George Smith Partners Secures Construction Financing for Ground-Up Luxury Townhome Development in San Diego County, CA

Jonathan Lee

 SAN DIEGO, CA – Commercial real estate investment banking firm George Smith Partners has successfully secured $16.25 million in non-recourse construction financing on behalf of an institutional fund manager for the ground-up development of the Silver Springs Townhomes, an 18-unit luxury townhome project in the La Jolla Village submarket of San Diego, California. 

The financing was arranged by George Smith Partners’ Principal Jonathan Lee, along with David Stepanchak, Senior Vice President, Director of Research and Adam Candler, a Vice President with the firm.

“This project will be the first of its kind to come online in the La Jolla submarket in many years,” says Lee.

 “This market is extremely supply-constrained and competitive, and demand for residential product in this high-end area continues to climb.  Our client was seeking non-recourse financing for this Class A residential development, which will deliver luxury homes in the $2 million sales price range.”

Lee notes that identifying comparable sales to justify the price-per-square-foot for lenders was a challenge initially, however, the George Smith Partners team conducted extensive market research to support the planned per-unit sale prices based on the limited number of residential asset trades in the surrounding markets.

Adam Candler

"Ultimately, we were successful in garnering the interest of four separate lenders, enabling us to negotiate terms that were beneficial to all parties,” says Lee.

Lee notes that this level of interest is rare in the current lending market, as construction lenders are adapting to a changing regulatory landscape.

“Construction financing continues to evolve, as many banks are trying to make sense of the new regulations that have been set by Basel III and the Dodd-Frank Wall Street Reform and Consumer Protection Act,” he says. 

“These regulations have caused relationships between borrowers and lenders to become even more complicated, which increases the importance of a financial intermediary.

“ In this case, we were able to identify a capital provider that is active in the greater San Diego market and understood the strength and experience of the borrower, as well as the potential in this development.”

David Stepanchak

The development site is an assemblage of two contiguous parcels, 7601 Draper Ave. and 720 Silver St. in La Jolla, California, on which a single-story vet clinic as well as a U.S. Postal Service location currently exist.

The planned 18-unit, 41,881 square-foot townhome style development will replace these structures, resulting in a centrally located residential community that is within walking distance of restaurants, shopping and the bluffs overlooking Torrey Pines and the Pacific Ocean.

George Smith Partners secured the $16.25 million non-recourse construction financing, which is sized to 65 percent of total development cost, for a 24-month term.  

The loan is priced at PRIME + 1.00 percent with a floor of 4.75 percent. A construction completion guarantee was provided, although there is no repayment guarantee.

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

Jenn Quader / Courtney Williams

Brower, Miller & Cole

(949) 955-7940

cwilliams@browermillercole.com

www.GSPartners.com.

MHA Brokers Sale of Three Apartment Communities, Totaling 569 Units, in Upstate South Carolina

Marc Robinson

CHARLOTTE, NC - Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of three apartment communities located in Upstate South Carolina.

Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

“The greater Upstate area is one of the nation’s healthiest apartment markets, fueled by consistently strong employment and population growth,” McCarley said. “This fundamental strength provides a bright outlook for these three assets and the area’s entire multifamily sector moving forward.”

·        Carlisle Residential Properties sold Bent Oak to DBC Real Estate Management. The 120-unit property was built in 1980 and is ideally located with quick access to major thoroughfares. 

Large employers, business and shopping centers are minutes away, along with the Greenville-Spartanburg International Airport located just three miles away.

·        Graycliff Capital Partners sold Park Square to Monument Capital Management. The 96-unit property was built in 1972 and is located in the heart of West Spartanburg near Westgate Mall, with convenient access to I-26 and I-85.

·        VTT sold Hunters Park to Greystone Capital, who has since changed the name to Hawk’s Landing Apartments. The 353-unit property was built in 1973 and is located close to public transportation, entertainment, major highways and Downtown Greenville.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

HFF hires David Giancola and Graham Stephens as managing directors in its New York office

David Giancola

NEW YORK, NY – March 16, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has expanded its investment sales team with the addition of David Giancola and Graham Stephens as managing directors in its New York office. 

Mr. Giancola and Mr. Stephens will focus on commercial investment sale transactions in Manhattan and the Tri-State area. 

Mr. Giancola joins HFF from Cushman & Wakefield (f/k/a Cassidy Turley & DTZ) where he was a managing director in their capital markets/investment sales group since 2014.  

Prior to that, he spent considerable time on the investment teams at West-River Capital and Heitman and was a member of the investment sales group at DTZ Rockwood. Mr. Giancola is an active participant on ULI District and Product Councils and holds an MBA with a dual concentration in Real Estate and Finance from Columbia Business School and a bachelor’s degree from University of Pennsylvania.

Graham Stephens

Mr. Stephens joins HFF from Cushman & Wakefield (f/k/a Cassidy Turley and DTZ) where he had worked as a managing director of the New York City capital markets team since 2012.  Prior to that, he was with Eastdil Secured’s New York City institutional sales team.  

Mr. Stephens began his commercial real estate career at RBS Greenwich Capital's real estate finance group.  

He is a member of Urban Land Institute’s New York District Council Advisory Board and is civically involved on the board of the Books for Kids organization and a member of the Young Lions at the New York Public Library.  

Mr. Stephens graduated from Hamilton College with a Bachelor of Arts degree.

“In the last three years, HFF has been rapidly expanding its investment sales footprint in the New York City market, growing our associate headcount considerably.  

