HFF closes sale of Hilton Garden Inn in Austin, TX

Hilton Garden Inn Austin NW/Arboretum, 11617 Research Boulevard, Austin, TX

Daniel Peek

 DALLAS, TX – HFF announced it has closed the sale of the Hilton Garden Inn Austin NW/Arboretum, a 138-key hotel located in Austin, Texas, which Forbes magazine named the “2014 Fastest Growing City in America”.

HFF exclusively marketed the property on behalf of the seller.  Moody National Companies purchased the offering for an undisclosed amount free and clear of existing debt.

                The property is located at 11617 Research Boulevard near US 183’s intersection with Loop 1 (MoPac Expressway) in the North/Northwest Austin submarket where major employers including Google, Apple, IBM, Dell, National Instruments, HP, Xerox, Oracle and Cisco have offices. 

The Arboretum, an upscale shopping area, is less than two miles south of the hotel, and The Domain, Austin’s largest mixed-use development, is three miles southeast of the hotel.

John Bourret

 Completed in 2002 and renovated in 2014, the five-story hotel features 87 king rooms and 43 double rooms averaging 350 square feet, eight of which are handicap accessible, as well as four king suites and four double suites averaging 600 square feet. 

Amenities include a breakfast grill, lounge, indoor pool and whirlpool, a 24-hour business center, two outdoor patio areas, a fitness center and 1,242 square feet of meeting and event space that can accommodate events with up to 80 attendees. 

                The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group Dan Peek, managing director John Bourret and real estate analysts Austin Brooks and John Callahan.

                Established in 1996, Moody National Companies is a full-service commercial real estate firm focused on identifying and developing investment opportunities that offer long-term asset preservation as well as stable and predictable cash flows.  Headquartered in Houston, Texas, their team of dedicated real estate professionals applies financial expertise to offer clients comprehensive solutions for all real estate needs.

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 one of San Antonio’s largest office properties

Highpoint Towers, 8401 and 851 Datapoint Drive, San Antonio, TX

Kelsey A. Roop

AUSTIN, TX – HFF announced it has closed the sale of Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the south Texas Medical Center in San Antonio, Texas.

                HFF marketed the asset on behalf of the seller, DNA Partners.  The property was purchased for an undisclosed amount. 

                Highpoint Towers is situated on a 13.06-acre site in San Antonio at 8401 and 8515 Datapoint Drive, which is accessible from three major highways:  Interstate 10, Loop 410 and Loop 1604.  

The assets are located in the northwest office submarket adjacent to the South Texas Medical Center, a 900-plus-acre campus with five medically-related institutions, 12 hospitals and one higher education institution. 

The project boasts 360-degree views of the San Antonio skyline and Hill Country atop the highest point in San Antonio.  The new ownership plans extensive renovations to the project, including upgrading the lobbies, exterior aesthetics, elevators and bathrooms.

                The HFF investment sales team representing the seller was led by managing director John Taylor, associate director Kelsey Roop and real estate analysts Patrick McCord and Ryan McBride.

John Taylor

“We are excited that, by selling the last office property in DNA Partner’s portfolio, it will provide them the opportunity to focus on continuing to grow an already well-established ‘pure’ retail portfolio,” Taylor said. 

  “In addition, this is a great opportunity for a new strong office operator to enter the San Antonio market and create significant new value on one of the largest office properties in the market.”   

DNA Partners acquires and manages commercial properties in select markets with strong demographics and economic drivers.  Since its inception in 2002, DNA has purchased more than 1.3 million square feet.  

DNA’s criterion includes high growth markets, below-market rents or expansion potential, strong sales, significant linear frontage for maximum visibility and reasonable potential for capital appreciation through management and leasing opportunities. 

Learn more at www.dnapartners.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 secures $76.6 million financing for Class A office tower in downtown San Jose, CA

Ten Almaden, 10 Almaden Boulevard, Downtown San Jose, CA

Bruce Ganong

SAN FRANCISCO, CA – HFF announced it arranged $76.6 million in financing for Ten Almaden, a 309,255-square-foot, transit-oriented, Class A office building in downtown San Jose, California.

