HFF arranges $36.85 million combined financing for development of Class A residential building in Portland, OR

  

4949 SW Landing Drive, John's Landing Neighborhood, Portland, OR

Erica Christensen

PORTLAND, OR  – HFF announced today that it has arranged a combined $36.85 million in financing for the development of 4949 SW Landing Drive, a 166-unit, Class A residential building located in John’s Landing, a neighborhood just south of the Portland Central Business District and South Waterfront area.

               
HFF worked on behalf of the borrower, Guardian Real Estate Services, to secure the financing through a senior construction loan coupled with an additional investment from a national life insurance company. 

Casey Davidson

                4949 SW Landing Drive is located on the former Willamette Athletic Club site and consists of a seven-story building that will house the residential apartment homes and an expansive community amenity package.

 Building amenities will include a large outdoor courtyard with barbeques, eco-roof and fire pits, Sky Lounge, garage parking, water sports equipment storage and a fitness center.

 Unit interiors will feature a modern design, and floor plans are just below 800 square feet, slightly larger than many new buildings being delivered to the market.

The HFF team representing the borrower was led by managing director Casey Davidson, associate directors Kerry Hughes and senior real estate analyst Erica Christensen.

Kerry Hughes

“The John’s Landing neighborhood has long been a staple of Portland, with its charming character and extremely convenient location just south of downtown; however, home prices are lofty in this primarily for-sale housing market,” Hughes said.  

“Upon completion, 4949 SW Landing Drive will be one of the first to offer Portland residents an opportunity to live in the desirable neighborhood via a modern, institutional-quality apartment building.”

 For more information, visit www.gres.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

Meridian Capital Group Arranges Permanent Financing for the Recapitalization of the DoubleTree by Hilton Orlando Downtown in Orlando, FL

Tal Bar-Or

New York, NY, March 24, 2015, – Meridian Capital Group, America’s most active debt broker, negotiated permanent financing for the recapitalization of the DoubleTree by Hilton Orlando Downtown located in Orlando, FL on behalf of Glenmont Capital Management, LLC.

The flexible balance sheet loan features a low floating-rate over 30-day LIBOR, with multiple extension options. This transaction was negotiated by Meridian Capital Group Managing Director, Tal Bar-Or, who is based in the Company’s New York City headquarters.

The 342-room hotel located at 60 South Ivanhoe Boulevard, then a distressed hotel property operating as a Sheraton, was acquired by affiliates of Glenmont Capital Management in late 2009 from a specialty lender that had recently foreclosed on the property.

 Following acquisition, Glenmont implemented a comprehensive repositioning plan that included the installation of new management, completion of an extensive renovation and the re-branding of the property to the DoubleTree by Hilton Orlando Downtown.

Doubletree by Hilton Orlando Downtown Hotel

With the multi-year repositioning plan complete, Glenmont sought to recapitalize its investment through a debt financing.

“This represents our second transaction with Glenmont in recent months. 

"We are quite pleased to have been given the opportunity to assist with this attractive recapitalization, helping our client to monetize a portion of the significant value they have created in repositioning this well located hotel property.

“We look forward to continuing to grow our relationship with Glenmont,” said Mr. Bar-Or.