"David and Graham bring with them a wealth of experience and key relationships nationally, which will continue to strengthen our platform and the capabilities we can offer to our clients,” said Andrew Scandalios, co-head of HFF’s New York office.

  

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

Kristen M. Murphy

Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Miramar Park of Commerce Named 2016 Project of the Year by NAIOP

FORT LAUDERDALE, FL – Sunbeam Properties & Development, developer of the Miramar Park of Commerce, is proud to announce that it took home the Project of the Year Award for the Park at NAIOP South Florida’s 2016 Awards of Excellence.

  

Andrew Ansin

 The Awards of Excellence recognize individuals and organizations whose achievements have contributed to the local commercial real estate industry, benefitted the regional business environment and facilitated economic growth.

“Over the years, we have been nominated for and won several NAIOP awards but this one is special because it comes during our 30th year anniversary,” said Maridee Bell, vice president of Sunbeam Properties. “We continue to attract companies that drive growth both in the Park and the region with good, quality jobs. That is our legacy.”

Highlights for the Miramar Park of Commerce over the last year include starting and finishing 2015 at 98 percent occupancy, closing 45 lease transactions totaling more than 1 million sq. ft., and completing construction and fully leasing the new 117,000 sq.-ft. MPC-29A distribution building.

“Our consistency at the Park has attracted and maintained the best companies in the region. In fact, a number of owners have sold business located in the Park only to return years later with new companies,” said Andrew Ansin, vice president of Sunbeam Properties.

 “These companies and owners are attracted and re-attracted the Park’s local ownership, personal service and high level of maintenance and security. Having these companies return to the Park is an enormous compliment and testimony to the quality we’ve delivered here for the past 30 years.”

 

Lauren Pace

The Miramar Park of Commerce has attracted international powerhouses including American Express, G.E., Lufthansa, Lexus, Nissan and Siemens and serves as the headquarters for JL Audio, Spirit Airlines, Tropical Financial Credit Union and Stanley Black & Decker Latin America. A hub of aviation-related companies and a hub of healthcare companies account for more than 1.4 million sq. ft. of space in the Park.

For more information, contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

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

Lexi Robinson

954-776-1999 ext. 255

lrobinson@piersongrant.com

Multinational Producer of Automatic Fire Sprinklers Establishes First South Florida Facility at the Miramar Park of Commerce in Miramar, FL

Maridee Bell

FORT LAUDERDALE, FL – Reliable Automatic Sprinkler Co., Inc., one of the world’s largest manufacturers and distributors of automatic fire sprinklers, fire protection valves, accessory products and sprinkler system components, signed a lease for 25,533 sq. ft. of warehouse space at the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida.

Kevin T. Fee

 With distribution centers and sales offices around the world, this is the second Florida distribution center for Reliable, which has a warehouse in Orlando and is headquartered in Elmsford, NY.

"This second warehouse facility in Florida greatly enhances our ability to provide our customers with the products they want, when they want them," says Reliable Automatic Sprinkler President Kevin T. Fee.

 "It also shows our commitment to improving our already superior customer service. We will continue to invest in infrastructure and logistics support to maximize our capability to perform as a leading manufacturer and global distributor of fire protection products."

Represented by David Wigoda of JLL, Reliable leased warehouse space in building MPC-29B, located at 9591-9589 Premier Parkway. From the warehouse in Miramar, Reliable will distribute sprinkler components.

 Maridee Bell and Lauren Pace of Sunbeam Properties, developer of the Miramar Park of Commerce and Carlos Velasquez of Vivo Real Estate Group, represented the Park in the transaction.

“At the Miramar Park of Commerce, Reliable Automatic Sprinkler is able to capitalize on the close proximity to major highways and transportation routes,” said Bell, vice president of Sunbeam Properties.

“The park is equidistant from Fort Lauderdale and Miami, fronting Florida’s Turnpike. It’s only natural that Reliable would set up shop here to lessen shipping times and increase inventory and overall product availability.”

Lauren Pace

Reliable Automatic Sprinkler expects to be fully operational in Miramar by June 1.

 A family owned business for almost 100 years, Reliable Automatic Sprinkler is in its third generation of leadership by the Fee family. The company currently ships products to more than 50 countries worldwide, with international sales conducted from offices in London, England, Hamburg, Germany, Shanghai, China, Singapore, Adelaide, Australia, Dubai and the United Arab Emirates. 

Reliable provides innovative, quality fire protection solutions for commercial, industrial, and residential projects while maintaining unrivaled customer service that only a family-owned company can offer.

David Wigoda

Since breaking ground in 1984, Sunbeam has developed the Miramar Park of Commerce into the largest locally owned and managed Business Park in South Florida, with over five million square feet of office/service, laboratory, pharmacy, light manufacturing and distribution space. 

The world class Park is home to more than 10,000 employees from more than 180 national and international companies including GE, Siemens, American Express, Tommy Hilfiger, Neiman Marcus, Humana, Quest Diagnostics, Toyota, Rolls Royce Commercial Marine, Stanley Black & Decker, Pepperidge Farm and Nissan. 

Flex/office space, corporate build-to-suits as well as a limited number of second-generation spaces are available in the Park.

For more information, contact Lauren Pace (lpace@wsvn.com) or Maridee Bell (mbell@wsvn.com) at 10212 USA Today Way, Miramar, FL 33025 or call 954-450-7900.

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

Lexi Robinson

954-776-1999 ext. 255

lrobinson@piersongrant.com

www.reliablesprinkler.com.