                Working on behalf of KBS Capital Advisors for KBS REIT III, HFF placed the three-year, floating-rate loan with Bank of America.  Loan proceeds were used to acquire the property from Equity Office Properties in a sale also arranged by HFF.

                Completed in 1988 and renovated in 2010, Ten Almaden is a 17-story, LEED Certified Gold office tower that is 89 percent leased to tenants including Citibank, Comcast, Robert Half International, Rosetta Marketing Group and Turner Construction Company. 

The property features a three-story atrium and lobby, fitness center with outdoor pool, sauna and showers, a six-level parking structure and café.  

Situated on a 1.64-acre site at 10 Almaden Boulevard, the property is within walking distance to the San Jose Diridon Transit Station served by Caltrain, Amtrak, ACE commuter rail, VTA light rail and bus lines connecting downtown San Jose to San Francisco and the Peninsula. 

Kevin MacKenzie

The property is also convenient to Interstates 280, 680, 880, Highways 87 and 17 and US 101 as well as being a five-minute drive from San Jose’s Norman S. Mineta International Airport.

The HFF debt placement team representing the borrower was led by senior managing directors Bruce Ganong and Kevin MacKenzie and director Jordan Angel.

KBS Capital Advisors is KBS REIT III’s external advisor and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. 

Since its inception, KBS and its affiliated companies have completed transactional activity of more than $31 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.

 For information, visit www.kbs.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 $32 million non-recourse financing for development of best-in-class boutique hotel at 225 Bowery in Bowery Neighborhood of Manhattan, NY

Jay Marshall

NEW YORK, NY - HFF announced it has arranged $32 million in non-recourse financing for the development of a 200-key, best-in-class, boutique hotel in Manhattan’s Bowery neighborhood, which will be operated by a top-tier brand name operator.

HFF worked on behalf of the borrower, a joint venture between Omnia Group and Northwind Group, to secure the loan through a global asset management company.

The site is located at 223-225 Bowery, south of Houston between Prince and Spring Streets.  Due for completion in 2015/2016, the hotel will include an expansive rooftop amenity space along with restaurant and music space with entrances from both Bowery and Freeman Alley.

The HFF team representing the borrower was led by senior managing director Jay Marshall, associate director Christopher Peck and real estate analyst Sam Nidenberg

“It is a privilege to have played a role in a truly transformative development that will positively change the landscape of the Bowery neighborhood,” Marshall said.

Christopher Peck

Omnia Group was founded in 1998 by David Paz, to acquire, develop and reposition value add real estate projects in the Manhattan market.  

Omnia’s team has more than 60 years of combined experience in New York City real estate.  

Their capabilities span all facets of the real estate investment life cycle including deal sourcing and structuring, due diligence, finance, development, construction, management, leasing and dispositions.

Since inception, Omnia has completed more than 19 projects representing 413,000 square feet of residential units with a combined asset value of nearly $250 million.

                Northwind Group was founded in 2009 by Ran Eliasaf, as a boutique real estate asset management and development platform.  It is based in Manhattan and focuses on value-added residential and commercial projects.  Northwind Group invests on its own balance sheet and in joint venture with a selected number of partners.

 Learn more at www.northwind-group.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 closes $48.3 million sale of retail power center in Poughkeepsie, NY

The Shoppes at South Hills, 1895 South Road (Route 9), Poughkeepsie, NY

Jose Cruz

FLORHAM PARK, NJ – HFF announced it has closed the $48.3 million sale of The Shoppes at South Hills, a 516,769-square-foot grocery-anchored retail power center in south Poughkeepsie, New York.

                HFF marketed the property on behalf of the seller.  DLC Management Corporation purchased the asset free and clear of existing debt.

                The Shoppes at South Hills sits on approximately 72.6 acres at 1895 South Road (Route 9), which has an average vehicle count of 40,000 per day.

  The center is at the intersection of South and Vasser Roads in a suburban area of south Poughkeepsie, which sits on the Hudson River and is approximately 80 miles south of Albany and 83 miles north of New York City.

