29th Street Capital Acquires Apartments on Houston’s East Side

Javier Bustillo

Pasadena, TX (Sept. 30, 2015) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm has acquired Casa Palmas, a 308-unit multifamily community at 3500 Red Bluff Road  in the southeast Houston suburb of Pasadena, Texas. The transaction closed Sept. 29. 

29SC purchased the asset from a Dallas-based investment group on an off-market basis.

 The asset, built in 1970, is well-maintained and has had extensive capital upgrades over the last 10 years, including new roofs and siding as well as improvements to the amenities and interiors.

 29SC plans to invest an additional $700,000 (or $2,200 per unit) to install modern black appliances and upgrade plumbing, light fixtures and cabinet hardware.

“Casa Palmas is our fourth recent acquisition in the Houston metro, with others on the horizon as we continue to see opportunities in specific pockets in the Houston market,” said Javier Bustillo, Senior Vice President of Acquisitions for 29SC.

“We love the current market dynamics in Pasadena and believe this property will deliver exceptional returns for our investors. As with all of our recent acquisitions, we plan to offer an updated and yet affordable rental option in an area with limited housing and a growing demand.”

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

Terri Thornton

Partner, Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com

  

HFF closes $123 million sale of two Class A apartment buildings in Manhattan’s Gramercy Park

210 and 220 East 22nd Street, Gramercy Park Neighborhood, Manhattan, NY

Andrew Scandalios

NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced it has brokered the sale of 210 and 220 East 22nd Street, two adjacent mid-rise apartment buildings totaling 208 units in Manhattan’s Gramercy Park neighborhood.

HFF marketed the properties on behalf of the seller, a joint venture between Broad Street Development and Crow Holdings Capital – Real Estate.  Stone Street Properties, LLC purchased both properties for $123 million and assumed the existing mortgage.

210 and 220 East 22nd Street are situated between Second and Third Avenues, two blocks from the 23rd Street subway station and within half of a mile of Gramercy Park, Union Square and Madison Square Park.

 The properties are proximate to the First Avenue medical corridor and the Midtown South office market, as well as numerous retail, dining and entertainment options.  

Renovated most recently in 2014, the properties are collectively 99 percent leased and have studio, one-, two- and three-bedroom units averaging 519 square feet each.  

Some of the recent renovations include the lobbies, common areas and tenant outdoor space.  Both buildings have elevator-access and laundry facilities on each floor.

Jeff Julien

The HFF investment sales team representing the seller was led by senior managing director Andrew Scandalios and managing directors Jeff Julien and Rob Hinckley.

“Given the location and recent renovations executed by the seller, 210 and 220 East 22nd Street is perfectly positioned as a long-term rental hold.  The buyer recognized not only the superb location within this trendy and amenity-rich neighborhood, but also saw additional upside in the asset from continued capital investments,” commented Scandalios.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

$31 million financing for mixed-use property in suburban Indianapolis arranged by HFF

Rendering of  The Depot at Nickel Plate, 8594 East 116th Street, Fishers, IN

INDIANAPOLIS, IN –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $31 million in financing for The Depot at Nickel Plate, a recently-completed, mixed-use property with 242 luxury residential units and 17,045 square feet of ground floor retail located in Fishers, Indiana.

HFF worked on behalf of the borrower, Flaherty & Collins Properties, to secure the 10-year, fixed-rate loan through a correspondent life insurance company.  Loan proceeds were used to replace the existing construction financing and return capital to the owners.

David B. Keller

Completed in April 2015, The Depot at Nickel Plate is situated on 3.5 acres at 8594 East 116th Street in Fishers, Indiana less than one half of a mile from the Interstate 69 and 116th Street interchange. 

The residential component consists of 50 percent one-, 49 percent two- and one percent three-bedroom units ranging from 703 to 2,297 square feet each.  Units feature nine-foot ceilings, granite countertops, stainless steel appliances,

 USB outlets and full-size washers and dryers with select units offering Nest® thermostats, prewiring for Bluetooth® surround sound and upgraded appliance packages.

 Community amenities include a health club with interactive fitness classes, a yoga/Pilates studio, game room, cyber café, screening lounge and club room. 

Outdoor amenities include two courtyards, resort-style swimming pool, grilling areas, pet wash and bark park, which are all served by an attached 430-space parking garage.

The HFF debt placement team representing the borrower was led by senior managing director David B. Keller.

