HFF secures $19.75 million in construction financing for luxury residential condominium project in downtown Scottsdale, AZ

   Rendering of planned Envy luxury mid-rise condominiums  
                                     Downtown Scottsdale, AZ                                                    

Bryan Clark

SAN DIEGO, CA – HFF announced today that it has secured $19.75 million in construction financing for the development of Envy, an 89-home, luxury mid-rise condominium project in downtown Scottsdale’s Entertainment District. 

Working on behalf of the borrower, Deco Communities, HFF placed the non-recourse construction loan with a commercial bank.  

The floating-rate loan was priced above LIBOR with a floor of 4.25 percent and did not have a pre-sale requirement.  

HFF also arranged $14 million in joint venture equity for the project on behalf of the borrower in a separate transaction earlier this year.

                Envy will be situated on a one-acre site at 4422 North 75th Street near the intersection of Camelback and Scottsdale Roads.  Slated for completion in the spring of 2016, the 89 for-sale residences will feature a variety of one- and two-bedroom floor plans. 

Patricia A. Watts

The eight-story property will provide panoramic city and mountain views and is set to include amenities such as a 4,500-square-foot, state-of-the-art fitness center with lounge and juice bar, mezzanine lounging area, underground parking, resort-style swimming pool and spa, bicycle storage, electric car charging stations and concierge service.

                The HFF debt and equity placement team was led by director Bryan Clark.

Deco Communities brings fresh thinking to residential real estate development.  

In their 17th year in real estate ownership and development in the Southwest, Deco’s founders have used their background in for-sale residential and research into changing demographics and buyer trends to create a  truly unique residential real estate development company. 

Principals Robert Lyles, Patricia Watts and Dan Richards collectively have more than 75 years of experience in the Valley’s residential market, having completed numerous commercial and mixed-use projects and created more than 3,500 homes and counting.  www.decocommunities.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

HFF arranges $61.75 million financing for development of 60 Fulton Street in Lower Manhattan, NY

Rendering of planned Exhibit luxury residential tower, 60 Fulton Street
Lower Manhattan, NY

Jennifer L. Keller

NEW YORK, NY  – HFF announced today that it has arranged $61.75 million in financing for the development of  Exhibit, a luxury residential tower comprised of 120 residential rental units and 6,800 square feet of retail space located at 60 Fulton Street in Lower Manhattan.

                HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group, LLC to secure a 33-year construction-perm loan through Pacific Life Insurance Company. 

                The project is located on the corner of Fulton and Cliff Streets, within a few blocks of the Fulton Center transportation hub, which offers access to 10 subway lines, the World Trade Center and South Street Seaport. 

Scheduled for completion in 2016, the 23-story project will be developed by Socius Development Group, and will contain a total of 120 rental units (96 market rate and 24 affordable) comprised of studio, one- and two-bedroom floor plans.

Robert Rizzi

 Exhibit will offer residents unobstructed views of the Manhattan skyline, East River and Brooklyn Bridge.  

Property amenities will be located on the 23rd floor and will include two landscaped rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. 

  With frontage along Fulton Street, the project will also contain 6,800 square feet of retail. 

This is the second collaboration between Scott Aaron, managing principal of Socius Development Group (www.sociusdev.com) and the Brauser family.  They previously developed the highly regarded 100 West 18th Street, a luxury condominium and retail development in Chelsea.

The HFF team representing the borrower was led by managing director Rob Rizzi, managing director Michael Gigliotti and director Jennifer Keller.

“The project is strategically positioned to benefit from the ongoing transformation of the Financial District into a vibrant residential neighborhood,” said Jennifer Keller. 

Michael Gigliotti

  “This construction-perm loan allowed the sponsor to lock a historically low fixed interest rate with an opportunity to increase proceeds upon stabilization - an ideal execution for a generational owner.”

The Parkland Group is a fully integrated real estate owner, operator and developer led by Gerald and Steven Brauser. 

  The company’s portfolio is comprised of multifamily, retail, truck stops and parking garages throughout the United States.  The Parkland Group is based in Manhattan and has offices in Ft. Lauderdale, Florida.