 The site is the former South Hills Mall, which was partially demolished and redeveloped between 2007 and 2008 into a power center that is 86 percent leased to Shop Rite, Christmas Tree Shops, Ashley Furniture Home Store, Hobby Lobby, Burlington Coat Factory, Kmart, Bob’s Discount Furniture, Chuck E. Cheese’s and Weight Watchers.

Kevin O'Hearn

The HFF investment sales team representing the seller was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios.

                “With this transaction, DLC has acquired one of the leading power centers in the Hudson Valley,” Cruz said.

DLC Management Corporation (DLC) is one of the nation’s preeminent private retail real estate companies, with expertise in acquisitions, new developments, redevelopments, leasing, and management.  

Headquartered in New York with regional offices in Atlanta, Bethesda, and Chicago, SH DLC owns and/or operates 116 assets totaling 19.6MM square feet. For additional information, please visit www.dlcmgmt.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

George Smith Partners Secures $36 Million in Financing for Renovation of Waterfront Multifamily Community and Marina in Marina Del Rey, CA

Villa Del Mar Apartment Homes, Marina Del Rey waterfront, California

Steve Bram

LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged a $36 million bridge-to-perm loan for client Far West Management for the renovation of its property, Villa Del Mar Apartment Homes, a Marina Del Rey-waterfront, 196-unit, four-building multifamily complex with 209 boat slips, located on a leasehold, according to George Smith  Principal and Managing Director Steve Bram and Senior Vice President David Pascale. 

The unique, non-recourse, $36 million bridge-to-perm loan will provide 100 percent of the project’s renovation costs, reserves, financing costs and all soft costs for the renovation of the 40-plus-year old property. This renovation was required as part of the ground lease extension with the County of Los Angeles.

“Far West Management was seeking a loan that would allow the company to renovate the Villa Del Mar property, while also minimizing refinancing risk for their investors at the completion of the renovation process,” explained Bram.

David Pascale

He continues, “We ultimately secured a financing structure that provided our client with a 24-month bridge loan, which, upon completion of the property renovation and stabilization, will automatically convert to an eight-year permanent fixed-rate loan.”

According to Bram, the lender locked the rate on both the two-year bridge loan and the permanent loan at signing of the application. 

“By locking in the interest rate of the bridge and permanent loan at signing, our client was able to minimize the risk for its private investors by ensuring that a potential rise in interest rates will not affect their returns or risk of refinancing,” Bram said.

Bram noted that the financing also includes multiple loan fundings during the renovation process to minimalize the interest cost of unfunded renovation monies. 

"The loan allows Far West to vacate and renovate the buildings one at a time. Once a building is complete, Far West Management will lease that building at new premium rents, and subsequently take the next building off-line for its renovation. This process will allow the client to continue to generate cash flow from existing rents throughout the renovation."

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

Corynne Randel/ Jenn Quader

Brower, Miller & Cole

(949) 955-7940

Crandel@browermillercole.com

Jamie Korus Appointed Chairman of Mortgage Bankers Association Political Action Committee (MORPAC) for 2015-2016

Jamie Korus

Bill Cosgrove

WASHINGTON, D.C. (Jan. 7, 2015) – The Mortgage Bankers Association (MBA) announced today that Jamie Korus, CMB, President and Principal of Alliance Financial Resources,LLC, was appointed chairman of the Mortgage Bankers Association Political Action Committee (MORPAC) for the 2015-2016 political cycle, by Bill Cosgrove, MBA Chairman and CEO of Union Home Mortgage.

 Ms. Korus succeeds Kurt Pfotenhauer who served as MORPAC Chairman for the 2013-2014 election cycle.

“MBA is fortunate that Jamie accepted this position and I have no doubt that she will build on an already strong foundation created by previous MORPAC chairs,” said Bill Cosgrove.  “Her proven work ethic and commitment to and knowledge of the industry will serve her well in this role.”

Cosgrove continued, “Also, I want to thank Kurt Pfotenhauer for his service as MORPAC Chairman, and acknowledge the record setting $1.43 million MORPAC raised in the 2013-14 cycle. Kurt’s commitment to MORPAC and MBA are noteworthy and we appreciate all he has done and continues to do for our association and the real estate finance industry.”

