the 285 one-, two- and three-bedroom homes included in this transaction, the property also encompasses seven privately-owned condo units.

 Community amenities include two swimming pools, a fitness center and picnic area.  Renovated in 2012, the property has a historical occupancy of approximately 90 percent.

                The HFF team representing the borrower was led by directors Zach Koucos and Michael Weinberg and analyst Akhil Israni.

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

HFF arranges joint venture equity for View at Waterfront in Washington, DC

                 

Sue Carras

 WASHINGTON, D.C. – HFF announced it has brokered  a  relationship for the purchase and development of the View at Waterfront, a two-tower, 256-unit apartment complex with two future development sites in Washington, D.C.

HFF worked on behalf of Mill Creek Residential to procure John Hancock as their development partner in the transaction. 

Designed by I.M. Pei in 1960 and fully renovated in 2008, the property is 93.6 percent leased with existing units averaging 688 square feet each.

 The existing building amenities include a swimming pool, outdoor fire pits and grill areas, Bark Park and fitness center. 

Planned development includes two new apartment buildings with approximately 250 additional units and new amenities, including a rooftop terrace with wet bar and grilling space, state-of-the-art fitness center with yoga studio, business center and 8,900 square feet of retail space. 

Walter Coker

The property is located at 6th Street SW and M Street SW in Washington, D.C.’s Southwest submarket.

The HFF equity placement team was led by Walter Coker, Brian Crivella, Sue Carras and Dave Nachison.

”This project represents a great team effort by Mill Creek and John Hancock to provide a complicated capital solution to a very large complex transaction.  We were pleased to be involved in the process,” said Coker.

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

HFF closes sale of and arranges financing for Modera Pembroke Pines in South Florida

Manny de Zarraga

MIAMI, FL – HFF announced it has closed the $95.5 million sale of and arranged acquisition financing for Phase I of Modera Pembroke Pines, a two-phase, luxury multi-housing community totaling 700 units in Pembroke Pines, Florida. 

HFF marketed the property on behalf of the seller, a joint venture between affiliates of Mill Creek Residential and Clarion Partners.  AVR Realty Company purchased Phase I for $95.5 million. 

AVR separately engaged HFF to arrange the acquisition loan through New York Life Real Estate Investors.

In addition, HFF also arranged binding agreements with AVR for the sale and financing of Phase II of the property with closing slated upon completion of construction in 2015.

 New York Life Real Estate Investors will also provide acquisition financing for Phase II of the project. 

Matthew Lawton

                Modera Pembroke Pines is located at 10170 SW 7th Street near Pines Boulevard and Palm Avenue in the Broward County suburb of Pembroke Pines.

 Situated on 27.2 acres, the project is the first component of Pembroke Pines City Center, a mixed-use, walkable master planned community.

 Phase I of the project was completed in early 2014 and includes 422 units, which are 95 percent leased.  Due for completion in second quarter 2015, Phase II of the project will include 278 units.

 Both phases of the property include a mix of one-, two- and three-bedroom units in both flat and townhome configurations. 

Community amenities will include two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and available private garages and storage units. 

Jaret Turkell

                The HFF investment sales team representing the seller was led by executive managing directors Manny de Zárraga and Matthew Lawton, managing director Jaret Turkell, director Matt Mitchell and associate director Maurice Habif.  

                HFF’s debt placement team was led by managing director Elliott Throne.

De Zarraga said, “Modera Pembroke Pines represents one of the premier residential communities in South Florida with state-of-the-art design features and a highly central location serving the intense employment nodes of northern Miami-Dade and Southwest Broward Counties, coupled with the desirable Pembroke Pines community retail, school and community amenities.  

"Modera Pembroke Pines is another signature development of Mill Creek, one of the country’s top developers of multi-housing communities."

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

www.clarionpartners.com.

HFF secures $24 million financing for multi-housing development in suburban Minneapolis, MN

Josh Simon

DENVER, CO – HFF announced it has secured $24 million in financing for the development of Gabella at Parkside, a 196-unit, Class A multi-housing community in the Minneapolis suburb of Apple Valley.

                Working exclusively on behalf of the borrower, an affiliate of IMH Financial Corporation, and developer, Titan Investments, HFF placed the three-year construction loan with a national bank.