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

 Jonathan Stern

Meridian Capital Group

212/972-3600

jstern@meridiancapital.com

C&W Announces $139 Million in YTD Transactions

Chris Owen Research Manager TAMPA, FL – Cushman & Wakefield today released its year-to-date transaction report highlighting nearly 500,000 square feet of commercial real estate transactions valued at more than $139 million. The details of these transactions can be found below. Retail Sales Senior Director Patrick Berman and Director Jason Donald represented Bush Properties, Inc. in the sale of two Zaxby’s in Valley and Opelika, Alabama for $4.8 million. Cushman & Wakefield of San Diego, Inc. represented the buyer STORE Capital Acquisitions , LLC. Senior Director Jane Levin, Senior Director Patrick Berman, and Director Jason Donald represented 5537 Sheldon, LLC in the sale of Bay Plaza in Tampa, Florida for $4.217 million. The buyer was ATS Bay Plaza, LLC. Land Sales Executive Director Bruce Erhardt, Senior Director Patrick Berman, and Director Jason Donald represented Associated Out-Door Clubs, Inc. in the sale of commercial land located at Interstate 275 and Bird Street in Tampa, Florida. TBDG Acquisition, LLC was the buyer. Executive Director Bruce Erhardt, Senior Director Margery Johnson, and Associate Andy Slowik represented Wells Fargo in the sale of the former Riviera Southshore site in Bradenton, Florida for $4.0 million. Hatfield Development Co. was the buyer. Senior Director Patrick Berman and Director Jason Donald represented Sun Trust Bank in the sale of a parcel of commercial land at 15524 North Dale Mabry Highway in Tampa, Florida. UP Development purchased the land for $2.75 million. Executive Director Bruce Erhardt, Senior Director Patrick Berman, and Director Jason Donald represented Lennar Homes in the sale of commercial land at the southeast corner of State Road 674 and US 301 in Wimauma, Florida. The sale price was $3.0 million. LG Highway 301 & Sun City, LLC was the buyer. Multifamily Sales Executive Director Byron Moger represented the Doran Companies in the sale of two student housing communities serving the University of Minnesota in Minneapolis – 412 Lofts and The Edge on Oak. University Communities purchased the two projects for $83.5 million. Industrial Sales Executive Director Mike Davis, Senior Director Rick Brugge, Senior Director James Moler, Senior Director Paula Buffa, and Senior Director Michael Lerner represented Carlyle/Meridian Pinellas, L.P. in the sale of Meridian Gateway Center in Pinellas Park, Florida for $11.525 million. Avistone, LLC was the buyer. Executive Director Mike Davis, Senior Director Michael Lerner, Senior Director Rick Brugge, Executive Director Wayne Ramoski, and Senior Associate Gian Rodriguez represented NDC Properties, LLC in the sale of a manufacturing facility at 9400 NW 104th Street in Medley, Florida. Columbia Industrial Properties Midwest purchased the facility for $17.85 million. Office Leases All Risks, Ltd. leased 6,450 square feet at 12750 Citrus Park Lane in Tampa, Florida. Senior Director Mercedes Angell and Director Jeff Lanning represented the landlord, CPI Ryan I, LLC. Arma Global Corp. renewed its 20,082-square-foot lease at 2701 North Rocky Point Drive in Tampa, Florida. Senior Director John Fish and Senior Director Scott Garlick represented the landlord, Island Center Group. Executive Director Andy May, Director Barry Oaks, Senior Director Jeff Sweeney, and Director Anne Spencer represented West Florida Health, Inc. in its lease renewal of 3,138 square feet at 3903 Northdale Boulevard in Tampa, Florida. Cantor Real Estate Income & Opportunity Fund was the landlord. Northbridge Financial Group, LLC, represented by Senior Director Mercedes Angell and Director Jeff Lanning, renewed its 3,119-square-foot lease at 4300 West Cypress Street in Tampa, Florida. Highwoods Realty was the landlord. Thompson, Sizemore, Gonzalez & Hearing, P.A. renewed its 14,594-square-foot lease at Tampa City Center. Senior Director James Moler, Executive Director Andy May, Director Barry Oaks, and Associate Michael Park represented the landlord, 201 North Franklin Tampa, LLC. Executive Director Andy May, Director Barry Oaks, Associate Director Bill Reeves, and Senior Associate Nina Sullivan represented Morgan Stanley Smith Barney in its renewal of a 12,146-square-foot lease at 18167 US Hwy 19 North in Clearwater, Florida. The landlord was AHC Metro Harbourside, LLC. Senior Director Scott Garlick and Senior Director John Fish represented Masonite Corp in its renewal of a 49,200-square-foot lease at 150 Lee Avenue in Winchester, Virginia. The landlord was Shockey Realty Co. Ameritrust Residential Services leased 3,624 square feet at 5670 A West Cypress Street in Tampa, Florida. Senior Director Paula Buffa and Senior Director James Moler represented the landlord, Bay West Tampa Investors, LLC. Quasius Investment Corp. subleased 8,386 square feet at 4805 Independence Parkway in Tampa, Florida. Senior Director Mercedes Angell and Director Jeff Lanning represented the landlord, Atwell, LLC. Mattamy Tampa leased 9,267 square feet at 4045 Crescent Park Drive in Riverview, Florida. Associate Director Bill Reeves, Director Jeff Lanning, and Senior Director Mercedes Angell represented the landlord, FR/CAL Crescent, LLC. Industrial Leases JM Penny d/b/a Diamond Crystal renewed its lease of 5,200 square feet at 4901-B1 Rio Vista Avenue in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, Director Jeff Lamm, Director Timothy Callahan, and Associate Scott Peek represented the landlord, The Peter Lawrence Companies. Laseresque, Inc. leased 2,500 SF at 5416 Airport Boulevard in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, Director Jeff Lamm, Director Timothy Callahan, and Associate Scott Peek represented the landlord, The Peter Lawrence Companies. Valenti Management leased 8,477 square feet at 3924 Premier North Drive in Tampa, Florida. Senior Director James Moler and Senior Director Paula Buffa represented the landlord, Meridian North, LLC. Smart Communications leased 3,500 square feet at 5406 Airport Boulevard in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, Director Jeff Lamm, Director Timothy Callahan, and Associate Scott Peek represented the landlord, The Peter Lawrence Companies. South Florida Express Bankserv leased 1,800 square feet at 5113 Rio Vista Avenue in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, Director Jeff Lamm, Director Timothy Callahan, and Associate Scott Peek represented the landlord, The Peter Lawrence Companies. General Supply & Services leased 12,006 square feet at 8105 Krauss Boulevard in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, and Director Jeff Lamm represented the landlord, DRA Advisors, LLC. Solanes Truck Parts Export renewed its 1,800-square-foot lease at 5011 Rio Vista Avenue in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, Director Jeff Lamm, Director Timothy Callahan, and Associate Scott Peek represented the landlord, The Peter Lawrence Companies. Advocates for World Health renewed its 10,854-square-foot lease at 5601 Airport Boulevard in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, Director Jeff Lamm, Director Timothy Callahan, and Associate Scott Peek represented the landlord, The Peter Lawrence Companies. Certifit, Inc. renewed its 25,712-square-foot-lease at 11441 North US 301 in Tampa, Florida. Director Julia Rettig, Director Jeff Lamm, Associate Scott Peek, and Executive Director Mike Davis represented the landlord, Colfin Cobalt I-II Owner, LLC. Masonite renewed its 40,480-square-foot lease at 216–218 Central Road in Fredericksburg, Virginia. Senior Director Scott Garlick and Senior Director John Fish represented the landlord Battlefield Industrial Park. The Hurley Corporation renewed its 6,000-square-foot lease at 5201 Rio Vista Avenue in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, Director Jeff Lamm, and Associate Scott Peek represented the landlord, The Peter Lawrence Companies. Walbro, LLC d/b/a GT Covers leased 6,000 square feet at Airport Industrial Park in Tampa, Florida. Director Julia Rettig, Executive Director Mike Davis, Director Jeff Lamm, and Associate Scott Peek represented the landlord, The Peter Lawrence Companies. For a complete copy of the company’s news release, please contact: Chris Owen Research Manager Central and North Florida (407) 541-4417 chris.owen@cushwake.com