Kurt Pfotenhauer

“MBA continues to be a strong, unified voice for the entire real estate finance industry, and the continued strength of MORPAC reinforces MBA’s commitment to all of our members.”  Cosgrove said, “We look forward to the next few years and are confident we will have even greater success.”

Jamie Korus currently serves as the President and Principal of Alliance Financial Resources, LLC.  She is involved in the MBA Future Leaders Program, and serves on MBA’s Residential Loan Production Committee.

 Recently Jamie earned the Certified Mortgage Banker (CMB) designation, which is the highest professional designation for the real estate finance industry. 

Korus received a dual Bachelors degree in Communication and Psychology from UW-Milwaukee, a Masters degree in Organizational Communication from UW-Milwaukee and has completed coursework towards her Ph.D. in Organizational Communication at Arizona State University.

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

Rob Van Raaphorst

rvanraaphorst@mba.org

(202) 557-2727

CHM Appoints C. Barry Robinson Senior Vice-President, Asset Management

C. Barry Robinson

BEVERLY, MA, Jan. 7, 2014—Capital Hotel Management (CHM), a leading hotel asset management and investment advisory firm, today announced that it has named industry veteran C. Barry Robinson senior vice-president.

 In his new role, Robinson will be responsible for providing asset management and advisory services to new and existing clients as they grow their hotel investment portfolios through improving returns on existing properties, acquisitions and new development.

Robinson is based in Denver, where CHM is actively engaged on several projects, including the Hyatt Regency Denver at the Colorado Convention Center and the Westin Denver International Airport hotel currently under construction.

“As new development continues to pick up, there’s an increasing need for oversight during the planning and ramp-up phases for new hotels,” said Ken Wilson, CEO of CHM.

Ken Wilson

 “Barry has extensive expertise in that arena, which is becoming much more active in this phase of the hotel cycle.  

"Planning, construction oversight and operational ramp-up strategy are critical to the long-term financial success of a hotel.  Mistakes made during this crucial period can affect a hotel for decades.

“ Barry also has extensive major-scale resort experience, which arguably is one of the most challenging hotel segments.  We are delighted to welcome him back to CHM as a well-regarded asset manager with an extensive and unique skill set.”

A 20-year hospitality industry veteran, Robinson formerly served as senior vice-president of hotel investments with CHM, in Hawaii, before becoming executive vice-president of hotel investments for Miller Global Properties, LLC.  He has held a number of asset management positions with such companies as Prudential Realty Group and Bass Hotels & Resorts.

Chad Crandell

  Robinson is a founding member and former president of the Hospitality Asset Managers Association (HAMA) where he earned his Certified Hotel Asset Management (CHAM) designation.

 He also has achieved his Certified Hotel Administrator (CHA) status from the American Hotel & Lodging Association. 

  Robinson received a Bachelor of Science degree in Hotel & Restaurant Administration from Cornell University and his MBA from the University of San Francisco in International Business-Executive Program.

“During his career, Barry has overseen more than $2 billion in hotel assets,” said Chad Crandell, president CHM. “While doing so, he has been responsible for virtually every aspect of the decision making process, including management oversight, capital expenditures, operation and budget review, renovation programming and oversight and contract negotiation.  His asset management depth of expertise is unassailable.”

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

Chris Daly

(703) 435-6293

chris@dalygray.com

Marcus & Millichap arranges sale of 22-unit apartment building in pompano beach, FL for $2.9 million

Brandon J. Rex

POMPANO BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Santa Barbara Arms, a 22-unit apartment property located in Pompano Beach, Fla.

The asset sold for $2,900,000 representing $131,818 per unit.

Brandon J.  Rex, a vice president investments and Evan P. Kristol, a senior vice presidents investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Pompano Beach, Fla.

 The buyer, a limited liability company from Avon, CT, was secured and represented by Felipe J. Echarte, a vice president investments, also in Marcus & Millichap’s Fort Lauderdale office. 

Evan P. Kristol

 “With the scarcity of and demand for the few remaining waterfront rental properties, Santa Barbara Arms was a very rare opportunity to acquire an asset that has not been offered for sale for well over 20 years,” says Rex.

“The property is only one of a few remaining parcels of land that has the potential to be redeveloped into condominiums or townhomes, providing its owners direct ocean access with no fixed bridges.