“This property is an important element to the City of Fisher’s Nickel Plate redevelopment project.  The Depot provides key ‘live-work-play’ amenities to the area’s downtown core,” said Keller.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures $41.8 million financing for 351-unit multi-housing community in Aurora, CO

Del Arte Lofts and Flats, 151 South Joliet Circle, Aurora, CO

Josh Simon

DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $41.8 million in financing for Del Arte Lofts and Flats, a 351-unit multi-housing community in Aurora, Colorado. 

HFF worked on behalf of the borrower, Advenir, Inc., to place the seven-year, 2.28 percent, adjustable-rate loan with three years interest only with Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. 

The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.  Loan proceeds were used to acquire the asset.

  Advenir will rebrand the property as Advenir at Del Arte and will implement a minor capital improvement program to achieve greater rental premiums.

Del Arte Lofts and Flats is located at 151 South Joliet Circle in Aurora, approximately nine miles southeast of Denver’s central business district.  The 93-percent-leased property is near the Lowry Air Force Base and the 578-acre Fitzsimons/Anschutz Medical Campus. 

The community has one-, two- and three-bedroom units and amenities such as a resort-style swimming pool, hot tub, state-of-the-art fitness center, newly-designed clubhouse with business center and access to nearby jogging trails.

The HFF debt placement team representing the borrower was led by Josh Simon and Eric Tupler.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF secures financing for 608-unit multi-housing community in Dallas, TX area

The Neighborhoods at Cypress Waters Apartments, 3211 Scotch Creek Road, Dallas, TX

Trey Morsbach

DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing for The Neighborhoods at Cypress Waters, a 608-unit, Class A apartment and townhome community in Dallas, Texas.

HFF worked on behalf of Billingsley Company to secure the 15-year, fixed-rate loan through TIAA-CREF.  Loan proceeds were used to replace an expiring construction loan.

Completed in September 2014, The Neighborhoods at Cypress Waters is situated within the 1,000-acre, waterfront Cypress Waters mixed-use development with office, multi-housing and retail in the central part of the Dallas-Fort Worth Metroplex. 

The property encompasses a mix of flat- and townhome-style units totaling 489,486 rentable square feet with an average unit size of 805 square feet. 

Located at 3211 Scotch Creek Road, the asset is next to a 362-acre lake and has amenities such as two resort-style swimming pools, fitness center, sand volleyball court, hike and bike trails, children’s music park and playground, pet-friendly parks and dog stations.  The property is 95 percent occupied.

The HFF debt placement team representing the borrower was led by senior managing director Trey Morsbach and director Jim Curtin.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.billingsleyco.com.

www.cypresswaters.com.

HFF secures financing commitments for iconic multi-housing development in Dallas, TX

  

DALLAS, TX –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured financing commitments for The Village Apartments, an iconic multi-housing development in Dallas, Texas totaling approximately 7,000 units. 

The financing included a single-sponsor securitization and a floating-rate credit facility.  

All financing commitments were provided by Freddie Mac, and the loans will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.

HFF worked on behalf of a joint venture between Lincoln Property Company, Invesco Real Estate, acting on behalf of an institutional client, and Crow Holdings.  Financing proceeds were used to retire an existing Freddie Mac loan facility and to provide additional capital for future development.

The Village is located at the intersection of Caruth Haven and Greenville Avenue approximately eight miles northeast of downtown Dallas.  Developed as a “city within a city,” the 309-acre property has an abundant amount of open green space, two lakes, a network of streams and water features, and 2.5 miles of jogging/biking trails. 

Originally developed in the late 1960s, ownership has continued to strategically add new multi-housing communities and common area amenities with a long-term vision in mind.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.invescorealestate.com.

Cohen Commercial Realty Brokers New Leases in Margate, FL and Boca Raton, FL

Travis Langhorst

MARGATE, FL  — Travis Langhorst and Bryan Cohen of Cohen Commercial Realty, Inc., announced the signing of Dent Wizard International to lease a 5,276-square-foot space at Copans Commerce Park located at 2056 NW 55th Avenue in Margate, Florida. Cohen Commercial represents the Tenant in this transaction.

MARGATE, FL  — Travis Langhorst and Bryan Cohen of Cohen Commercial Realty, Inc., announced the signing of Dent Wizard International to lease a 5,276-square-foot space at Copans Commerce Park located at 2056 NW 55th Avenue in Margate, Florida. Cohen Commercial represents the Tenant in this transaction.