                Due for completion in February 2016, Gabella at Parkside will include a mixture of 196 one-, two- and three-bedroom units totaling 205,544 rentable square feet.

 Situated on a 5.2-acre site, the property will be the first of a five-phase residential component located within Central Village, a 60-acre master planned development encompassing hotel, retail, office and multi-housing in downtown Apple Valley. 

The transit-oriented property will be within walking distance of the Apple Valley Transit Station along the Minneapolis-St. Paul Metro Red Line. 

Brock Yaffe

Community amenities will include a resort-style swimming pool, hot tub, sun deck, grilling area, indoor/outdoor gaming area, state-of-the-art fitness center, yoga studio, theater room, lounge and internet café.

                The HFF team representing the borrower was led by director Josh Simon, associate director Brock Yaffe and analyst Matt Gangaware.

IMH Financial Corporation (“IMH”) is a real estate company based in Scottsdale, Arizona, with extensive experience in various facets of commercial real estate.  

Titan Investments is a privately-owned real estate firm that specializes in creating value through the development and ownership of high-quality multifamily, student housing, assisted living and mixed-use properties on a national basis. 

  Since its inception, Titan has developed thirteen projects with a market value of approximately $250 million.

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

Post Properties Announces Third Quarter 2014 Earnings and Development of Second Phase of Post Parkside™ at Wade in Raleigh, NC

Dave Stockert

ATLANTA, GA (BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced net income available to common shareholders of $132.8 million, or $2.44 per diluted share, for the third quarter of 2014, compared to $18.1 million, or $0.33 per diluted share, for the third quarter of 2013.

Net income available to common shareholders for the nine months ended September 30, 2014, was $192.9 million, or $3.54 per diluted share, compared to $64.0 million, or $1.17 per diluted share, for the nine months ended September 30, 2013.

“The third quarter was a productive and successful one,” said Dave Stockert, the Company’s CEO and President. 

 “Highlights included another double-digit increase in per share adjusted core funds from operations and a highly profitable sale of assets, providing the Company with substantial low-cost capital to fund future investments.”

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

Post Properties, Inc.

Chris Papa, 404-846-5028

FrontDoor Communities Opens Sales at Two Metro Atlanta Communities

Terry Russell

ATLANTA, GA – FrontDoor Communities announced that sales have begun at both The Enclave at Nash Springs and CopperLeaf, two housing communities located in metro Atlanta. 

The homebuilder is continuing its penetration of the Atlanta market with four communities currently under development in the area.

The Enclave at Nash Springs delivers 45 homes on nearly half-acre lots to Gwinnett County, an area starved for finished homes. Located in the top-rated Brookwood High School district, the community consists of 3,000- to- 4,000-square-foot homes featuring quality timeless architecture, porches and basements.

CopperLeaf is located in West Cobb County, another highly desirable area of Atlanta, placing it in the Kennesaw Mountain High School district. CopperLeaf boasts 24 homes from 2,800 to 4,000 square feet, featuring spacious lots, three-car garages and basements.

Copperleaf home, West Cobb County, GA

“As we continue to position FrontDoor Communities as a leader in the Atlanta market, we have sought out the best locations for new homes,” said Terry Russell, CEO of FrontDoor Communities.

 “We’ve seen a great deal of interest from potential homebuyers because our communities incorporate quality design, have superior amenities and foster an active lifestyle.”

Homes at The Enclave at Nash Springs range from the low $400,000s to the low $500,000s. At CopperLeaf, homes also start in the low $400,000s.

For more information on FrontDoor and its communities, visit www.frontdoorcommunities.com.

  

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

M.C. Rhodes •The Wilbert Group

1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309

O: 404-343-0274  • M: 678-983-5867

www.thewilbertgroup.com

IPA Arranges Sale of 240-Unit Apartment Complex in Emerging Phoenix, AZ Submarket

  

Level at Sixteenth Apartments, 1550 East Campbell Avenue, Phoenix, AZ

 PHOENIX, AZ – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Level at Sixteenth, a 240-unit apartment complex located on more than four acres at 1550 East Campbell Ave. in Phoenix. The terms of sale were not released.