“ Furthermore, as the rental market continues to strengthen in South Florida, Santa Barbara Arms makes for an excellent repositioning opportunity through exterior upgrading and unit renovations.”

The property, located at 811 and 831 SE 22nd Avenue in Pompano Beach, FL, sits on one of Lake Santa Barbara’s finger canals and is in close proximity to Federal Highway, a major north/south thoroughfare and is close to restaurants, shopping and the beach.

Santa Barbara Arms consists of two adjacent, separately parceled buildings that have been operated as one rental community by the same family for over 20 years. Building 811 consists of 14 units which are comprised of seven one-bedroom/one-bath units, six two-bedroom/two bath units and one large three-bedroom/two bath unit. Building 831 consists of eight units which are comprised of four one-bedroom/one-bath units and four two-bedroom/one and a half bath units.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400

Lincoln Wins Leasing and Management Assignment for Parkwood Point in Northwest Metro Atlanta

  

Michael Howell

ATLANTA, GA – Lincoln Property Company Southeast (Lincoln) has won the exclusive leasing and management assignment for Parkwood Point, a Class A, 219,000-square-foot office building in northwest metro Atlanta. 

The nine-story building, which is owned by AEW Capital Management, is at 2018 Powers Ferry Road.

Michael Howell and Hunter Henritze, both vice presidents of office leasing for Lincoln, will oversee the leasing of the property.

Located directly across from the Wildwood Development and the Chattahoochee National Recreation Area, Parkwood Point is 93 percent leased and offers a wide array of amenities, including a signature lobby with high ceilings, granite floors and polished marble walls; on-site security; outstanding views; a complimentary fitness facility; electric vehicle charging stations; and an on-site car wash.

Hunter Henritze

The building also features a structured parking deck with 4.5 spaces per 1,000 square feet, easy access to I-75 and I-285, and numerous restaurants within easy walking distance.

“We are extremely honored to be working with such a high-quality institutional client as AEW,” said Tony Bartlett, senior vice president at Lincoln who oversees the Atlanta office. 

“The fact that they are trusting us with an outstanding property like Parkwood Point is a powerful testament to our track record of leasing and managing office assets across metro Atlanta.”

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

Avalon Park in Orlando to Open Encore Senior Living Facility and Memory Care Center

Encore Senior Living Facility and Memory Care Center, Downtown Avalon Park, Orlando, FL

Beat Kahli

ORLANDO, FL --- Avalon Park will open its new Encore Senior Living Facility and Memory Care Center in Downtown Avalon Park in early 2015.

Beat Kähli, who heads the Avalon Park development team, said the facility will offer the most sophisticated assisted living and memory care services in Central Florida.

The facility includes 90 units, Kähli said. Sixty units are reserved for memory care residents, who typically require considerably more attention from professionals and staff.

The $16.5 million facility totals 100,000 square feet of space and will require a professional staff of 70 people.     Lamm and Co. is the general contractor.

Kähli recently appointed Denise Stadler, RN, CMM, to head operations at the facility.

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

Annaly Capital Management, Inc. Announces Conversion Rate Adjustment for 4.00% Convertible Senior Notes Due 2015

NEW YORK, NY --(BUSINESS WIRE)-- Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) announced an adjustment to the conversion rate for its 4.00% Convertible Senior Notes Due 2015 (the "Notes").

The adjustment to the conversion rate for the Notes is being made pursuant to the governing indenture for the Notes in light of the Company's previously announced fourth quarter 2014 common stock cash dividend of $0.30 per common share.

The new conversion price for the Notes is $11.2690 per common share, effective December 29, 2014. The conversion price for the Notes was previously $11.5772 per common share.

 The new conversion rate for each $1,000 principal amount of Notes is 88.7389 of the Company’s common shares. 

The conversion rate for each $1,000 principal amount of Notes was previously 86.3764 of the Company’s common shares.

Notice of the conversion rate adjustment was delivered to security holders and Wells Fargo Bank, National Association, the trustee, in accordance with the terms of the governing indenture for the Notes

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

Investor Relations, 888-8Annaly

www.annaly.com