BOCA RATON, FL  —Christopher Haass and Bryan Cohen of Cohen Commercial Realty, Inc., represented Fit Body Bistro of Jupiter, Florida, in successfully procuring a new lease term with options for the 2,203-square-foot space located at 10 Palmetto Park Plaza in Boca Raton, Florida.

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

Kacy Martin

Cohen Commercial Realty, Inc.

561.471.0212 Office

561.471.5905 Fax

kacymartin@cohencommercial.com

Nominations Now Open for 5th Annual Orange County, CA Commercial Real Estate Spire Awards

Catherine Falco

ORANGE COUNTY,  CA -- Orange County, CA - Nominations are now open for the fifth annual commercial real estate SPIRE awards, aimed at recognizing Orange County's best and brightest in commercial real estate.

            Presented by the Orange County chapter of Commercial Real Estate Women (CREW-OC), the SPIRE awards will recognize developers, general

contractors, engineers, brokers, lenders, architects, attorneys, property managers, interior designers, and mortgage bankers that have demonstrated superior performance in 2015.

            "Orange County is a hub of activity for the commercial real estate industry, and there is no better way to recognize the individuals and

teams who continue to shape the local business landscape," says Karen Eddy of Western Digital, who is Co-Chair of the SPIRE award committee for CREW-OC along with Catherine Falco of Marquis Construction. 

Karen Eddy

           "Last year's SPIRE awards garnered 152 entrants and nearly 250 attendees, and we anticipate that we will increasethose numbers

substantially this year," Eddy explains.

            The SPIRE awards event will be held on March 10, 2016 at the Center Club in Costa Mesa, California. All nominees will be published in the

Orange County Business Journal the week before the event.

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

Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

Hold-Thyssen Negotiates Two New leases totaling 3,600 square feet at Edgewater Commerce Center in Orlando, FL

Edgewater Commerce Center, 6270 Edgewater Drive,
Orlando, FL

 WINTER PARK, FL --- The leasing team at Hold-Thyssen, Inc. recently negotiated two new lease agreements totaling 3,600 rentable square feet of flex space at Orlando’s Edgewater Commerce Center at 6270 Edgewater Drive.

Advantage Funding Commercial Capital Corp., which extends short term credit to businesses, leased 1,600 square feet and Orlando-based courier Eagle Express which offers immediate pick-up and delivery, leased 2,000 square feet at the center.     

These two new leases were the seventh and eighth deals this year that the Hold-Thyssen Leasing Team completed on behalf of Miami-based Landlord LNR Partners, LLC at the 64,350 square foot  Edgewater Commerce Center.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

NAI Realvest Negotiates New Lease with Media Group for relocation to Primera Court II in Lake Mary, FL

 

Nancy Grooms

 Lake Mary, FL – NAI Realvest recently completed a new lease agreement for 2,670 rentable square feet at Primera Court II located at 735 Primera Blvd. in Lake Mary. 

Senior Broker Associate Mary Frances West, CCIM negotiated the transaction representing the class A office building Landlord, RREF Interchange–FL, Primera II, LLC based on Daytona Beach. 

Halldale Media, Inc., a local media company focused on simulation and training publishing, is the new tenant.   Nancy Grooms of Sperry Van Ness represented Halldale.  

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

Beth Payan or Larry Vershel, Larry Vershel Communications,

 407-644-4142 

Lvershelco@aol.com

NAI Realvest Negotiates Purchase of Office Building in Winter Park, FL

Christie Alexander

ORLANDO, FL --- NAI Realvest recently negotiated the purchase of an office building with 2,376  square feet at 2160 N. Park Ave. in Winter Park.

NAI Realvest broker associate Drew Saphos, CCIM, principal Christie Alexander, and chairman George Livingston negotiated the transaction representing Barr Real Estate, LLC who paid $488,000 for the property.  

The local seller, Robert K. McMahan, was represented by Lief Erickson of Winter Park Land Commercial. 

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

  

NAI Realvest Negotiates Lease in Winter Park, FL for 5,490 square feet to house Massey Communications Office

  

Mary Frances West

WINTER PARK, FL – NAI Realvest recently negotiated a long term lease agreement for 5,490 rentable square feet at 1201 S. Orlando Ave., in Winter Park.

Senior Broker Associate Mary Frances West, CCIM and Tom R. Kelley II, CCIM, a principal at NAI Realvest, negotiated the lease representing the landlord Gateway Plaza Ltd.

Massey Communications, Inc. is the new tenant relocating from Orlando.   Jeff Sweeney and Austin Johnson of Cushman & Wakefield represented Massey.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com