Steve Gebing

            The seller, Cornerstone Real Estate Advisers, on behalf of a Cornerstone-managed fund, was advised by IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David.

“Level at Sixteenth was developed by Alliance Residential Co. in 2010 on a site previously occupied by a 1950s-era strip mall, marking a new era of redevelopment that has transformed the area,” says Gebing. 

“The property is adjacent to the city’s prominent Biltmore Quarter, and its proximity to the Central Avenue office corridor provides residents with direct access to the greatest concentration of employment in Arizona.”

Level at Sixteenth offers 20 floor plans and studio, one- and two-bedroom apartment homes. Interiors feature mountain or downtown city views, wood-style flooring throughout kitchen, bath, living and dining rooms, and deluxe appliance packages.

Cliff David

 Private laundry quarters are also featured in each home, along with multi-media access pre-wiring throughout.

Select apartment homes also have private enclosed sunrooms with French doors, spiral staircases to open lofts with 18-foot ceilings, exposed duct work and soaking tubs.

Community amenities include gated controlled access entry, a clubhouse with lounge and kitchen, a two-story, fully appointed athletic center with virtual personal training programs, outdoor ramada lounge with Wi-Fi connectivity, 100-inch multi-media video wall and billiard table, resort-inspired pool and Jacuzzi with water feature and temperature-controlled interior corridors.

There is also a reserved underground parking garage and 56 private attached garages.

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

Gina Relva

Public Relations Manager

(925) 953-1716

Wyndham Hotel Group Opens First Ramada Hotel in Guatemala

Ramada Tikal Isla de Flores, Guatemala

PARSIPPANY, NJ -- Wyndham Hotel Group, the world’s largest hotel company with approximately 7,590 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), announced the opening of the Ramada Tikal Isla de Flores, the brand’s first property in Guatemala.

The launch of this full-service hotel, which features pools, a bar and restaurant and which is conveniently located near Lake Petén Itzá, coincides with a significant milestone for the Ramada® brand – its 60thanniversary.

Part of a two-year development agreement with Ivers Trade, Inc. to bring four Ramada® properties to Guatemala, the newly constructed property plays a key role in Wyndham Hotel Group’s strategy to grow the Ramada brand throughout Latin America.

"We are happy to partner with Ivers Trade, Inc. and to announce the launch of the first Ramada hotel in Guatemala,” said Paulo Pena, president and managing director of Latin America and the Caribbean for Wyndham Hotel Group.

“Ramada is a globally-recognized hotel brand and this new property reflects our commitment to growing our brands throughout the region by providing travelers with the brands they know and trust.”

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

Paula Carreiro

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

paula.carreiro@wyn.com

Crossman & Co. Brokers $21 Million Sale of Charles High Square in Rome, GA

John Zielinski

ROME, GA – Anchored by Publix, the 88,737 square foot Charles Hight Square, was sold on October 20th. 

Located in the heart of Rome, Georgia and across from the 304 bed Floyd Medical Center, the center represented the opportunity for investors to be main and main within a smaller community outside of Atlanta. 

Notable tenants include Publix, Wells Fargo, AT&T, Jimmy John’s and Mattress Firm. 

Crossman & Company’s Senior Vice President, John Zielinski, CCIM, was responsible for the identification and development of the project when he was the Real Estate Manager at Publix. 

Managing Director, Mark Thompson, and Investment Sales Analyst, Leah Harrington, worked alongside Zielinski in the exclusive representation of the property on behalf of the Seller.

Mark Thompson

“I have enjoyed working with Madison Retail from the very inception of this site to the transition to the new owner,” stated Zielinski.  “Both buyer and seller handled the transaction like the true professionals that they are and I was honored to help facilitate the process.”

Thompson adds, “Charles Hight garnered a significant amount of interest from the investment community both locally, regionally and nationally.  At the end of the day, there’s simply not enough quality product to meet the continued growth in demand from Investors.”

Leah Harrington

Crossman & Company was founded in 1990 and is a regional shopping center brokerage firm, which represents over 200 shopping centers in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.

For more information, visit the company’s website: www.crossmanco.com

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

Sydnie Cobb

Crossman & Company

marketing@crossmanco.com

 407.423.5400