Socius Development Group is a full-service real estate development firm, specializing in luxury residential and hospitality development in the New York, New Jersey and Connecticut.  For more information please visit www.sociusdev.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

HFF arranges $12.2 million refinancing for 6-property retail portfolio in Miami’s Little Havana and Brickell neighborhoods

MIAMI, FL – HFF announced today that it has arranged a $12.2 million senior refinancing for a 64,939-square-foot portfolio comprised of six retail properties in Miami’s Little Havana and Brickell neighborhoods.

                HFF worked exclusively on behalf of The Barlington Group to secure the 10-year fixed-rate CMBS loan through UBS Investment Bank.   

The Little Havana submarket is located in the heart of Miami between the Brickell Financial District to the east, Coral Gables to the west and Jackson Health District just north. 

Chris Drew

Little Havana is one of Miami’s oldest neighborhood and due to the urban renaissance Miami is currently experiencing is considered a reemerging area. 
  Little Havana is among Miami’s most beloved neighborhoods and one of South Florida’s top cultural tourist attractions. 
 Little Havana has a rich Hispanic history from founding Cuban exiles to an influx of Central Americans and South Americans.
 As a locale so rich in history and culture, Little Havana has attracted a strong contingent of young professionals and artists drawn to the area’s cultural renaissance.  

The properties in the 100-percent-leased portfolio were all acquired by the borrower within the last five years and include:  Goodwill Superstore, 982 SW 8th Street; Futurama, 1637 SW 8th Street; recently completed 7-11, 735 NW 12th Avenue; Village Shops of Little Havana, 541 SW 12th Avenue; and Pents and Frows, 3670 Grand Avenue adjacent to the historic Ace Theatre occupied by Kroma Gallery. 

Maxx Carney

Additionally, included in the collateral was Brickell Station, which is home to Blackbird Ordinary, Stanzione 87 Pizza, La Moon Restaurant and Toasted Bagelry & Deli and is strategically located at the entrance to Miami’s Brickell Financial District at the intersection of SW 8th Street and SW 1st Avenue, adjacent to Swire Properties $1.05 billion mixed-use development known as Brickell Citi Centre.

The HFF team representing the borrower was led by director Chris Drew, associate director Jose Carrazana and real estate analyst Maxx Carney. 
“This was a terrific opportunity for HFF to work with a community conscious sponsor that is focused on both acquiring and operating great real estate and transforming an historic neighborhood through art, amazing food and authentic experiences,” Drew said.  

Martin Pinilla II (left) and Bill Fuller

“Given the significant concentration of art studios and local restaurants, the portfolio was not a typical deal that a New York-based lender underwrites; however, HFF was able to get a number of institutional lenders comfortable with the portfolio due to the experienced sponsorship and the strong fundamentals of the Little Havana and Brickell retail and office submarkets.”

                Barlington Group was founded by Bill Fuller and Martin Pinilla II, in Miami, Florida, in June 2004, as an urban development company committed to revitalizing neighborhoods within Miami's urban core.

 Since inception, Barlington Group has acquired, developed and managed commercial projects with a value exceeding $100 million.  Barlington’s repositioning projects have focused on a variety of asset classes including; multi-family, retail, office and mixed use buildings. 

The company currently operates 100-plus multi-family units and more than 400,000 square feet of retail and office space in 15 retail and mixed-use centers. The company is also invested in retail, entertainment, and hospitality ventures.  The core mission of The Barlington Group is to have fun creating unique places to live, work and play.

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 $45 million financing for acquisition of Salt Lake City-area power center

Jim Curtin

DALLAS, TX – HFF announced today that it has arranged $45 million in post-closing acquisition financing for The Family Center at Taylorsville, an approximately 779,000-square-foot regional power center in Taylorsville, Utah, a Salt Lake City suburb.

                Working on behalf of TriGate Capital, HFF placed the three-year, floating-rate loan with Wells Fargo Bank.  Loan proceeds were used to facilitate the acquisition of the shopping center.

                The Family Center at Taylorsville is situated on 68.36 acres at 5400 South and Redwood in Taylorsville, a suburb less than nine miles south of downtown Salt Lake City.  The center is leased to Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A, among other tenants.

                The HFF team representing the borrower was led by associate director Jim Curtin.

TriGate Capital, LLC is a market leading real estate private equity firm focused on the recapitalization and repositioning of real estate assets and companies.  TriGate seeks to identify and invest in opportunities that require new capital to solve capital structure issues or to further an asset or company business plan. 

The firm manages two fully discretionary real estate funds, TriGate Property Partners, LP (Fund I) and TriGate Property Partners II, LP (Fund II), which are the vehicles through which TriGate conducts its investment strategy.  

Fund I is fully invested and Fund II is presently in its investment period. For further information, please visit www.trigatecapital.com.

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

The Scott Residences in Old Town, Chicago, IL Surpasses 60 Percent Leased

  

Anthony Rossi Sr.

CHICAGO, IL (Dec. 15, 2014) – Less than 60 days after welcoming its first residents, The Scott Residences, a new luxury rental midrise in Chicago’s Old Town neighborhood, is more than 50 percent leased. Onsite management and leasing for The Scott is overseen by Chicago-based RMK Management Corp.

Located at the corner of North Wells and West Scott streets, one block north of Division St., The Scott has 71 units, including convertible, one-bedroom, two-bedroom and three-bedroom floor plans, ranging in size from 580 to 1,720 square feet.

Each apartment home features custom kitchen cabinetry, granite countertops, glass-tile kitchen backsplash, GE Artistry™ kitchen appliances, nine-foot ceilings, plank flooring throughout, and a full-size washer and dryer. Select units also have a balcony or terrace, and some have a built-in tech niche, per plan. 

Parking is available for an additional fee. Rents start at $1,900 a month for a convertible unit.

“There has been a lot of news surrounding the downtown luxury high-rise apartment boom in Chicago, but the fast pace of leasing at The Scott shows there is strong demand for new luxury rentals in other desirable neighborhoods, too,” said Anthony Rossi, Sr., president of RMK Management Corp.

“The Old Town neighborhood has long been a sought-after place to live for a variety of people because of its picturesque streets, historic architecture, plentiful parks, wide variety of dining and retail, proximity to the lakefront and easy access to downtown. And because of The Scott’s range of floor plans, the building, too, is attractive to a variety of renters.”

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

Vanessa Irving, virving@taylorjohnson.com, 312-267-4525

Kim Manning, kmanning@taylorjohnson.com, 312-267-4527

NAI Realvest Negotiates New Lease Agreement for Modeling, Simulation Firm at University Center in Orlando, FL

Mary Frances West

ORLANDO, Fla. – NAI Realvest recently negotiated a new office lease agreement for 3,443 rentable square feet in Suite 303 of University Center located 11301 Corporate Blvd. in east Orlando off Rouse Rd. and University Blvd.

Senior Broker Associate Mary Frances West, CCIM negotiated the transaction representing the tenant, Productivity Apex, Inc., a modeling/simulation solutions firm.

 The landlord, Crocker Partners V UCC LLC, of Orlando is the landlord who was represented by Micah Strader of CBRE. For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications 407.644.4142 lvershelco@aol.com.

NAI Realvest negotiates sale of bank owned office building for $100,000 in Wekiva Springs Road area of Longwood, FL

  

Mitch Heidrich

ORLANDO, Fla. – NAI Realvest recently closed the sale of a bank owned office building with 2,146 square feet located at 750 Miami Springs Drive, off Wekiva Springs Road in Longwood.

NAI Realvest Principal Matt Cichocki and associate Mitch Heidrich, negotiated the transaction representing Ocwen Loan Servicing and the seller U.S. Bank National Assn. of West Palm Beach.

The buyer, Shabnam Abdalllah paid $100,000 for the property with the intent to renovate for use as professional office space.  The buyer was represented by Moe Musleem of Remax Legacy. 

This was the fifth property that the NAI Realvest Retail Team has sold for Ocwen Loan Servicing in the past 12 months.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407.644.4142 lvershelco@aol.com.

Berkadia Closes on 60 Unit Autumn Brook Apartments in Hueytown, AL for $2.65 Million

David Oakley

BIRMINGHAM, AL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated the sale of Autumn Brook, a 60-unit apartment community located in Hueytown, Ala. for $2,650,000.

David Oakley, Partner, William Parkhurst, Associate, and Josh Jacobs, Associate, in Berkadia’s Alabama office, negotiated the sale, representing the seller, Autumn Brooke Apartments, LLC.

Built in 1993, Autumn Brook is a garden-style, two-story community situated on approximately 2.79 acres of land with a density of 21.5 units per acre and an average unit size of 1,073 square feet.

The buyer was Autumn Brook Partners LLC, based in Birmingham.  

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407.644.4142 lvershelco@aol.com.